If you have a little interest in cryptocurrencies, or even if you have invested in these virtual currencies, you are aware that the cryptocurrency sector is currently experiencing a lull… BitCoin, the star cryptocurrency of the system, reached its all-time high of $68,513 on November 9, 2021. .. During June 29, 2022 it is only $20,084… The dizzying drop that it breaks a cold sweat on investors, but also on platformswho manage their clients’ portfolios… This is the case of the Binance platform, which has 90 million users worldwide and is at the center of two investigations: one launched by the Securities and Exchange Commission (SEC), the American stock exchange watchdog, the other by the news agency Reuters . Explanations.
Cryptocurrency platform in turmoil!
Binance is a digital currency wallet and global cryptocurrency exchange platform that allows you to buy, sell and store more than 300 cryptocurrenciesfounded in 2017. There are still several legislative and regulatory frameworks in this very recent monetary sector… And so far only case law serves as a legislative framework. Binance is therefore the subject of a rather negative investigation by Reuters., but also the official procedure of the SEC. The recent global crypto-crash has forced various control actors to tighten laws and checks around major trading platforms.
What kind of investigation does the SEC conduct?
The SEC is investigating binancecoin (BNB), a cryptocurrency that the platform created and launched through an ICO, in other words, a cryptocurrency-specific IPO that takes the form of a token sale. Launched in 2017 BNB is the third cryptocurrency in the world today for capitalization from the presented 46 billion dollars. The SEC is investigating whether this token was fully legal when it went public and whether it met all investment and transparency requirements for the investor… And Reuters’ journalistic investigation should not help Binance!
What does the Reuters survey say?
Reuters immediately publishes the amount of 2.3 billion dollars in fraudulent amounts… A huge fraud that would be carried out by money laundering through crypto-currency transactions… These transactions would for the most part, according to Reuters, be the result of hacking on a very large scale, illegal drug sales and investment scams! Reuters adds that Chainalysis, a firm hired by U.S. government agencies to track illegal cryptocurrency flows, concluded in a 2020 report that Binace received $770 million in criminal proceeds in 2019 alone… “Separately, specialist firm Chainalysis, contracted by the U.S. government agency for monitoring illegal flows, concluded in a 2020 report that Binance received criminal funds totaling $770 million in 2019 alone, more than any other trading platform.cryptocurrency exchange,” adds Reuters. Binance tightened its transparency rules in 2021, but the facts it is accused of date back to before 2021, and an investigation reveals that the crypto-trading app had no idea who the investors who presented themselves on the stock exchange network… The noose is tightening on the cryptocurrency sector, particularly on market authorities that are scrutinizing “transmission nodes” or the transition from cryptocurrency to the traditional monetary system. No legal action is currently being considered for these suspected fraudulent transactions, but if the facts are proven, that could change…