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US reportedly investigating possible insider trading at Binance

  • 18 Sep 2021

The company has faced warnings and business curbs from financial watchdogs from Britain and Germany to Japan, who are concerned over the use of crypto in money laundering and risks to consumers.

Binance logo and stock graph are displayed in this illustration taken, on June 28, 2021. ( Reuters )

US officials are examining possible insider trading and market manipulation at Binance, Bloomberg News has reported, potentially adding more heat to the cryptocurrency exchange that has become a target of regulatory scrutiny in many countries.

Authorities are looking into whether Binance or its staff profited by taking advantage of its customers, Bloomberg reported on Friday, citing people with knowledge of the matter.

"At Binance, we have a zero-tolerance policy for insider trading and a strict ethical code related to any type of behavior that could have a negative impact on our customers or industry," the world's biggest crypto platform said in a statement.

READ MORE: Crypto exchange Binance is unauthorised in Italy, as crackdown widens

In international hot water

The company has faced warnings and business curbs from financial watchdogs from Britain and Germany to Japan, who are concerned over the use of crypto in money laundering and risks to consumers.

The exchange, whose holding company is registered in the Cayman Islands, has scaled back its product offerings and said it wants to improve relations with regulators.

The review involves Commodity Futures Trading Commission (CFTC) investigators, who in recent weeks have been reaching out to potential witnesses, the Bloomberg report said, adding that Binance has not been accused of wrongdoing and the investigations may not lead to any official action.

The CFTC did not immediately respond to a request for comment.

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