Cryptocurrency exchange Binance developed plan to avoid prosecution by U.S. authorities
Binance, one of the world’s largest cryptocurrency exchanges, developed a plan to avoid the threat of prosecution by U.S. authorities as it started an American entity in 2019, the Wall Street Journal reported on Sunday.
The report is based on messages and documents from 2018 to 2020 reviewed by The Wall Street Journal as well as interviews with former employees. It noted that Binance.com operated mainly from hubs in China and Japan, yet a fifth of its customers were based in the United States. Binance.US is based in San Francisco.
Since 2020, the Department of Justice and Securities and Exchange Commission have been investigating Binance’s relationship to Binance.US, the report said, citing subpoenas and people familiar with the matter. If U.S. regulators determine that Binance has control over its U.S. entity, they could claim the power to police Binance’s entire business.
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