According to Bloomberg, two largest US federal agencies, the Justice Department and the Internal Revenue Service (ISR), initiated an investigation into Binance, one of the world's largest cryptocurrency exchanges. It is highly likely that a number of charges will be brought against the company's management. Legal action against the cryptocurrency exchange has not been taken yet. Meanwhile, a Binance spokesperson underlined the company’s willingness to cooperate with the federal agencies and said it takes legal obligations seriously. The investigation came after the Commodity Futures Trading Commission (CFTC) came down on Binance this March. Back then, the regulator was closely scrutinizing activities related to the admission of US residents to trading crypto derivatives (financial contracts for difference). It turned out that the company did not hold a license. The challenges Binance has faced did not prevent the company from operating but affected its income. Presently, the exchange platform carries out over 1.4 million transactions per second. Nevertheless, Binance Coin, the token owned by the cryptocurrency exchange, lost 9% after the bad news came out.
