Three U.S. Senators have requested details and documents concerning “potentially illegal business practices” of crypto exchanges Binance And Binance US. The Legislators told Binance CEO Changpeng Zhao (CZ): “Your activities have raised questions about the legitimacy of your business and the safety of your customers’ assets.”
Congress Investigates Cryptocurrency Exchanges
U.S. Senators Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Roger Marshall (R-KS), have sent a letter to Binance And Binance US on Wednesday.The letter was requesting information on why the crypto exchanges are needed “provide transparency about potentially illegal business practices.”
The A letter addressed to Binance CEO Changpeng Zhao (CZ and BAM) Trading Services CEO Brian Shroder, asks for documents and answers concerning each crypto exchange’s “finances, risk management, and regulatory compliance as it faces investigations into potential crimes,” The senators were detailed. Binance Affiliate in the United States Binance The US and Canada are separate entities. BAM Trading Services Doing business as Binance US.
Citing Numerous media reports, the senators have written that they are pursuing multiple investigations by regulators and law enforcement after the collapse of crypto-exchange FTX.
The Binance related entities and it have deliberately evaded regulators, moved money to criminals and sanctions dodgers, and kept basic financial information secret from their customers.
“Your activities have called into question the legitimacy of your business and the safety of your customers’ assets and raised concerns about the potential impact of these activities on the stability of the crypto market and the broader financial system,” The senators reiterated their support.
The Notes are also included in the letter Binance Hire French auditing firm Mazars to conduct a proof-of reserve (POR) audit of its bitcoin holdings. HoweverThe auditing firm was then subsequently “deleted the webpage containing the report” The letter states that the company has halted all activity related to crypto-firm proof-of-reserves audits.
The Sentences concluded their letters by asking “documents and answers” Questions pertaining to a list no later than March 16. The Documents requested by legislators include “complete copies of all Binance and Binance subsidiary balance sheets from 2017 to the present,” to their internal anti money laundering (AML), countering terrorist financing (CFT), know-your-customer policies and procedures.
A copy of the senators’ letter was sent to Gary GenslerChairman of the U.S. Securities And Exchange Commission (SEC); Rostin BehnamChairman of the Commodity Futures Trading Commission (CFTC); Merrick B. Garland, U.S. Attorney General With the Department This is Justice (DOJ).
What What do you think of U.S. Congress questioning Binance And Binance US “potentially illegal business practices”? Let Please let us know by commenting below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This This article is intended for informational purposes only. It This is not an offer or solicitation to buy or sell or a recommendation of products, services or companies. Bitcoin.com does NOT provide advice on investment, tax, legal, and accounting matters. Neither Neither