US officials believed Binance might be manipulating the market

  • Binance is being scrutinized by the United States officials
  • The confidential probe was revealed from some anonymous sources of Bloomberg
  • Binance’s spokesperson revealed that the firm has a zero-tolerance policy for insider trading
  • According to a spokesperson, Binance’s security team of the exchange has long-standing guidelines for investigating wrongdoing

Binance is one of the leading crypto assets exchanges globally. According to data from CoinMarketCap, the digital assets exchange is the largest platform. Over the past few months, the exchange was facing some turbulent periods due to global regulatory concerns. Countries like Japan and UK had hit the firm for operating unregistered in the scenario. Recently, it was revealed that US officials are scrutinizing the crypto firm for possible insider trading. Moreover, the authorities believed that the exchange might be behind market manipulation.

Another regulator hit on a crypto exchange

On Friday, a report published by news outlet Bloomberg cited that Binance is being scrutinized. The latest examination adds more heat to the crypto exchange already facing regulatory concerns in several nations. Notably, the authorities in the United States are seeking whether the platform or its staff have ever profited through the advantage of their customers.

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Furthermore, the Bloomberg report noted that people with knowledge of the matter, want to stay anonymous. We observed that the probe is confidential. According to one of the sources, the Commodities Future Trading Commission (CFTC) has been reaching out to conceivable observers in recent weeks.

Binance has a zero-tolerance policy for insider trade

Binance digital assets exchange platform is a gigantic trading platform that conveys a view into millions of volumes. Following such rapid growth, United States officials are doubting whether the firm ha manipulating such access. Moreover, the authorities are also concerned about Binance’s trading on customer orders before implementing them.

According to a spokesperson from the digital assets exchange, at the exchange, they have a zero-tolerance policy for insider trading. Likewise, a strict ethical code is related to any type of behavior that could hurt the customers or industry. Additionally, the spokesperson also cited that the security team of the exchange has long-standing guidelines for investigating wrongdoing. Simultaneously, the firm holds employees liable, with cessation standing the least repercussion.

Cryptocurrency exchange facing a turbulent period 

Binance has been haggling with a lot of obedience issues in multiple countries. As Bloomberg revealed in March that the cryptocurrency firm was under inquiry by the US CFTC. The agency sought to discern whether crypto derivatives were bought and sold by US residents on Binance’s platform. Henceforth, there was another statement in May that the US Department of Justice (DOJ) and the Internal Revenue System were also interrogating the Group for money laundering.

It is noteworthy that a growing list of nations has urged that the exchange cease offering services due to a lack of adequate licenses. Such countries include, Thai, United Kingdom, Malaysia, Hong Kong, Italy, Singapore, and South Africa are some of the regions where Binance had to face regulatory concerns.

According to Changpeng Zhao, CEO of the exchange, there has been a hyper-focus on regulation when it comes to Binance. Moreover, he also highlighted some of the exchange’s policies to prevent insider trading.

Source: US officials believed Binance might be manipulating the market

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