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.
Binance developers in China maintained the software code that supported Binance.US users' digital wallets, potentially giving Binance access to U.S. customer data, the WSJ reported.
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.
In an emailed statement to Reuters, a Binance spokesperson said, "we have already acknowledged that we did not have adequate compliance and controls in place during those early years...we are a very different company today when it comes to compliance."Binance is under heightened scrutiny as three the giant cryptocurrency exchange and Binance.US for information about their regulatory compliance and finances.that Binance.US was created as a de facto subsidiary in 2019 to draw the scrutiny of U.S. regulators away from Binance.com.
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