Cyprus Mail
Banking and FinanceBusinessCryptocurrenciesInternational

US probes possible insider trading at crypto exchange Binance

binance

US officials are examining possible insider trading and market manipulation at Binance, Bloomberg News reported on Friday, potentially adding more heat to the cryptocurrency exchange that has become a target of regulatory scrutiny in many countries.

Authorities are looking into whether Binance or its staff profited by taking advantage of its customers, Bloomberg reported, citing people with knowledge of the matter.

“At Binance, we have a zero-tolerance policy for insider trading and a strict ethical code related to any type of behaviour that could have a negative impact on our customers or industry,” the world’s biggest crypto platform said in a statement.

The company has faced warnings and business curbs from financial watchdogs from Britain and Germany to Japan, who are concerned over the use of crypto in money laundering and risks to consumers.

The exchange, whose holding company is registered in the Cayman Islands, has scaled back its product offerings and said it wants to improve relations with regulators.

The review involves Commodity Futures Trading Commission (CFTC) investigators, who in recent weeks have been reaching out to potential witnesses, the Bloomberg report said, adding that Binance has not been accused of wrongdoing and the investigations may not lead to any official action.

The CFTC did not immediately respond to a request for comment.

Follow the Cyprus Mail on Google News

Related Posts

BlockDAG’s keynote dissects BDAG’s journey to $600m as Market Experiences Another Surge With XRP & GALA

CM Guest Columnist

Cyprus consumer prices increase in February

Souzana Psara

CySEC joins global forces in promoting financial literacy

Souzana Psara

Oil prices edge lower but set to end week over 3 per cent higher

Reuters News Service

Larnaca designated as city with best investment opportunities

Kyriacos Nicolaou

Bank of England set to play for time before first rate cut

Reuters News Service