Binance Platform

US officials are investigating the Binance platform

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Bloomberg reported the other day that an extensive investigation conducted by the US government regarding the Binance platform, one of the world’s most popular cryptocurrency exchanges, has been extended to find out “whether Binance or its staff profited by taking advantage of its customers.”

More and more investigations surrounding Binance platform

The announcement suggests that US officials, including the Commodity Futures Trading Commission, are currently in the process of investigating the Binance platform for “possible insider trading and market manipulation.”

In recent months, Bloomberg has been covering what officials say is a large-scale investigation into Binance, including the efforts of the Internal Revenue Service and the Department of Justice, as well as the CFTC.

Bloomberg also reported on Friday that the CFTC had contacted “potential witnesses” as part of the new investigation area. It seems like the Binance platform has many things to deal with, which isn’t necessarily a bad thing. Being under constant pressure and investigation means that the exchange needs to comply with various terms and conditions and make sure that it always does its best towards the benefit of its customers.

Binance platform has recently been through a lot of effort to make its compliance and regulatory rules as bulletproof as possible. For example, just last month, the exchange decided to enforce mandatory KYC (Know Your Customer) to all users.

The cryptocurrency exchange operator marked the decision as part of a process to “determine changes and improvements in light of evolving global compliance standards.”

What measures is the Binance team taking under this pressure?

On Friday, Binance platform hired former Europol DarkWeb specialist Nils Andersen Röed to become the senior Audit and Investigations department director.

Last month, the company also hired Aron Akbiyikian to work for the same team – Audit, and Investigations- to help the company make sure that the Binance platform is one of the most up-to-date exchanges for providing a safe ecosystem for its user base. Aron’s focus will be on tracking down users with malicious intentions, who are trying to take advantage of the platform, and help law enforcement services all around the world bring them down.

This department is, without any doubt, one of the most important ones that the Binance platform currently has. With all that is going on now, and all the recent headlines surrounding the exchange, the Audit and Investigations team surely will help Binance a lot trying to get rid of the not-so-good publicity it has gained recently. Also, it shows once more that the crypto trading platform is doing its best to comply with any regulations and provide the best possible services to its customers.

Speaking on the newest member welcomed to the department, Nils Andersen Röed, Binance platform said in a press statement:” His focus will be on conducting and leading internal and external investigations to identify bad actors that attempt to commit crimes on Binance’s platforms and to protect users’ funds, as well as proactively supporting law enforcement agencies with their investigations,”

Röed is undoubtedly a great candidate for this position, as he previously used to work for Europol as a Dark Web specialist. His general background and knowledge are exactly what Binance needs in these times, to make their platform as secure as possible and provide the safest environment to their traders.

Whaletank Team

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