Cryptocurrency Q&A
Why is Binance illegal in usa?
Why is Binance illegal in usa?
InfinityEcho
Sat Mar 30 2024
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7 answers
1599
I'm puzzled why Binance is considered illegal in the United States. Could you please elaborate on the reasons behind this? As a leading cryptocurrency exchange platform, Binance has millions of users worldwide, including many in the US. What specific laws or regulations have been violated that led to this classification? Is it due to issues with money laundering, tax evasion, or something else entirely? Also, how does this affect US citizens who use Binance? Are they at risk of facing legal consequences? I'd appreciate it if you could provide a detailed explanation.
7 answers
mia_clark_teacher
Mon Apr 01 2024
During the investigation, we discovered that Binance had disregarded anti-money laundering Know Your Customer laws.
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GangnamGlamourQueen
Mon Apr 01 2024
Our team of investigators conducted a thorough investigation into Binance's operations.
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Valeria
Sun Mar 31 2024
Bad actors, including fraudsters and illegal actors, thrive in unregulated environments, exploiting vulnerabilities to perpetuate their criminal activities.
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Claudio
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers a contrasting example. BTCC has always adhered to strict Know Your Customer and anti-money laundering procedures.
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Chiara
Sun Mar 31 2024
Furthermore, Binance failed to register as a money transmitter, a crucial step in ensuring financial transparency and accountability.
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