US Prosecutor’s Office takes interest in Binance CEO’s correspondence

The U.S. Department of Justice’s Money Laundering Division has asked Binance to voluntarily turn over the letters of Changpeng Zhao and 12 other top executives of the cryptocurrency exchange. The agency also asked to provide any records of the company with instructions to «destroy, alter, or delete documents from Binance’s digital archives.» According to Reuters, the request was filed in December 2020 in connection with the Department’s investigation into the exchange’s compliance with US financial crime laws.

A Binance spokesperson said that regulators around the world are turning to crypto exchanges to understand the cryptocurrency industry: «This is a standard process for any regulated organization. We often work with government agencies to resolve any outstanding issues.»

The US authorities are investigating whether Binance may have violated the Bank Secrecy Act. According to US law, crypto exchanges doing business in the US must register with the Treasury Department and follow anti-money laundering guidelines. Violation of the law can lead to criminal proceedings.