Binance is investigated by the IRS - BNB fell sharply today from $660 to $540

[Get-Paid.com]

About 3-4 hours ago the media has published Binance is being investigated by the IRS.

Remember this thread we started 2 weeks ago?

https://bitcointalk.org/index.php?topic=5333873

Keep on unederstimating the US government or other governments around the world.

And this is your explanation for the huge falls in Crypto today - whilst the Cardano network is rising because investors want an alternative.

[Joel_Jantsen]

About 3-4 hours ago the media has published Binance is being investigated by the IRS.

Where did you get this information from? Can you link to the media article?

Does IRS have the authority to investigate Binance? The company is not headquartered in the US neither allows its operations in all of the US states.

[Get-Paid.com]

Where did you get this information from? Can you link to the media article?

Does IRS have the authority to investigate Binance? The company is not headquartered in the US neither allows its operations in all of the US states.

Joel - if you google search "Binance" it will pop up - here's your link:

https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in

We don't determine US presence/activity for the company, the US govt can determine that. They have an army of legal advisers on their side.

This doesn't look good, period.

[Joel_Jantsen]

Joel - if you google search "Binance" it will pop up - here's your link:

https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in

We don't determine US presence/activity for the company, the US govt can determine that. They have an army of legal advisers on their side.

This doesn't look good, period.

Weird, that didn't pop up for me maybe because I'm not in the US. You're correct they can definitely 'interfere' but not to a point where they would suspend the service as a whole? Maybe the would halt Binance's operations in the US but as a company, I believe it would still function normally. Thanks for sharing anyway!

[Kayum10029]

Hey mate not only Binance coin price destruction but also all others coins also dumped so much that we can easily get understand that it's a effect of Elon musk announcement. Please 🙏 check the cryptocurrencies market chart where you can easily find all price dumped .

[dikistutmazsabri]

In the last day, there have been very sharp declines not only in binance and its coins, but also in the entire crypto money market. Maybe this research has an effect on the decrease of binance, but there have been many events such as elon musk and tesla suspending bitcoin payments, vitalik selling shitcoins in their hands and the crypto money market has been wounded.

[makishart]

it's not only IRS but DOJ too. I guess there are maybe few americans that used binance as a way to avoid the tax. IRS is going so mad right now. This news has been making the dump even deeper for the binance coin. CZ gives no comment about such news.
I guess that IRS will be suing binance to send the report about its users to the IRS.

[eaLiTy]

Keep on unederstimating the US government or other governments around the world.
And this is your explanation for the huge falls in Crypto today - whilst the Cardano network is rising because investors want an alternative.

It is possible that we are experiencing a correction because the Biden government is after Binance and the US justice Department and the IRS are investigating and their rise to the top of the cryptocurrency space also happened in a short period of time and they almost have complete dominance in the market as they are purchasing services that relates to cryptocurrency and when you rise to the top in a short period you are expected to get audited by the government.
Will see how it goes and whether this will change the market forever.

[MoneyJ]

My thought of this is the decline itself is something to do with market rebalancing as to where crypto is should be right now and where is should it go but down. These few months we saw bull run of crypto now people are exiting including Elon Musk. But that is just a tiny part . Correction phase for bitcoin is now creeping up and altcoins are there to take advantage.

[Rruchi man]

Maybe this is a good time to sell your BNB or convert to another, or maybe a time to hodl. If binance goes under the hammer, hodlers of BNB i think will be in losses, but if binance is cleared of all charges, BNB price value may rise considerably.

[goaldigger]

We don't know the real news now because this one was denied by CZ and there's no investigation happening with Binance as per him but the news is different. That's a normal reaction every time there's a negative news and now Binance is facing a big trial if this is true. The whole market is down though, and the price of BNB is down by not much. We'll see in the coming days the effect of this one, I'm waiting for the bottom now and willing to catch BNB on its bottom.

[Dave1]

So this only concern Binance.US perhaps? Since I doubt that US has the authority on Binance.com.

Although it will have an effect on the price, I doubt that it will have, long term. I think the Elon Musk announcement really did the damage more and then this news. So let's see how it goes, I'm sure Binance has no choice but to cooperate on the investigation and definitely CZ can hire high level legal advisors and lawyers if this goes to court.

[VanDeinsberg12]

I think IRS internvention against Binance doesn't affect the market that much instead it got influenced by bitcoin's price fall but if binance could somewhat pass this investigation their coin could become even higher in price because it proves that binance is legit though it already is.

but considering the 24h trading volume that's relatively low for this coin compared to other competitor it seems people are just holding this coin and try to wait and see by playing safely, if something troublesome regarding binance comes up maybe people already prepared to make a dump to the market so beware.

[cryptoaddictchie]

I see the news but this wouldn't let the coin go down that much. There are so much supporters of Binance and we can't deny how big their market and they are the number 1 exchange amongst all famous centralized big boys.

I've been seeing some burst from ada and even doge have their own pacing, it seems the market are being segregate and its up to you which league you gonna join.

Im not a bnb holder but I can sense that CZ can easily surpass this allegation eh even didn't consider it as problem.

[Kitaiev]

Read the article you are linking to and you will understand that it is rubbish. Bnb is now showing good growth and the price of 1k per coin seems to me to be a matter of time.

[amishmanish]

The main concern is aptly summarized in the article itself

U.S. officials have expressed concerns that...Americans who’ve made windfalls betting on the market’s meteoric rise are evading taxes. Such worries have been a hindrance to the industry going mainstream, even as Wall Street increasingly embraces Bitcoin and other tokens amid a global investing frenzy.

So it is basically about all those "founders" of alternate coins, their supporters, US-based influencers etc. who have made millions in the bullrun by promoting Alt-coins. People are now making ludicrous amounts in meme-coins and the IRS is worried that it won't get the taxes.

To be frank though, what right does the US govt have on the gains of an individual who has found a way to gamble on these memecoins, put in a few thousand dollars and turn out to be the lucky sons of bitches for whom that amount goes from 10X-100X. Its not like this keeps happening in crypto. Only during the Alt-season, such things happen.

The cryptocurrencies have nothing to do with the government. An individual chooses to invest their own money at their own risk. What "right" does the IRS have to tax those gains?? Its not like they are providing the underlying infrastructure as in the case of taxes on corporate profits.

[Natalim]

They can investigate this matter but I believe it will have a big effect on Binance as the majority of their operation are not in the US. The dump that we are seeing is just brought by BTC dump, altcoins follow and that's it. I don't consider this news or FUD... it's a normal thing and we should not be afraid of this if we trust the future of Binance.

by the way, the current price is 580 USD . https://coinmarketcap.com/currencies/binance-coin/

[tvplus006]

Any drop can be explained by some negative news. So the fall in the value of BNB is explained by the IRS investigation, and the bitcoin dump is explained by the news of Elon Musk about the termination of accepting BTC as a payment for Tesla. In fact, we see the usual correction that regularly occurs after the market overheats.

[hugeblack]

Is that Binance.com or Binance.US they are different sites.
We cannot say that the reason for the recent decline is IRS because all cryptocurrencies have been affected by it and the price of BNB has not decreased much.
Binance is trying to hide a lot of information and therefore it is more likely that they are involved in some dark activities, at least in the cryptocurrency side.

[Cryptoking1205]

Keep on unederstimating the US government or other governments around the world.
And this is your explanation for the huge falls in Crypto today - whilst the Cardano network is rising because investors want an alternative.

It is possible that we are experiencing a correction because the Biden government is after Binance and the US justice Department and the IRS are investigating and their rise to the top of the cryptocurrency space also happened in a short period of time and they almost have complete dominance in the market as they are purchasing services that relates to cryptocurrency and when you rise to the top in a short period you are expected to get audited by the government.
Will see how it goes and whether this will change the market forever.

It's crazy how concerned big government is becoming surrounding crypto. It's actually something that should concern all of us.