According to a Bloomberg report, the U.S. Commodity Futures Trading Commission (CFTC) has intensified its probe into Binance U.S. for suspected market manipulation.
U.S. authorities are examining possible insider trading and market manipulation at cryptocurrency exchange Binance https://t.co/qFg9aA5kzG— Bloomberg Crypto (@crypto) September 17, 2021
While Binance insists that it takes strict measures against any misconduct, U.S. regulatory authorities are keen to find out if the world’s biggest crypto trading platform allows insider trading and manipulation of the crypto market.
Anonymous insiders told Bloomberg that this new probe is being made confidentially, and the CFTC is investigating if Binance or any of its employees have made any profit by taking advantage of their clients.
Bloomberg also cited a Binance statement in which a company representative said that Binance does not put up with insider trading and follows a strict code to prevent any of such misconduct that can harm customers of the exchange and damage its reputation.
According to the anonymous source, the security team of Binance always ensures that no illegal dealing takes place, and if it does, the malefactors are held responsible for their actions.
So far, the CFTC has remained silent on the issue.