US hedge funds subpoenaed over Binance dealings: report - Markets Insider

• US investigators are reportedly sending subpoenas to hedge funds implicit their dealings with Binance. 
• The crypto speech is facing a probe from the DOJ implicit imaginable violations of wealth laundering rules, per Reuters.
• The study comes astatine a clip of large uncertainty for the manufacture pursuing FTX's downfall.

Federal prosecutors are looking into US hedge funds' dealings with the world's largest cryptocurrency exchange, according to a Washington Post report.

Several American concern firms person received subpoenas, directing them to nonstop records of connection with Binance to the US attorney's bureau for the Western District of Washington successful Seattle, unnamed sources told the quality outlet. 

The subpoenas bash not needfully mean authorities volition bring charges against Binance.

The determination is simply a portion of a long-running probe into Binance implicit imaginable violations of money-laundering rules, per the Post. Last month, Reuters reported that the crypto trading level processed implicit $10 cardinal worthy of amerciable payments successful 2022 and is being investigated by the US Department of Justice implicit unlicensed wealth transmission and transgression sanctions violations.

Binance is speaking with "virtually each regulator crossed the globe connected a regular basis," the company's main strategy serviceman Patrick Hillmann told the Post. He declined to remark connected specifics of immoderate US investigation.

A Binance spokesperson antecedently told Insider that it would beryllium "inappropriate for america to comment" connected matters related to the DOJ.

"Regulators rightfully volition scrutinize this manufacture much, overmuch harder, which is astir apt a bully thing," Changpeng Zhao, laminitis and CEO of Binance, said astatine a league successful November.

The quality comes astatine a clip of large uncertainty for the industry.

FTX, the rival speech started by Sam Bankman-Fried, filed for bankruptcy successful November amid what Federal prosecutors are calling "one of the biggest fiscal frauds successful American history."