Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market.

>"Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market."

It's unclear what exactly officials are probing, but the report states that prosecutors within the DOJ's bank integrity unit, charged with complex, international cases involving money laundering, are at least partly leading the inquiry. Also CZ tweeted that the news headlines were creating panic in the crypto space. Due to this the market is bearish!