“Stop Signing Appreciation Notes for Binance” – Bitcoin News

The U.S. Department of Justice (DOJ) has asked federal agencies to stop signing letters of appreciation for Binance. The exchange used these letters as evidence that they are actively helping these authorities with criminal investigations. However, this behavior appears to have bothered agents of these government organizations, who argue that the exchange is required by law to participate in this investigation.

DOJ says “no thanks” to Binance

Binance, the leading cryptocurrency exchange, appears to have fallen out of favor with US government agencies. The exchange usually requested acknowledgment notes regarding their cooperation in criminal investigations. According to two experts, the Department of Justice (DOJ) has now ordered the highest law enforcement agencies to stop signing these thank-you letters.

Binance used these FBI and IRS notes as public confirmation that it was a law-abiding company. However, Binance is required by law to assist these institutions with their investigations. From the DOJ’s point of view, Binance’s will to help has nothing to do with this fact, so the appreciation notes are unnecessary.

A Binance spokesperson told Bloomberg that they:

Work with regulators and law enforcement agencies to tackle cybercrime as part of our ongoing efforts to make the industry a better place. The letters of confirmation we received for our help speak for themselves.

Thank you notes exist

In any case, law enforcement agencies have previously extended these notices to Binance. Binance has shown several examples of these official recognition letters in the past. But some of them have very similar formulations.

Robert Gonzalez, a California police detective, said Binance sent some sort of template of these letters, but made some changes to them before signing them. Gonzales also told Bloomberg that Binance has always worked with him in a variety of ways.

The letters are unlikely to aid Binance with the investigation authorities are organizing into the exchange. According to some sources, the DOJ and the IRS are investigating Binance on suspicions of money laundering and tax crimes and have been questioning Binance officials since last May. Binance has no branches in the USA and has set up a separate company called Binance.us for its American customers.

What do you think of these recognition notes requested by Binance? Let us know in the comments section below.

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