United States senators, including Elizabeth Warren and Bernie Sanders, have claimed that crypto tax evaders are siphoning off billions from the government.
Officials reportedly speculated an indictment against Binance in the U.S. could cause a run on the exchange similar to what happened with crypto exchange FTX in November 2022.
A crypto bill signed into law in 2022 paved the way for the Ukrainian government to amend its tax code, but local exchanges still largely operate outside this framework.
Binance has refuted claims published in The Wall Street Journal that the exchange has conducted billions of dollars in crypto-related business in China, despite the country’s crypto ban.