Binance reported to be focus of Justice Department, IRS probe - Bloomberg

The U.S. Department of Justice and the Internal Revenue Services is reportedly investigating Binance Holdings, the world's largest cryptocurrency exchange, according to Bloomberg.That follows a Commodities Futures Trading Commission investigation, reported in March, into concerns that it allowed U.S. investors to make trades that violated U.S. rules, which Bloomberg reported at the time.The cryptocurrency market, in general, has attracted attention from regulators as digital currency has been reportedly used for illicit activity and money laundering.Crypto, already under pressure after Elon Musk attacked bitcoin on mining energy use, remains suppressed.Bitcoin (BTC-USD) falls 13% to $48.2K, Binance Coin (BNB-USD) drops 12% to $565, ethereum (ETH-USD) -12% to $3,646.The usual crypto stocks fall as well — Grayscale Bitcoin Trust ([[GBTC]] -11.8%), Riot Blockchain ([[RIOT]] -18.2%), SOS Ltd ([[SOS]] -6.9%), MicroStrategy ([[MSTR]] -8.9%), and Coinbase ([[COIN]] -6.8%).