American Tax Officer-Chapter 589 - 297: The Tough Prosecutor

Chapter 589: Chapter 297: The Tough Prosecutor

“Mr. Zhao, Mr. Lin, have you completed your tax filings with the IRS?”

“Mr. Zhao, has Binance reached an agreement with the IRS?”

“Mr. Zhao…”

At the entrance, when Changpeng Zhao and Lin Huaiwei stepped out, a swarm of media immediately surrounded them.

Changpeng Zhao pressed his hands downward and then said, “Following Director David’s calling us out, Binance embarked on a thorough tax review, and indeed we found some omissions in tax matters. We are indeed here today to declare and pay the additional amount owed, totaling 15.12 billion. I also want to remind my peers in the industry, if you have tax issues, get them reported promptly, don’t try to sneak by!”

Now, Binance was essentially surrendering to the IRS, and taking on the task of warning its colleagues, he was quite understanding of his responsibility.

Of course, this was also a way to demonstrate his loyalty to Director David.

“What, 15 billion!”

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“Oh my god, Binance actually paid so much in taxes, and they even seem fairly happy about it. What exactly happened?”

“15 billion is no small amount, yet after less than an hour of discussion, Binance willingly handed over the money. They must really fear the IRS!”

Upon hearing the sum mentioned by Changpeng Zhao, whether it was the media present or the public following online, everyone was astounded.

However, many were baffled.

They could see that, although a vast amount of money was paid, unlike Disney, Swiss Bank, and others who showed teeth-gritted distress in the past.

The sight of Changpeng Zhao and Lin Huaiwei, who showed not anger or resentment but rather seemed relieved, indeed struck people as quite peculiar.

But anyway, since Binance had announced they would be paying this immense sum, that money was surely not going anywhere.

Hence, at this moment, the military-industrial complex, Ansa Group, the White House, and many from Congress were immensely pleased.

Previously, after Director David announced that Satoshi Nakamoto would be receiving 20 billion, they had calculated that over 700 billion was already lying in the IRS coffers. Now, with these additional 15.1 billion, the total was nearly 900 billion, just one step away from the 1000 billion needed for the Dark Money Act.

Chicago, 77th floor of the Willis Tower.

“Fake, that damn Changpeng Zhao, why is he being so proactive!”

“And warning us not to attempt to sneak by, he looks like a lapdog for the IRS, it’s sickening!”

“Heh, hasn’t the Justice Department already started investigating Binance? When the time comes, Binance will get what they deserve!”

The top brass at Ethereum were cursing after witnessing Binance’s statement.

Up to this point, no cryptocurrency company had gone to the Los Angeles IRS to report tax issues.

However, Binance not only was the first to do so but after paying their taxes, they had the audacity to admonish the entire world in such a manner, which infuriated them.

Now, they just hoped that the Justice Department would intensify its crackdown on Binance, to let out their frustration.

In fact, not just Ethereum, but nearly every cryptocurrency company felt angry and even cursed at Binance for such an action.

But curse as they might, since Binance had compromised, smaller cryptocurrency companies without backing dared not continue resisting and instructed their tax departments to hasten their accounting, heading towards the Los Angeles IRS.

In the following period, smaller cryptocurrency companies like Ouyi, Litecoin, and Cardano each arrived at the IRS to declare their taxes.

All of these companies, without exception, ended up paying a sum in taxes.

However, because these companies were smaller, their total combined taxes amounted to about 5 billion US Dollars.

Add to that the 15.1 billion US Dollars announced by Binance, the IRS’s total revenue for the day had already exceeded 20 billion US Dollars.

Although the IRS had not announced the amount in their coffers, some experts believed that they were now only about 5 billion US Dollars short of the 1000 billion needed for the W Act.

As everyone watched, the time reached 5:30 PM.

“It seems we’re in for a disappointment. Big companies like Ethereum and USDT have not shown up; let’s see what tomorrow brings.”

By the time the IRS finished their workday, there was no sign of larger cryptocurrency companies like USDT or Ethereum, disappointing not just the media on-site but also the online public following the event.

“USDT, Ethereum, these big companies haven’t made a move. Do they plan to continue defying the IRS?”

“Ethereum is said to have investments from dozens of consortia. These consortia definitely don’t want to pay such a large amount of money, so I think there’s a strong possibility they will resist!”

“Heh, take the examples of Swiss Bank, Sackler family, and The Walt Disney Company — haven’t they learned anything?”

But soon, the public on social media was intrigued yet again.

It was simple: a company as large as Binance managed to clarify their tax situation within a day.

Companies like Ethereum or USDT had no excuse for not being able to do the same.

If they have yet to appear, there’s likely only one reason — these companies are not too keen on declaring their taxes.