Binance fires again at Reuters’ cash laundering allegations

Home » Binance fires again at Reuters’ cash laundering allegations

Crypto trade Binance revealed a prolonged response to an article revealed by Reuters that claims that the trade has been a “hub for hackers, fraudsters and drug traffickers,” saying that there’s at the least “$2.35 billion in illicit funds” laundered throughout the trade. 

In a weblog publish, Binance addressed the difficulty and famous that the article’s allegations should not solely unfaithful however are additionally makes an attempt from sure events to “mislead most of the people” by spreading disinformation. Binance wrote:

“We extremely recommend you ignore these authors and pundits who cherry-pick knowledge, depend on conveniently unverifiable ‘leaks’ from regulators, and feed into the cult of crypto paranoia for fame or monetary achieve. As a substitute, simply take a look at the details.”

The trade additionally identified that conventional finance platforms are extra tainted with illicit funds in comparison with crypto, which is clear in nature. Furthermore, the trade cited statistics from the United Nations that 2-5% of fiat cash is related to illicit actions.

Lastly, throughout the weblog publish, Binance utterly revealed its e mail correspondence with Reuters. This contains Binance full responses to Reuter’s inquiries earlier than publishing the article criticizing Binance.

Associated: Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption

On June 6, Reuters revealed a particular report claiming that the Binance trade is concerned in cash laundering involving billions of illicit funds. From funding fraud and darknet dealings to weak Know Your Buyer (KYC) and Anti-Cash Laundering protections, the media outlet laid down its critique of the trade.

Again in February, the trade additionally confronted investigation from america Securities and Alternate Fee (SEC) over the trade’s relationship with market-making companies Sigma Chain AG and Benefit Peak which engages with shopping for and promoting digital property on the Binance.US trade.