Binance fires again at Reuters’ cash laundering allegations

Home » Binance fires again at Reuters’ cash laundering allegations

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

In a weblog submit, 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 counsel 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 an alternative, simply have a look at the info.”

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

Lastly, inside the weblog submit, Binance fully printed its electronic 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 printed a particular report claiming that the Binance alternate 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 alternate.

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