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Binance fires back at Reuters’ money laundering allegations

Binance fires back at Reuters’ money laundering allegations

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

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

“We extremely recommend you ignore these authors and pundits who cherry-pick information, 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 information.”

The trade additionally identified that conventional finance platforms are extra tainted with illicit funds than 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, inside the weblog submit, Binance revealed its e-mail correspondence with Reuters. This consists of Binance’s full responses to Reuter’s inquiries earlier than it revealed the article that criticized Binance.

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

On Monday, Reuters revealed a particular report claiming that the Binance trade is concerned in cash laundering involving illicit funds within the billion. 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 an investigation from the USA Securities and Trade Fee (SEC) over the trade’s relationship with market-making corporations Sigma Chain AG and Advantage Peak, which interact within the shopping for and promoting of digital belongings on the Binance.US trade.

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