Crypto exchange Binance printed a extended reaction to an article printed by Reuters that claims the exchange is a “hub for online hackers, fraudsters and drug traffickers,” stating that there’s a minimum of “$2.35 billion in illicit funds” laundered inside the exchange.
Inside a blog publish, Binance addressed the problem and noted the article’s allegations are not only seen false but they are also attempts from certain your customers to “mislead the overall public” by distributing disinformation. Binance authored:
“We highly suggest you ignore individuals authors and pundits who cherry-pick data, depend on easily unverifiable ‘leaks’ from regulators, and feed in to the cult of crypto paranoia for fame or profit. Rather, just consider the details.”
The exchange also noticed that traditional finance platforms tend to be more tainted with illicit funds when compared with crypto, that is transparent anyway. Furthermore, the exchange reported statistics in the Un that 2-5% of fiat cash is connected with illicit activities.
Lastly, inside the blog publish, Binance completely printed its email correspondence with Reuters. Including Binance complete responses to Reuter’s queries before publishing the content criticizing Binance.
Related: Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption
On June 6, Reuters printed a unique report claiming the Binance exchange is involved with money washing involving vast amounts of illicit funds. From investment fraud and darknet dealings to weak Know Your Customer (KYC) and Anti-Money Washing protections, the press outlet set its critique from the exchange.
In Feb, the exchange also faced analysis in the U . s . States Registration (SEC) within the exchange’s relationship with market-making firms Sigma Chain AG and Merit Peak which engages with exchanging digital assets around the Binance.US exchange.
