Binance Fires Back At Reuters’ Money Laundering Allegations

Binance, a Crypto exchange platform has published a lengthy response to an article published by Reuters. 

iexclusivenews reports that It claims that the exchange has been a “hub for hackers, fraudsters and drug traffickers.”

Saying that there’s at least “$2.35 billion in illicit funds” laundered within the exchange.

This online news outlet understands that Binance addressed the problem in a blog post. Stating that the charges made in the article are not only false. But also attempts by certain interested parties to “mislead the broader public” by disseminating disinformation.

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What You Should Know

Binance wrote: “We highly suggest you ignore those authors and pundits who cherry-pick data, rely on conveniently unverifiable “leaks” from regulators, and feed into the cult of crypto paranoia for fame or financial gain. Instead, just look at the facts.”

However, iexclusivenews Nigeria reports that the exchange also pointed out that traditional finance platforms. Are more tainted with illicit funds than crypto, which is transparent in nature.

Moreover, the exchange cited statistics from the United Nations that 2%–5% of fiat money is associated with illicit activities.

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Finally, Binance revealed its email correspondence with Reuters in the blog post. This includes Binance’s full reply to Reuter’s questions prior to the publication of the article criticizing Binance.

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

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According to a special report released by Reuters on Monday. The Binance exchange is implicated in money laundering involving billions of dollars in criminal transactions.

The media source slammed the exchange for everything. From investment fraud and darknet operations. To insufficient Know Your Customer (KYC) and Anti-Money Laundering procedures.

Meanwhile, iexclusivenews Nigeria reports that in February. The US Securities and Exchange Commission (SEC).

Opened an inquiry into Binance’s relationship with market-making businesses Sigma Chain AG and Merit Peak. Who engage in the buying and selling of digital assets on the Binance US exchange.