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News

Binance Responds To Reuters’s Accusations Of Money Laundering

June 7, 2022 - Around 2 mins mins to read

Binance has reacted to a Reuters investigation accusing it of acting as a conduit for at least US$2.3 billion in illicit funds, calling the research a “breathless pearl clutching” piece.

Binance Responds To Reuters's Accusations Of Money Laundering
Source:  Unsplash

According to Reuters, Binance processed transactions from hacks, scams, and illegal drug sales from 2017 to 2021.

The news agency stated that it partnered with blockchain analytics firms Chainalysis and Crystal Blockchain to track such data, as well as examine court records and law enforcement comments.

A Binance spokesperson said:

“We’re aware of Angus Berwick’s latest woefully misinformed op-ed. It should be noted that the article uses outdated information from 2019 and unverified personal attestations as a crutch to establish a false narrative,”

However, the world’s largest cryptocurrency exchange stated in a Tuesday blog post that Reuters’ report is “rife with falsehoods” and is based on faulty data, while also disclosing an email thread with Reuters’ reporters.

Binance Responds To Reuters's Accusations Of Money Laundering
Source: REUTERS/Dado Ruvic/Illustration

Reuters claimed in April that Binance’s Russia leader had agreed to provide client data with Russian authorities, which Binance instantly disputed, calling the news inquiry “categorically false.”

Caroline Malcolm, Chainalysis’s head of international policy, said in April that while crime receives a lot of attention, “it’s really less than 1% of transactions that occur on the blockchain.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

CoinCu News

News

Binance Responds To Reuters’s Accusations Of Money Laundering

Binance has reacted to a Reuters investigation accusing it of acting as a conduit for at least US$2.3 billion in illicit funds, calling the research a “breathless pearl clutching” piece.

Binance Responds To Reuters's Accusations Of Money Laundering
Source:  Unsplash

According to Reuters, Binance processed transactions from hacks, scams, and illegal drug sales from 2017 to 2021.

The news agency stated that it partnered with blockchain analytics firms Chainalysis and Crystal Blockchain to track such data, as well as examine court records and law enforcement comments.

A Binance spokesperson said:

“We’re aware of Angus Berwick’s latest woefully misinformed op-ed. It should be noted that the article uses outdated information from 2019 and unverified personal attestations as a crutch to establish a false narrative,”

However, the world’s largest cryptocurrency exchange stated in a Tuesday blog post that Reuters’ report is “rife with falsehoods” and is based on faulty data, while also disclosing an email thread with Reuters’ reporters.

Binance Responds To Reuters's Accusations Of Money Laundering
Source: REUTERS/Dado Ruvic/Illustration

Reuters claimed in April that Binance’s Russia leader had agreed to provide client data with Russian authorities, which Binance instantly disputed, calling the news inquiry “categorically false.”

Caroline Malcolm, Chainalysis’s head of international policy, said in April that while crime receives a lot of attention, “it’s really less than 1% of transactions that occur on the blockchain.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News