Crypto exchange Binance has published a lengthy response to article published by Reuters claiming that the exchange was “a hub for hackers, scammers and drug dealers” and said that at least “$2.35 billion in illegal funds” had been laundered on the exchange.
AT Blog Post, Binance has looked into the matter and noted that not only are the claims in the article not true, but they are attempts by certain stakeholders to “mislead the public” by spreading misinformation. Binance wrote:
“We strongly advise you to ignore those authors and experts who carefully select data, rely on convenient unverifiable “leaks” from regulators, and feed the cult of crypto-paranoia for fame or financial gain. Instead, just look at the facts.”
The exchange also pointed out that traditional financial platforms are more tainted with illicit means compared to cryptocurrencies, which are inherently transparent. Moreover, the exchange cited UN statistics that 2-5% of fiat money is associated with illegal activities.
Finally, in a blog post, Binance released its email correspondence with Reuters in full. This includes Binance’s full responses to Reuters inquiries prior to publishing an article critical of Binance.
$500M Binance Labs Fund to Accelerate Cryptocurrency, Web3, and Blockchain Adoption
On June 6, Reuters published a special report alleging that the Binance exchange is involved in money laundering involving billions of illegal funds. From investment scams and dark web transactions to weak Know Your Customer (KYC) protections and anti-money laundering protections, the media have voiced their criticism of the exchange.
Back in February, the exchange also faced an investigation by the U.S. Securities and Exchange Commission (SEC) over the exchange’s dealings with market maker firms Sigma Chain AG and Merit Peak, which handle the buying and selling of digital assets on the Binance.US exchange.
Credit : cointelegraph.com