Binance, the world’s largest cryptocurrency exchange, has denied allegations from a Monday Reuters report alleging that $2.4 billion in stolen crypto was laundered through the platform.
<h2 class="chakra-heading css-1n7pa12">Binance Denies Reuters' Claims</h2>
In a <a href="https://www.binance.com/en/blog/ecosystem/the-crypto-money-laundering-myth-and-the-machine-working-overtime-to-sell-a-false-narrative-421499824684903964" target="_blank" rel="nofollow noopener">blog</a> titled “The Crypto Money Laundering Myth and the Machine Working Overtime to Sell a False Narrative,” Binance slammed a recent report from Reuters saying it is “rife with falsehoods.”

https://twitter.com/cz_binance/status/1533939875430297601

According to the report, $2.4 billion in illegal funds were reportedly stolen and <a href="https://www.cryptoknowmics.com/news/prevalence-of-money-laundering-between-banking-sector-and-the-crypto-industry/" target="_blank" rel="noopener">laundered</a> through Binance between 2017 and 2021. The news agency said it worked with Amsterdam-based blockchain analytics firm Crystal Blockchain to track such data while examining court records and statements from law enforcement.

The media agency concluded by saying that Binance is the preferred destination for hackers, fraudsters, and drug traffickers who intend to launder their ill-gotten wealth.

Commenting on the allegations, the exchange’s Chief Communications Officer Patrick Hillmann said the figures were “inaccurate and overblown”.

While he didn’t offer Binance’s own calculations for the identified cases, he did say that the company was working to create “the most sophisticated cyber forensics team on the planet” that would “further improve the ability to detect illegal crypto activity on their platform.”

The exchange later added that the Reuters journalist making the claims does not understand on-chain data, saying:
<blockquote><em>“Recently, a journalist reached out and claimed to have evidence that Binance enabled the laundering of some $2.5 billion between 2017 and 2022. However, it’s clear that this journalist simply doesn’t understand the data nor how blockchain works.”</em></blockquote>

Binance Debunks Reuters' Claim on Money Laundering Allegations

Binance has denied allegations from a Monday Reuters report alleging that $2.4 billion in stolen crypto was laundered through the platform.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Binance Debunks Reuters' Claim on Money Laundering Allegations

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