Chainalysis Refuses Criticizing Binance With Its 2020 Crypto Report
What The Report Says
Last week, Chainalysis posted a blog which titled "Money Laundering in Cryptocurrency: How Criminals Moved Billions in 2019", separated from its 2020 Crypto Crime Report that has to be wholly released in late in January 2020, described how loads of cryptocurrency that were gained illicitly moved and deposited in various cryptocurrency wallets. The report cited how exchanges like Binance and others have profited from the shares of the illicit funds earlier in 2019. Throughout 2019, Chainalysis stated that it traced Bitcoin worth $2.8 billion that was transferred from criminal entities to exchanges.
Before Chainalysis shared the report, the transparency platform asked for the opinion from Binance, and interestingly, the Chief Compliance Officer of the exchange, Samuel Lim showed they continued to be committed with cleaning the crypto space of rogue.
What Crypto Expert Replied On Chainalysis Report
The report instilled fear in crypto space, resulting in Udi declaring that calling Binance as the "largest receivers of illicit bitcoins, indicates that Chainalysis is not a true friend of Binance.
Exposing the claim, Chainalysis cited that the purpose of its crypto research report, in which Binance was stated as the largest recipients of illicit Bitcoins, was fashioned to reflect a glistering light on illegal activities while also supporting the efforts of the exchanges like Binance, and law enforcement to make cryptocurrency more reliable for people's use.
In 2019, Chainalysis also stated that several exchange platforms reported fake volumes.
The blockchain security analysis platform crucially noted that its money laundering reports revealed a corrupt network over the counter brokers and not prepared towards covering the integrity and the great name of Binance, which Chainalysis stated as a "long-standing partner." Finally, Chainalysis concluded that they support crypto players like Binance, which utilizes data so that everyone can benefit from it.
