Binance Debunks Reuters’ Claim on Money Laundering Allegations

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. Binance Denies Reuters’ Claims In a blog 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.” BUILD debunks FUD. This is 50+ pages of email records between our cyber security team (ex-law enforcement background) and the cherry picking, misleading, and time wasting journalists. If you have time to waste, see the details and truth for yourself.https://t.co/Y8bAvS5edk — CZ 🔶 Binance (@cz_binance) June 6, 2022 According to the report, $2.4 billion in illegal funds were reportedly stolen and laundered 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...