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Binance ‘strongly’ refutes Reuters allegations

Reuters accuses Binance of ‘acting as an intermediary for money laundering’

like youth Binance, the world’s largest cryptocurrency exchange, was hacked by news agency Reuters Allegedly used as a conduit for illegal money laundering, exceeding $2.3 billion over five years.

Binance was used to launder over $2.3 billion in illicit funds?

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Binance was used to launder over $2.3 billion in illicit funds?

As of early 2022, Reuters There are numerous articles interviewing former Binance employees with the aim of exploiting loopholes in the identity verification (KYC) process to see if there is any connection between the exchange and Russia – the country that is being embargoed by the US and its allies because of the military conflict in Ukraine .

Binance “strongly” rebuts, CZ criticizes Reuters reporter for being “one-sided…”

Immediately after Reuters published the above article, a representative of Binance exchange responded on Twitter: “Faced with the constant emergence of public opinion, there is a suspicion that there is a connection between money. We invite you to read this blog post on how Binance prevents global money laundering.”

Binance 'strongly' refutes Reuters allegations - Photo 2

Binance re-shares article about their AML efforts


Alongside the status bar, Binance attached a blog post titled “Cryptocurrency and Money Laundering: An Unpleasant Truth”, showcasing the exchange’s efforts to combat money laundering, thus reaffirming that the exchange is taking the best measures to prevent money laundering and always remain cooperative with global authorities against this evil.

Binance has been criticized for claiming that money laundering through cryptocurrencies is riskier and easier to trace than traditional methods due to the transparency of the blockchain Reuters Have a fair view.

This time, Changpeng Zhao (commonly known as CZ), CEO of Binance Exchange, spoke out and shared a blog post titled “Misunderstandings about Money Laundering in the Field of Money Laundering”. false narrative”, including more than 50 pages of emails between communications director Patrick Hillman and a Reuters reporter, for the online community to judge for itself.

CZ’s frustration can be seen by calling reporters Reuters It is “one-sided argument, like to cause misunderstanding, can live in vain”.

Binance 'strongly' refutes Reuters allegations - Photo 3

CZ publishes over 50 pages of email conversation between Binance communications director and Reuters reporter


In addition to the money laundering charges, Binance is also facing an investigation by the U.S. Securities and Exchange Commission (SEC), which at the time believed the exchange violated securities rules by selling BNB tokens.

Two major events that happened at the same time as Binance created a FUD effect in the user community — fear, doubt, and uncertainty in the face of bad news.