Binance reportedly handled $2.35 billion in illicit transactions
According to a Reuters investigation, Binance operated as a gateway for laundering at least $2.35 billion in illegal funds over the last five years.
Binance processed $2.35B in illicit transactions
In the report, Reuters calculated the figure based on a review of court documents, law enforcement comments, and blockchain data provided for the news organization by two blockchain analytics firms. These billions, it argues, are the result of hacking, investment fraud, and illegal drug sales giving multiple examples of moments where Binance did not correctly handle the situation.According to the journalists, one of the critical reasons for the high figure is that Binance had poor money-laundering checks on its customers until mid-2021. Even though it is a large number, the flow of illicit crypto through Binance accounts for a minor part of the exchange's overall trade volumes, and a lot of the examples in the article date back many years as the figure is based on the five years of the crypto exchange's existence.
How bad is the problem?
Citing data from blockchain experts, Chainalysis stated in January that illicit transactions accounted for only 0.15 % of cryptocurrency transaction volumes last year; the Binance report shows that even a small number of illicit transactions can have an impact once your volume is large enough as regulators worry about the involvement of cybercriminals in the crypto space.More recently, mainly DeFi exploits have made a significant jump upwards as according to a report by CertiK in May, the amount stolen this year reached $1.6 billion mainly due to the involvement of North Korean hacker group Lazarus which exploited the Ronin Bridge, where attackers made off with over $600 million worth of crypto.
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