Binance responds to the investigation by Reuters; calls it 'a false narrative'
While the world's biggest crypto exchange Binance keeps the audience awake with its stories and commentary amid the stagnant crypto market, it has refuted Reuters for its recent investigation.
Binance responds to recent accusations by Reuters
Interestingly, Reuters recently posted an article called "How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers," alleging that Binance is a safehouse for notorious elements. It claimed that the exchange giant has helped hackers, scammers, and drug dealers to launder $2.25 billion in the past five years.Binance published a full email exchange with Reuters in response to the accusations. The exchange said that cryptocurrencies are not heaven for money laundering, though many believe so. It stated that the article is "rife with falsehoods, massive leaps to conclusions, and relies on poor data that could have been fact-checked by reaching out to one of the major on-chain analyst firms, like Chainalysis or TRM."
Questioning the fact-checking process by Reuters, the Binance team said that only 0.15% of all crypto transactions in 2021 were linked to illicit activities. On the contrary, 2% to 5% of traditional fiat transactions, worth around $800 billion to $2 trillion, were involved in some form of criminal activity in the same period.
Binance emphasized that crypto transactions are among the easiest to track and do not typically work in favor of individuals who engage in criminal activity. It said:
"Unlike cash, which is nearly impossible to track, Blockchain has proven to be one of the most powerful tools for law enforcement."Interestingly, Reuters believes that the infamous North Korean organization Lazarus used Binance after successfully hacking a local Slovakian crypto exchange in September 2020. Furthermore, it said that Binance received over $770 million in illegal funds in 2019.
Past allegations
This is not the first time Binance is facing such allegations from Reuters. Before this, in April, the global news agency published an investigative report on Binance stating that it was building ties to a Russian FSB-linked agency and helped authorities track down donations to the opposition.Reuters said that Binance head of Eastern Europe and Russia, Gleb Kostarev, met with Russia's Anti-money laundering agency Rosfin. The exchange fiercely denied the allegations by calling it "an absolute lie."
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