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Binance refutes false money laundering claims

TL;DR Breakdown
  • Binance finished fake money laundering claims
  • The exchange urged users to seek clear facts
  • Reuters criticized the exchange in a recent article

Binance is a crypto exchange that has always been in the news for positive and negative reasons over the last few years. This is because the crypto exchange is popular and the biggest in terms of market cap. However, Binance has refuted a recent claim by Reuters where the news platform mentioned that the exchange had become a hub for criminals. According to the statement, Reuters claimed that criminals of all entities are using the exchange as a habor to move more than $2.3 billion.

Binance urges users to seek authentic facts

In its statement, Binance mentioned that the news was not in the slightest bit the truth as the allegations were unfounded. The crypto exchange also said that rivals peddled such rumors to discredit the excellent work they have been doing in the market. The exchange also urged users to distance themselves from such information as most of it was from unconfirmed data leaked by regulators.

Binance urged users to research any issue and find facts instead of waiting for below-par platforms to report false data. However, binance conceded that centralized exchanges are often unknowingly involved in moving illegal proceeds. The crypto exchange noted that the figure is just a minute, citing an area between 2-5%. The blog also had an email exchange with Reuters before the latter went ahead with publishing the damaging article.

Reuters criticized the exchange in a recent article

Reuters published a damaging article about Binance some days ago, citing that the crypto exchange was embroiled in a massive money-laundering scheme. The report stated that the exchange was aware that illegal funds running into billions were exchanging hands on the exchange. The news platform ridiculed the exchange, citing several features that make it easy for criminals to carry out their activities. It noted that Binance has one of the weakest AML and KYC across the crypto market, aside from the basic sending and receiving of proceeds from crime.

Reuters mentioned this and many others in its report, where it bared all the issues that caused the reason for its criticism of the crypto exchange. Binance’s activities were also looked into by the SEC some months back after various claims that it had a relationship with Sigma Chain and Merit Peak. At the period, both entities were using the US arm of the crypto exchange to carry out their crypto business.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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