Binance Reportedly Involved In $2.35 Billion Money Laundering


The world’s largest crypto exchange platform, Binance, may have been implicated in a recent Reuters investigative report. According to the report, Binance looks to have had a part in shady financial activities that led to the laundering of at least $2.35 billion in illicit funds. And this was just in the space of five years. 

Furthermore, the report also says that Binance’s culpability is not a one-off thing. From all indications, there might be enough evidence to suggest that the platform helped to launder funds made from crypto frauds and all other forms of illegality, albeit repeatedly.  

Is Binance just carefree or really in the know?

Per a Reuters report, there have been more than numerous cases of money laundering on the popular exchange. Therefore, it will be inaccurate to write off these cases as mere coincidences. For instance, separate crypto frauds including the Cyber storm fraud, the Finiko Ponzi scheme, as well as the Thodex scam, all saw more than $1.29 billion siphoned through the esteemed exchange. Similarly, the Dark net markets laundered at least $839 million, while another $27 million was lost to hacks.

Now, all these aforementioned instances could happen anywhere within the crypto industry. But then again, sometimes, a platform might also be doing nothing or too little to mitigate against these illegal acts. For example, Binance has failed to de-list XMR or Monero from its platform despite the coin being flagged severally for its use by bad actors. 

Crypto and money laundering

Meanwhile, Binance has come out to defend itself regarding the various allegations of being involved in money laundering. In an article published recently, Binance claims that people are quick to think that crypto is useless. And also, that crypto in its entirety is just a grand money-laundering scheme. 

However, the platform begs to differ. According to parts of the article which it dubs “Crypto and Money laundering: an inconvenient truth, ” Binance says;

“The immutable, public nature of the blockchain makes crypto a poor choice for money laundering.”

In addition, the article also confirms that the platform is working on putting together “the most sophisticated cyber forensic team”. Hopefully, this will help improve investor protection on the platform.

Mayowa Adebajo

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