Sunday, September 25, 2022

Binance Responds to Claims of Reuters About Allegations of Money Laundering

Binance Exchange has responded to the claims of money laundering presented by Reuters, one of the world’s reputable media houses. According to the exchange’s responses, it is not out of place that its platform is prone to money laundering crimes, however, it has adopted stringent verification methods for registering new users.

CEO, Changpeng Zha posted the response on his official Twitter handle, directing users to the company’s response. The site contains more details about facts and figures debunking the claims published by Reuters.

CZ as Zhao is popularly called on Twitter noted that the exchange’s response is backed by about 50 conversations between the exchange and Reuters journalist, however, the latter has chosen to cherry-pick the details they decided to publish.

The recent report by Reuters is not the first of its kind. The media firm had in January published some findings in relation to Binance also aiding criminal activities such as money laundering.

In the response, Binance stated clearly that rather than being a “haven” for promoting illicit transfer of funds, the crypto industry has proven to be transparent and more reliable than traditional financial services firms.

The virtual assets exchange succinctly stated that the report of Reuters is loaded with untrue facts and figures. Adding that, the claims of the report “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.”

The statement further advised readers to outrightly desist from believing the false reports, adding that the media firm had been previously contacted by the crypto exchange to verify its facts before publishing, but efforts to initiate a sit-out were declined.

The crypto ecosystem, being a volatile industry loaded with anonymous players and traders, is very prone to its use for criminal activities. Cryptocurrency service providers such as Binance, however,  have claimed that they have been meticulous in ensuring a safe haven for their users through proper Anti-Money Laundering (AML) checks.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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