The world’s largest crypto exchange platform, Binance has hit back at Reuters, refuting its claims that ‘Binance is the safe house for hackers, fraudsters, and drug traffickers looking to launder their illicit funds.’
Reuters released a report on Monday which accuses Binance of laundering at least $2.35 billion in illicit funds between 2017 and 2021.
Binance answered back by publishing 50-pages of email exchanges between its intelligence team and Reuters, in which it comments on recovering $5.8 million from the Ronin hack, as well as its assistance in multiple fraud cases.
The email highlights the fact that the Reuters journalist is confused between ‘indirect exposure’ to dark net markets and ‘direct exposure’.
In a recent blog, Binance also put forth the point that only 0.15% of all crypto transactions in 2021 were associated with illicit activity, while estimates from the U.N. reveal that between 2% and 5% of fiat currency is linked to some form of criminal activity.
Binance also states that ‘the immutable, public nature of the blockchain makes crypto a poor choice for money laundering because it allows law enforcement to uncover and trace money laundering far easier than cash transactions. ’
This is, however, not the first that Reuters went after Binance. In a report published in January, Reuters accused the platform of failing to adhere to its promise on tougher compliance.
