Crypto exchange Binance published a lengthy response to an article published by Reuters that claims that the exchange has been a \u201chub for hackers, fraudsters and drug traffickers,\u201d saying that there\u2019s at least \u201c$2.35 billion in illicit funds\u201d laundered within the exchange.\u00a0<\/p>\n
In a blog post, Binance addressed the issue and noted that the article\u2019s allegations are not only untrue but are also attempts from certain interested parties to \u201cmislead the general public\u201d by spreading disinformation. Binance wrote: <\/p>\n
\u201cWe highly suggest you ignore those authors and pundits who cherry-pick data, rely on conveniently unverifiable \u2018leaks\u2019 from regulators, and feed into the cult of crypto paranoia for fame or financial gain. Instead, just look at the facts.\u201d <\/p><\/blockquote>\n
The exchange also pointed out that traditional finance platforms are more tainted with illicit funds compared to crypto, which is transparent in nature. Moreover, the exchange cited statistics from the United Nations that 2-5% of fiat money is associated with illicit activities. <\/p>\n
Lastly, within the blog post, Binance completely published its email correspondence with Reuters. This includes Binance complete responses to Reuter\u2019s inquiries before publishing the article criticizing Binance. <\/p>\n
Related: <\/em><\/strong>Binance Labs\u2019 $500M fund to catalyze crypto, Web3, blockchain adoption<\/em><\/strong><\/p>\nOn June 6, Reuters published a special report claiming that the Binance exchange is involved in money laundering involving billions of illicit funds. From investment fraud and darknet dealings to weak Know Your Customer (KYC) and Anti-Money Laundering protections, the media outlet laid down its critique of the exchange. <\/p>\n
Back in February, the exchange also faced investigation from the United States Securities and Exchange Commission (SEC) over the exchange’s relationship with market-making firms Sigma Chain AG and Merit Peak which engages with buying and selling digital assets on the Binance.US exchange. <\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Crypto exchange Binance published a lengthy response<\/p>\n","protected":false},"author":3,"featured_media":158999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
Binance fires back at Reuters\u2019 money laundering allegations - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance fires back at Reuters\u2019 money laundering allegations - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Crypto exchange Binance published a lengthy response\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-07T17:03:42+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/06\/Binance-fires-back-at-Reuters-money-laundering-allegations-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/\",\"name\":\"Binance fires back at Reuters\u2019 money laundering allegations - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2022-06-07T17:03:42+00:00\",\"dateModified\":\"2022-06-07T17:03:42+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Binance fires back at Reuters\u2019 money laundering allegations\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Binance fires back at Reuters\u2019 money laundering allegations - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/","og_locale":"en_US","og_type":"article","og_title":"Binance fires back at Reuters\u2019 money laundering allegations - Pre Coin News","og_description":"Crypto exchange Binance published a lengthy response","og_url":"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/","og_site_name":"Pre Coin News","article_published_time":"2022-06-07T17:03:42+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/06\/Binance-fires-back-at-Reuters-money-laundering-allegations-.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/","url":"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/","name":"Binance fires back at Reuters\u2019 money laundering allegations - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2022-06-07T17:03:42+00:00","dateModified":"2022-06-07T17:03:42+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/binance-fires-back-at-reuters-money-laundering-allegations\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"Binance fires back at Reuters\u2019 money laundering allegations"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/159000"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=159000"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/159000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/158999"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=159000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=159000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=159000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}