Crypto alternate Binance revealed a prolonged response to an article published by Reuters that claims that the alternate has been a “hub for hackers, fraudsters and drug traffickers,” saying that there’s at the least “$2.35 billion in illicit funds” laundered throughout the alternate.

In a weblog publish, Binance addressed the problem and famous that the article’s allegations will not be solely unfaithful however are additionally makes an attempt by sure events to “mislead most of the people” by spreading disinformation. Binance wrote:

“We extremely recommend you ignore these authors and pundits who cherry-pick knowledge, depend on conveniently unverifiable “leaks” from regulators, and feed into the cult of crypto paranoia for fame or monetary acquire. As an alternative, simply take a look at the information.”

The alternate additionally identified that conventional finance platforms are extra tainted with illicit funds than crypto, which is clear in nature. Furthermore, the alternate cited statistics from the United Nations that 2%–5% of fiat cash is related to illicit actions.

Lastly, throughout the weblog publish, Binance revealed its e mail correspondence with Reuters. This contains Binance’s full responses to Reuter’s inquiries earlier than it revealed the article that criticized Binance.

Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoption

On Monday, Reuters revealed a particular report claiming that the Binance alternate is concerned in cash laundering involving illicit funds within the billion. From funding fraud and darknet dealings to weak Know Your Buyer (KYC) and Anti-Cash Laundering protections, the media outlet laid down its critique of the alternate.

Again in February, the alternate additionally confronted an investigation from the US Securities and Change Fee (SEC) over the alternate’s relationship with market-making companies Sigma Chain AG and Advantage Peak, which interact within the shopping for and promoting of digital belongings on the Binance.US alternate.