Binance Claps Back at Journalists Who Accused Them of Laundering -Breaking
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© Reuters. Binance Slams Journalists for Laundering Charges- CZ shared an article about Binance on Twitter by the CEO (NYSE:).
- It appears that the article was written as a response to Reuters’ investigative report on Binance.
- “Overwhelming majority of all money laundered goes through traditional banking,” says Binance.
Today’s Binance CEO, CZ shared an article on Twitter from Binance. It was titled: Crypto and money laundering: A painful truth. He also added, “Spoiler: the overwhelming majority of all money laundered goes through the traditional banking system, not crypto.”
The blog post entitled “Crypto and Money Laundering: An Inconvenient Truth” appears to be in response to the Reuters investigative piece published earlier this year. The detailed report had delved deep into Binance’s questionable mode of operations and its hand in money laundering.
“It’s clear that this journalist simply doesn’t understand the data nor how blockchain works,” claims Binance. Retaliation pieces continue to state that cryptocurrency isn’t suitable for money laundering. This statement is supported by the exchange’s use of KYCs, stringent industry standards, the inability to move large amounts into crypto without people being aware, and trackability.
Moreover, Binance vehemently argues that it has the world’s most sophisticated anti-money laundering systems and employs the most experienced anti-money laundering investigators.
Addressing the allegations around Lazarus, a cybercrime group run in North Korea, Binance claims that it has proactively shared intelligence with law enforcement to map out North Korea’s modus operandi globally. They also insist on blocking all North Korean funds trying to access their platform.
Binance provided additional information on Hydra. Hydra was a Russian darknet market that was closed down. “Some in the media would have you believe that Binance was the key crypto exchange that facilitated Hydra. Nothing could be further from the truth,” declares Binance.
It ends the article with a misleading note. “It’s an inconvenient truth for those that are anti-crypto that the overwhelming majority of all money laundered goes through the traditional banking system, not crypto.”
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