In a recently published report, Reuters has accused Binance, the world’s largest cryptocurrency exchange, of facilitating the movement of at least $2.35 billion in illicit funds between 2017 and 2021.

Binance facilitates money laundering

Reporters for Reuters who analyzed records and spoke to law enforcement and collaborated with Blockchain analysis firms Chainalysis, Crystal Blockchain, said that illicit fund movements were tracked via the exchange.

According to Reuters, Binance processed a significant portion of the $5.4 Million that was stolen from Eterbase in Slovakia by Lazarus hacking group.

They also identified part of the $622,000,000 that was stolen from Ronin in March 2022 and processed by Binance.

This news source claims that Hydra (a Russian language darknet) used Binance for drug payments worth $780 millions.

According to the news agency, Binance stole more than $2.35 trillion in funds between 2017-2021. Reuters claims that Binance’s minimal requirements to use it made them an attractive target for money laundering.

Flipside

• Binance refuted claims made by Reuters, stating cryptocurrency isn’t a safe haven to hackers, fraudmers, or dealers in drugs.

• Binance reported also that more than $5,000,000 has been frozen in connection with the Ronin sidechain hack.

Why you should care

Binance has been the subject of numerous U.S. Federal investigations. The accusations may increase regulatory pressure on the exchange.

Continue reading on DailyCoin