March 29, 2023

Binance Exchange aided Laundering

Major Speculation On Crypto Giants Exchange Binance

Reuters investigated the financial activities of crypto exchange Binance, the largest crypto exchange in the world. They found that the exchange platform helped launder $2.35 billion in corrupt funds from hackers, fraudsters, terrorist organizations, drug traffickers and other criminal activities over a period of five years.

Binance, according to a Reuters investigation report, has helped launder money from scams, hacks, investment frauds, illegal drug sales, and a foreign exchange violation case in the past five years.

Binance, in a report by Reuters, has been accused of helping to facilitate money laundering through the use of cryptocurrency.

  • $839 million was laundered through underground markets on the dark web.
  • Over $1.29 billion has been laundered by crypto scams like the Finiko Ponzi scheme, the Cyber storm fraud case, the Thodex scam, and so on.
  • Hack-related funds total $27 million.

XMR or Monero, a popular coin traded on the platform, has been outed for its dirty use several times due to the influx of illegal funds under the cover of privacy or anonymity. Still, the coin continues to be traded on the platform.

According to another report by Crystal Blockchain, Binance was used by a Russian-language site called Hydra to send and receive crypto payments worth $780 million.

The US government also hired crypto researcher Chainalysis to keep tabs on illegal flows. Binance reportedly received $770 million in 2019 alone from criminals, according to the report.

Bitcoin and money laundering: where does Binance stand?

“Crypto and Money laundering: an inconvenient truth” was the title of a Binance article published on May 5th. People who are anti-crypto tend to believe that it is worthless or that it is a way to launder money.

“Unlike cash, which is nearly impossible to track, Blockchain has proven to be one of the most powerful tools for law enforcement,” the article reads. According to the article, cryptocurrency is a poor choice for money laundering because of the blockchain’s immutable and public nature.

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