A Look at Binance’s Protection of the Crypto Industry

Binance addresses the misinformation after being touted as a haven for money laundering.

Weeding Out Bad Actors

Binance’s Matt Price and Tigran Gambaryan answer allegations of Binance facilitating the laundering of illicit funds after Reuters published a Special Report titled, ‘How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers.’

In the blog post, Binance dismisses the Special Report as ‘a narrative based on outdated information and skewed facts.’ The crypto currency exchnage reiterates its commitment to security by investing heavily in the tools, talents, and resources needed to build the finest investigation team. Binance discloses that the platform employs sophisticated blockchain analysis tools, darknet research software, data analysis, and screening tools that are more advanced than those deployed in law enforcement. 

Source: Binance sets the tone for the industry by deploying resources to hire top cryptocurrency investigators to identify and disrupt bad actors in the crypto space.

Jessica Chuah, Country Manager (Malaysia) at Chainalysis Inc, echoes the same sentiment. She believes that criminal activities on the blockchain are traceable and can be stamped out with the right tools. In an exclusive quote to BSC News, she said:

“On-chain analysis has been a fundamental method in fighting cryptocurrency crimes in inspecting, identifying, and continuously tracking transactional data on a blockchain to understand the link and activities of participants to analyze information. Blockchains create immutable records of truth by making it virtually impossible to alter a record of transactions once they have been added to the distributed ledger.”

Behind the Scene Investigative Works

Transaction data is an inaccurate measure to level a claim against Binance for not doing enough to stop illicit activities. Transactions that are verified on the blockchain get deposited to the Binance platform. It is the design of blockchain transactions. What matters to a platform like Binance is the steps taken after a deposit has occurred.  

: Inbound deposits are monitored by Binance by using data analysis, blockchain forensics tools, and hands-on investigative work.. 

Binance has been playing a pivotal role in aiding the authorities in investigating ransomware and terrorism financing. However, the bottom line is to protect the crypto ecosystem and innocent users from bad actors

Negative News for Attention?

Binance claps back on media outlets that pursue a narrative based on skewed facts. This narrative has totally ignored the effort and resources the crypto exchange platform has expanded to make the ecosystem safer for everyone. 

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram

Source : bsc.news

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