Binance claps back at Reuters money laundering allegations

Binance has fought back on a Reuters investigation that accused the crypto exchange of serving as a conduit for at least US$2.3 billion worth of illicit funds, calling the report a “breathless pearl clutching” piece.

See related article: SEC probes Binance’s BNB for initial coin offering in 2017: report

Fast facts

“We’re aware of Angus Berwick’s latest woefully misinformed op-ed. It should be noted that the article uses outdated information from 2019 and unverified personal attestations as a crutch to establish a false narrative,” a Binance spokesperson told Forkast in an email.

Reuters reported on Monday that Binance processed transactions from hacks, frauds and illegal drug sales from 2017 to 2021.

The news agency said it worked with blockchain analytics firms Chainalysis and Crystal Blockchain to track such data, while examining court records and statements from law enforcement.

The world’s largest crypto exchange, however, said in a Tuesday blog post that Reuters’ report is “rife with falsehoods” and relies on poor data, while publishing an email thread with Reuters’ reporters.

In April, Reuters reported Binance’s head of Russia had agreed to share client data with Russian authorities, which Binance immediately denied, saying the news investigation was “categorically false.”

Caroline Malcolm, head of international policy of Chainalysis, told Forkast in April that crime gets so much attention but “it’s really less than 1% of transactions that occur on the blockchain.”

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