- Binance has been infuriated by the prominent media house Reuters.
- Binance officials say the claim made by Reuters about money laundering charges is untrue.
- The statement follows a number of denials from Binance over reports published by Reuters over the last few months.
The largest exchange platform, Binance has been infuriated by the prominent media house Reuters. Binance officials say that the claim made by Reuters that the exchange platform is being investigated for money laundering charges is untrue.
As per the claim, Binance asserted that the news outlet was “attacking its amazing law enforcement team.” The business has published a new blog entry on its “Fight Against Crypto Crime.”
The announcement follows a number of denials from Binance over reports published by Reuters over the last few months. Changpeng Zhao, the CEO of Binance, criticized a Reuters reporter in October for reportedly wanting to publish articles on his children.
According to the Reuters report, Kendall Day, a representative of Binance, was in contact with the U.S. Department of Justice (DOJ) about an alternative to litigation. However, Binance said in a statement provided to Reuters and featured in the report that it was not collaborating with the DOJ.
To justify this, Tigran Gambaryan, the global head of intelligence and investigations at Binance, revealed some facts, figures, and data on Binance’s efforts during the previous year to combat financial fraud. The company claims that it began assembling what would conceivably end up being the most capable security and investigative team in the sector.
Based on the article, Binance has responded to more than “47,000 law enforcement demands” with an “average response time of three days” since November 2021.
According to Reuters, the investigation into Binance focuses on money laundering, an unauthorized money transportation scheme, and a breach of the US Bank Secrecy Act. As per the reports, the exchange handled over $10 billion in payments for organizations attempting to avoid U.S. sanctions.
Reuters alleged that Zhao enforced strict secrecy regulations on staff in order to hide a violation at his exchange. For instance, Binance staff members were advised to use email as little as possible and to interact via encrypted messaging apps.
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