Binance Calls Out Reuters Money Laundering Claims: Details and Response

The biggest cryptocurrency exchange by trading volume, Binance, has vehemently replied to a recent Reuters piece alleging money laundering. The report claims Binance allowed more than $2.35 billion worth of criminal funds to process through its exchange unchecked. Specifically, Reuters claims that Hydra—which is the world's largest illicit drug market—used Binance to make about $780 million in crypto payments. A new report from Reuters claims Binance allowed more than $2.35 billion worth of criminal funds to process through its exchange unchecked.

These claims have sparked significant controversy and prompted a strong response from Binance. As these claims surfaced, Binance took to Twitter and revealed that Reuters had ignored nearly 20 pages of responses from the crypto exchange. They allege that Reuters presented a biased and incomplete picture of the situation.

Binance's Response and Commitment to Compliance

JUST IN: In a blog post in public, Binance said it welcomed government oversight. The firm maintains that it is committed to complying with all applicable laws and regulations, including those related to anti-money laundering (AML). Binance claims to have robust systems in place to detect and prevent illicit activity on its platform.

However, Reuters alleges that, at the same time, the firm was withholding information from regulators, maintaining weak checks on customers. Entities believed to have...

DOJ Investigation and Potential Implications

The Reuters report also touched upon the U.S. Department of Justice (DOJ) investigation, saying the U.S. Department of Justice (DOJ) uncovered solid evidence of breaking U.S. law. Back in April, both German and U.S. law enforcement shut down Hydra. The allegations are serious and could have significant implications for Binance and the broader cryptocurrency industry.

This is a developing story and we will continue to update this page with the latest information.