Binance denies money laundering and criticises Reuters for claiming that the U.S. DOJ found credible proof.
The Binance team said that cryptocurrencies are not a money laundering haven and that their platform is safeguarded by top-notch staff.
The biggest cryptocurrency exchange by volume, Binance, has responded to a Reuters piece saying that the U.S. Department of Justice has solid proof of sanctions violations, specifically related to anti-money laundering regulations.
In response to Reuters' allegations, the Binance team insisted that cryptocurrencies are not a sanctuary for money laundering and that their platform is protected by a top-notch crew.
Binance explicitly refutes the accusations that the US DOJ has filed charges against the crypto industry titan, stating that their internal team "case-works on high-impact ransomware and hack cases" in close collaboration with law enforcement.
The release continues, "Over the course of more than 70 workshops and training sessions with law enforcement and prosecutors in a range of nations, from Asia to Europe and the Americas, we have shared our insider knowledge and expertise,"
Tigran Gambaryan, the global head of intelligence and investigations at Binance, highlighted the expansion of his security and compliance team, which has increased by more than 500% in just one year. And even while investing in the people, tools, and initiatives to combat cybercrime does not immediately produce money, they nevertheless do it because they believe it to be their moral obligation.
Tigram said of Binance's integrity: "Beyond the gates of Binance, we've strengthened and built connections with law enforcement throughout the world." Due to this, as was already noted, our staff has responded to over 47,000 law enforcement demands since November 2021.
Argentina, Brazil, Canada, France, Germany, Netherlands, Philippines, Sweden, South Korea, Thailand, and the UK are among the countries on the list, according to Binance.
Before joining Binance, Tigram worked for more than ten years as a Special Agent in the Internal Revenue Service Criminal Investigation's Cyber Crimes Unit (IRS-CI). He looked into the Silk Road case to find the dishonest DEA officers who were involved and to help the victims whose lives were upended by the Mt. Gox incident.
In June 2022, the same media outlet claimed that Binance was "a safe-house for hackers, scammers, and drug traffickers," which Binance had previously denied.
The Binance team also stressed how straightforward it is to track blockchain transactions and how they frequently do not benefit those who engage in illicit activity.
