Could Binance be a center for laundering stolen crypto-assets and other illicit funds? It’s a question on everyone’s mind since a Reuters investigation revealed his involvement in several money laundering cases. Within five years, Binance is said to have acted as a conduit for laundering $2.3 billion of drugs, the pirate and other crimes.
On June 6, Reuters published an article titled ” How crypto giant Binance became a hub for hackers, scammers and drug dealers. »
In this article, Reuters argues that Binance has been used by various hacker groups to launder money from their criminal operations. Reuters cites in particular the group of North Korean cybercriminals called Lazarus, which, in September 2020, committed a hack and seized $5.4 million. ” Several hours later, hackers opened at least two dozen anonymous accounts on Binance, the world’s largest cryptocurrency exchange, allowing them to transfer stolen funds and hide the money trail, the source revealed. Correspondence between the Slovak National Police and Binance.. »
Binance is also allegedly used as a money laundering platform from Hydra, (the big drug market in Russian). The payments could have been made by transferring $780 million in cryptocurrency using the Binance channel.
A Reuters report shows that the money lost by Eterbase was part of the flow of illicit funds that passed through Binance from 2017 to 2021. Despite this, according to the CEO of Eterbase, “ Binance had no idea who was moving the funds through the exchange. “Responsibility for the exchange in the drug case cannot be excluded. Reuters claims that Binance was aware that Hydra users were using the platform to transact. The information was published on the Russian Telegram chat of Binance. »
Investigators have cited several other money laundering cases. ” during this period [2017 à 2021]Binance has handled transactions totaling at least $2.35 billion from hacks, investment fraud, and illegal drug sales. “.
In response to the allegations from Reuters investigators, a Binance spokesperson doubted the veracity of the facts and ruled that they were merely ” Sadly misleading opinion piece using outdated information from 2019 and unverified personal claims. »
The exchange then published a detailed article on its blog, sharing all the correspondence that Binance executives had with Reuters, refuting the claim that the exchange shut itself down to Reuters interviews. Binance will confirm that everything Reuters has said is just a bunch of rubbish.” The data, which is based on unverifiable “leaks” from regulators and fuels a paranoid cult against cryptocurrency for popularity or some financial gain. Instead, just look at the facts.”.
Currently, the Securities and Exchange Commission is investigating another case from Binance. The US Securities and Exchange Commission wants to determine whether Binance Holdings, by launching the BNB token in 2017, did not violate the securities rules. We are waiting to see if US justice will open an investigation in the wake of the Reuters allegations.
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Luke Jose Adjinaco
Far from dampening my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only added to my enthusiasm. So I resolved to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.