Breaking: Binance Responds To Allegations, Denies Reports On Money Laundering

Binance, the largest cryptocurrency exchange in terms of volume, has responded to an article published by Reuters claiming that the U.S. Department Of Justice found credible evidence of violating U.S. sanctions, centered around anti-money laundering laws.

Binance Refutes Claims

Responding to Reuters’ accusations, the Binance team has stated that cryptocurrencies are not a haven for money laundering and they have a world-class team safeguarding such activities from happening on the platform.

Reuters has it wrong again.

Now they're attacking our incredible law enforcement team. A team that we're incredibly proud of – they've made crypto more secure for all of us.

Here’s the full statement we sent the reporter and a blog about our remarkable law enforcement team.

— Binance (@binance) December 12, 2022

Refuting the claims on U.S. DOJ filing charges on the crypto giant, Binance officially states that their internal team works closely with law enforcement to “case-work on high-impact ransomware and hack cases.”

The announcement further states:

During the past year, this program has led to us sharing our insider knowledge and expertise over the course of more than 70 workshops and training sessions with law enforcement and prosecutors in a variety of countries — from Asia to Europe, and the Americas.

Binance Shares Accolades

Tigran Gambaryan, who is Binance’s Global Head of Intelligence and Investigations, emphasized on his security and compliance team which has grown by over 500% within a single year. And, despite the fact that investing in the people, technologies, and efforts to combat cybercrime does not directly result in the generation of revenue, they still continue to do so because they assume it to be their moral responsibility.

Speaking on Binance’s integrity, Tigram states that:

Beyond the walls of Binance, we’ve strengthened and built relationships with law enforcement across the world. This has led to our team responding to over 47,000 law enforcement requests since November 2021 — as previously mentioned.

As per Binance, the list includes Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, Thailand, and the UK among others.

Read More: Binance Refutes 3Commas Hack Concerns Over Big Altcoin Buys

Tigram before joining Binance spent more than a decade working as a Special Agent in the Cyber Crimes Unit of the Internal Revenue Service Criminal Investigation (IRS-CI). He conducted investigations to assist victims whose lives were disrupted by the Mt. Gox event and to identify the dishonest DEA agents involved in the Silk Road case.

Similar Claims Made Earlier

Binance had previously also refuted claims published by the same media company back in  June of 2022, where it alleged that “Binance is a safe-house for hackers, scammers, and drug traffickers.”

In addition, the Binance team emphasized on the fact that blockchain transactions are among the easiest to track and typically do not work in the favor of individuals who are involved in criminal activities.

Also Read: Prosecutors Split Over Charging Binance & CZ