Reuters Blasts Binance for $2.35B Money Laundering Problem


Reuters Blasts Binance for $2.35B Money Laundering Problem #Reuters #Blasts #Binance #235B #Money #Laundering #Problem Welcome to JustOnlyNews Weblog, right here is the brand new story now we have for you right this moment:

Key Takeaways

A brand new report from Reuters claims Binance allowed greater than $2.35 billion value of legal funds to course of via its trade unchecked.
Entities believed to have laundered cash via Binance embrace a North-Korean hacking syndicate and the previous largest darknet drug market on this planet.
Binance is claimed to have been a straightforward trade to launder cash via as a consequence of its beforehand lax KYC necessities.

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A report from Reuters claims that Binance might have allowed the laundering of greater than $2.35 billion over a interval of 5 years. The report highlighted cases when North Korean hackers, Russian drug sellers, and European organized crime teams allegedly processed cash via the trade.

State Hackers, Drug Sellers, and Organized Crime

Binance, one of many largest cryptocurrency exchanges on this planet, might have let billions of {dollars} value of hacked funds transact via its platform, a brand new investigative report from Reuters has discovered.

Based on the report, Binance allegedly processed greater than $2.35 billion of stolen funds between 2017 and 2021. The funds (the whole of which was calculated from courtroom data, regulation enforcement statements, and with the assistance of blockchain evaluation corporations) are stated to have originated from on-chain hacks, funding frauds, and unlawful drug gross sales. Blockchain analysis agency Chainalysis has said that Binance processed $770 million of legal funds in 2019 alone.

The Reuters report singles out entities having allegedly laundered cash via Binance, together with the Lazarus Group, the North Korean cybercrime syndicate accountable for hacking $550 million from the Ronin bridge final 12 months. Whereas Binance labored with regulation enforcement to determine and freeze $5 million from the hack, the quantity that did reach passing via the trade is unclear.

Hydra, a large Russian-language darknet market that used cryptocurrencies for the sale and buy of medicine, can be stated to have used Binance to course of greater than $780 million since early 2018. 

The report lastly particulars that European organized crime teams focused pensioners in Germany, Austria, and Spain, and should have laundered greater than $800 million of pretend buying and selling web site features via cryptocurrency exchanges, notably Binance.

Binance was the cryptocurrency trade of alternative, the report says, due to its beforehand free know-your-customer (KYC) identification verification checks. Certainly, site visitors between Binance and Hydra dropped sharply after the KYC necessities had been tightened in August 2021.

When requested to touch upon the Reuters investigation, a Binance spokesperson instructed Crypto Briefing that “the article makes use of outdated data from 2019 and unverified private attestations as a crutch to determine a false narrative” earlier than highlighting Binance’s cooperation with regulation enforcement in a number of cybercrime investigations.

Disclosure: On the time of writing, the writer of this piece owned ETH and several other different cryptocurrencies.

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