On June 7th, Binance CEO “CZ” rejected a Reuters report that the exchange enabled $2.35 billion in money laundering. CZ shared more than 50 pages of email records involving the Binance cybersecurity team and Reuters.
BUILD debunks FUD.
This is 50+ pages of email records between our cyber security team (ex-law enforcement background) and the cherry picking, misleading, and time wasting journalists.
If you have time to waste, see the details and truth for yourself.https://t.co/Y8bAvS5edk
— CZ 🔶 Binance (@cz_binance) June 6, 2022
CEO of Binance replies to Reuters report
Reuters stated on 6th June that between 2017 and 2022, Binance’s inadequate anti-money laundering checks and KYC policies resulted in $2.35 billion in money laundering from the North Korean hackers organisation Lazarus, illicit drugs sales on the darknet market Hydra, and investment fraud. Reuters also queried Binance’s decision to allow Monero trading on its network, despite repeated warnings from law authorities that Monero may be used to launder money.
Furthermore, the news site claimed that the probe is supported by blockchain data, court records, and comments from law enforcement. However, the email exchanges reveal that Reuters and Binance are unable to reach a consensus on the charges.
Binance claims that Reuters journalists refused to interview two top detectives who worked on the Lazarus and Hydra case files, Tigran Gambaryan and Matt Price. Binance’s cyber-forensics team is currently led by Gambaryan and Price. Furthermore, the news source refused to allow Binance to examine the UID and wallet details on investment scams.
Binance argues that many technological corporations provide encryption on their gadgets and messaging services owing to genuine privacy rights in the case of Monero.
“Financial independence, privacy, and effective law enforcement cooperation coexist, as a result of good AML regulations and procedures on the Binance platform.”
Binance promises to collaborate with regulators, legislators, and law enforcement organisations to improve transparency in cryptocurrency trading and emphasise crime prevention.
Binance under SEC investigation over the BNB ICO
Meanwhile, the SEC is looking into whether Binance violated securities laws during the initial coin offering (ICO) of its BNB cryptocurrency in 2017. The SEC has asserted that most cryptocurrencies are commodities and has brought charges against several ICO ventures. In reality, Binance updated the phrasing of the BNB white paper in 2019 to avoid being misinterpreted as security.
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