Statement from Binance on Money Laundering Investigation

The world’s largest cryptocurrency exchange, Binance, came to the fore with striking news today. Binance has been on U.S. soil since 2018, according to Reuters sources.money laundering and criminal sanctions violations” was under investigation.

According to the news that Reuters claims to have learned from nearly a dozen people, the investigation into Binance began in 2018 and is still ongoing. But more than a dozen prosecutors involved in the investigation are now starting to evaluate the usability of the evidence against Binance executives and Binance. About the news Here is the statement from Binance.

Binance disputed the news:

Binance disagreed with the news shared by Reuters. The platform also makes the following illegal fund calculations wrong and the explanations about compliance checks “out of date” he described. He also stated that they maintain high industry standards and are working to improve their ability to detect illegal cryptocurrency activity on the platform.

Also, a Binance spokesperson told Reuters, “We do not have any knowledge of the inner workings of the US Department of Justice, and it would be inappropriate for us to comment if we did.” he said.

In addition, the following statement was shared from the official Twitter account of the stock market:

“Reuters is wrong again. Now they are attacking our legal team. A team we are incredibly proud of – they have made crypto safer for all of us. Here is the full statement we sent the reporter and an article about our exceptional legal team:“

Binance explained its fight against crypto crimes in its article, which you can find here. Tigran Gambaryan, Binance Vice President of Global Intelligence and Research, emphasized that Reuters’ claims are “big” and responded to Reuters’ allegations as follows:

“Crypto is NOT a safe haven for illegal activities. At least I know that is the truth for Binance.

To summarize, our team in 2022:

• Responded to more than 47,000 legal requests
• Security and compliance increased employee numbers by more than 500%
• Participated in over 70 cybercrime combat workshops with global law enforcement
• It became the first blockchain and crypto company to join the National Cyber ​​Forensics and Education Alliance (NCFTA).

So what is this investigation news?

• NOTE: The information below is from different sources that Reuters says are associated with Binance. The explanations are not precise.

The investigation was initiated in 2018 by the prosecution in the city of Seattle. The reason for starting the investigation isA series of cases showing criminals using Binance to move illegal funds” was.

The prosecution then continued the investigation with the US Department of Justice’s Money Laundering and Asset Recovery Division. The Internal Revenue Service’s Criminal Investigation department was also involved in the process.

Binance has increased its legal power in the US with the investigation:

According to the details, Binance decided to increase its legal power in the USA at the meeting in October 2018, which was also attended by the founder of the platform, Changpeng Zhao. Zhao said directly at the meeting, “Increase the number of lawyers in the US, address regulatory risks.” he said.

According to Reuters, this investigation directly affected the way Zhao ran the company. Binance is from the Internal Revenue Service’s Criminal Investigation department that investigated it. even hired officials.

In addition, the company messages that Reuters previously relayed are that employees use e-mail as much as possible and encrypted messaging services predicted his direction. In other words, strict confidentiality rules began to be applied in the company.

Reuters: $10 billion in money transferred by criminals in 2022:

Reuters reported that Binance is investigating its compliance with financial crimes throughout 2022. The resulting report is Binance’s weak anti-money laundering controlsshowed that it processed more than $10 billion in payments to criminals and companies seeking to evade US sanctions and plotted to evade regulators in the US and other countries.

Actionable expectation against Binance:

Some of the at least half a dozen federal prosecutors involved in the case have argued that evidence already gathered against the stock market and executives, including Zhou, Reuters has learned from the two men. justify acting aggressively (declaration) believes.

This information, reported by Reuters, also caused concerns about Binance.

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