Binance responds to illegal money laundering involving $2.35 billion: release of emails to and from Reuters, traditional economic money laundering more serious
In response to the recent Reuters article “Binance has provided a channel for $2.35 billion in illegal money laundering over the last 5 years”, Binance has officially responded and made its correspondence with Reuters public. Binance said: “Binance has made many efforts and several clarifications regarding the money laundering safe harbor, but the parties involved in the incident continue to disseminate false information and mislead the public, smearing crypto while keeping quiet about the fact that money laundering is more serious in the traditional cash economy. Binance also said: “Unfortunately, we have seen even many respected media outlets publishing articles of this type, full of lies, with no reference to the sources of evidence and conclusions that are often divorced from the content.
Neither Binance nor crypto as an innovative industry is perfect, and we are still working with regulators on the regulatory framework that applies to crypto. According to Chainalysis, a blockchain analytics firm specializing in crypto and blockchain analysis, 0.15% of all transactions using cryptocurrencies in 2021 will be associated with some type of illegal activity. The United Nations estimates that between 2 and 5 percent of traditional fiat currency (cash; about $800 billion to $2 trillion) is associated with some type of illegal activity. It is well documented that cryptocurrencies are very transparent, more transparent than the traditional cash economy. We have made public all correspondence with Reuters in our dealings with them, and we are trying to work with them to solve the problem, and readers can judge for themselves whether Reuters is being objective in its presentation or trying to spread fear to get clicks and heat.”
