Binance responds to allegations and refutes Reuters money laundering charges

Binance, the largest crypto-currency exchange by volume, has responded to an article published by Reuters claiming that the U.S. Department of Justice has found credible evidence of violations of U.S. sanctions, centered on anti-money laundering laws.

Binance refutes allegations

In response to Reuters’ accusations, the Binance team said that crypto-currencies are not a haven for money laundering and that it has a world-class team in place to prevent such activities from occurring on the platform.

Refuting allegations that the U.S. DOJ has filed charges against the crypto-currency giant, Binance officially states that its internal team is working closely with law enforcement to “Work on high-impact ransomware and hacking cases“.

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The announcement further states:

Over the past year, this program has led us to share our insider knowledge and expertise in more than 70 workshops and training sessions with law enforcement and prosecutors in various countries – from Asia to Europe to the Americas.

Binance makes efforts to fight cybercrime

Tigran Gambaryan, Binance’s global head of intelligence and investigations, focused on its security and compliance team, which has grown by more than 500 percent in a year. And despite the fact that investing in people, technology and efforts to combat cybercrime does not directly lead to revenue generation, they continue to do so because they see it as their moral responsibility.

Speaking on Binance’s integrity, Tigram states that:

Beyond the walls of Binance, we have strengthened and built relationships with law enforcement around the world. This has led our team to respond to over 47,000 law enforcement requests since November 2021 – as mentioned earlier.

According to Binance, the list includes Argentina, Brazil, Canada, France, Germany, Israel, the Netherlands, the Philippines, Sweden, South Korea, Thailand and the United Kingdom, among others.

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Prior to joining Binance, Tigram spent more than a decade working as a special agent in the Internal Revenue Service Criminal Investigation (IRS-CI) cybercrime unit. He conducted investigations to assist victims whose lives were disrupted by the Mt. Gox and to identify rogue DEA agents involved in the Silk Road case.

Similar assertions made previously

Previously, Binance also refuted claims published by the same media company in June 2022, where it claimed that “Binance is a safe house for hackers, crooks and drug dealers.”

In addition, the Binance team insisted that blockchain transactions are among the easiest to track and generally do not play well with individuals involved in criminal activity.

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