Binance, the world’s largest cryptocurrency exchange, has denied the allegations from a Monday Reuters report stating that $2.4 billion in stolen crypto was laundered through its platform.
What Happened: In a blog titled “The Crypto Money Laundering Myth and the Machine Working Overtime to Sell a False Narrative,” Binance called the Reuters report “rife with falsehoods” which relied on massive leaps to conclusions and poor data.
“We highly suggest you ignore those authors and pundits who cherry-pick data, rely on conveniently unverifiable 'leaks' from regulators, and feed into the cult of crypto paranoia for fame or financial gain. Instead, just look at the facts,” stated Binance in the blog.
Why It Matters: The cryptocurrency exchange published the entire email exchange with Reuters’ investigative journalists and asked users to come to their own conclusions about the veracity of the report.
According to the report, $2.4 billion in illegal funds were reportedly stolen and laundered through Binance between 2017 and 2021.
The email exchanges show Reuters declining to speak with senior investigators leading Binance’s cyber forensics team who were reportedly involved in bringing down hacker group Lazarus and Russian darknet market Hydra.
Binance also stated that the reporters in question declined its offer to review the UID and wallet information that the report was based on.
Price Action: According to data from Benzinga Pro, the leading cryptocurrency Bitcoin BTC/USD was trading at $29,620, down 5% over the last 24 hours. Ethereum ETH/USD was down 6% and traded at $1,754.
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