Most of the data was provided by Crystal Blockchain, an Amsterdam-based analysis firm that helps companies and governments trace crypto funds. Reuters reviewed detailed data about Binance client transactions on "darknet" sites - marketplaces for narcotics, weapons and other illegal items. Treasury Secretary Janet Yellen and European Central Bank President Christine Lagarde, voice concern over the illegal use of cryptocurrencies, the trade demonstrates how criminals have turned to the technology to launder dirty money.įor this article, Reuters interviewed law enforcement officials, researchers, and crime victims in a dozen countries, including in Europe and the United States, to assess the enduring impact of past gaps in Binance's anti-money laundering rules. Yet as policymakers and regulators, including U.S. The flow of illicit crypto through Binance, identified by Reuters, represents a small portion of the exchange's overall trading volumes. ![]() Musk didn't respond to requests for comment. A Forbes spokesperson declined to comment. Meanwhile, his company is extending its reach into traditional business, announcing a $200 million investment in media group Forbes this year and committing $500 million to Tesla boss Elon Musk's bid to take over Twitter. Zhao said he saw "new found resiliency" in the market. The sector was hit by a sharp correction in May, its overall value slumping by a quarter to $1.3 trillion. With around 120 million users worldwide, Binance processes crypto trades worth hundreds of billions of dollars a month. ![]() In response to that article, Binance said it was helping drive higher industry standards and the reporting was "wildly outdated." In August 2021, Binance compelled new and existing users to submit identification. He said Binance was building "the most sophisticated cyber forensics team on the planet" and was seeking to "further improve our ability to detect illegal crypto activity on our platform."īinance kept weak money-laundering checks on its users until mid-2021, despite concerns raised by senior company figures starting at least three years earlier. He did not respond to requests to provide Binance's own figures for the cases identified in this article. Responding to written questions, Chief Communications Officer Patrick Hillmann said Binance did not consider Reuters' calculation to be accurate. Binance declined to make Zhao available for an interview.
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