BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Binance Responds: It is awful to Launder Money using Crypto

by Dalmas Ngetich
Jun 7, 2022 - 12:00 am
in Blockchain
Binance Responds: It is awful to Launder Money using Crypto

Binance exchange has been severely criticized on multiple occasions for the role it plays in money laundering. One notable accusation was that between 2017 and 2022, Binance served as the middleman for transactions worth $2.35 billion associated with hackers, fraudsters, and drug dealers. Interestingly, the world’s leading exchange has refuted these claims stating its stance on money laundering.

Binance Fights Dirty Money, Not Support it

A few days ago, Binance revealed a lot of truths about the role it plays in money laundering. Rather than support money or crypto laundering, Binance has spent millions of dollars to fight this gross crime.

On its blog, Binance also compared statistics of cryptocurrencies associated with dirty activities with that of the fiat of cash. Data from Chainalysis reveals that in 2021, only 0.15% of cryptocurrencies of the total cryptocurrency capitalization was associated with illicit activities.

On the other hand, the United Nations estimates that 2% to 5% of fiat currencies were used in dirty activities. Thus, while crypto antagonists usually wail about the fact that cryptocurrencies are being used for money laundering and illegal activities, more fiat is being used for this illegal stuff.

Binance also pointed out that the transparency of blockchain makes it easier for fraudulent users to be exposed. Blockchain transactions are transparent and immutable, and several defaulters who attempted money laundering or cyber scam using cryptocurrencies have been traced via their blockchain footprints.

Binance Fishes out the Fraudsters

Binance claimed to have the most sophisticated anti-money laundering systems in the world. Some time ago, a cybercrime group in North Korea stole millions of dollars and spread the money across multiple exchanges. While a vast majority of the stolen funds were sent to other exchanges, Binance was able to freeze $5.8 million worth of cryptocurrency from the criminal group known as Lazarus. The centralized exchange also worked closely with authorities to identify other accounts related to this group.

In another case, Hydra, a darknet marketplace was shut down. The Russian company was linked with several centralized exchanges. However, more traditional banks were used by Hydra than even crypto exchanges and without on-chain data, it would have been impossible to trace the illicit funds used by the establishment.

Despite criticisms from despisers, Binance is doing all it can to fight financial and crypto crime. It has successfully done so in the past and will keep doing so.

Tags: BinanceCrypto
Dalmas Ngetich

Dalmas Ngetich

His primary focus is on technical analysis (crypto is, obviously, *not* crypto without the twirls of price action), the magic of DeFi, and NFTs. He is specifically training his eyes and effort on DeFi—and how the tech is changing investment, opening up opportunities for everyone—and the possibilities of NFTs.

Related Posts

Brad Garlinghouse announcing the update on the Fortress Trust acquisition.

Ripple Abandons Planned Fortress Trust Acquisition Deal

September 29, 2023

Ripple, in a sudden twist, cancels the intended acquisition of Fortress Trust, emphasizing continuous support and investment in...

Kraken logo with stock and ETF graphs in the background, symbolizing their new venture into traditional markets.

Kraken Eyes Traditional Stock Market with 2024 Launch of New Trading Platform

September 28, 2023

Kraken exchange announces the 2024 introduction of Kraken Securities, paving the way for combined stock, crypto, and ETF...

Diagram illustrating the architecture and components of the Hedera network.

Hedera Crypto: Unveiling the Features of the Hedera Network

September 28, 2023

Hedera crypto offers a comprehensive suite of features for developers and users. Discover the ultimate power of Hedera's...

Shanghai cityscape with overlaying blockchain icons representing its commitment to technological growth.

Shanghai Unveils Blueprint to Boost Blockchain Progress by 2025

September 27, 2023

Shanghai announces a comprehensive strategy targeting rapid blockchain evolution by 2025, aligning with China's support for domestic blockchain...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise