Binance has fought back on a Reuters investigation that accused the crypto exchange of serving as a conduit for at least US$2.3 billion worth of illicit funds, calling the report a “breathless pearl clutching” piece.

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Fast facts

  • “We’re aware of Angus Berwick’s latest woefully misinformed op-ed. It should be noted that the article uses outdated information from 2019 and unverified personal attestations as a crutch to establish a false narrative,” a Binance spokesperson told Forkast in an email.
  • Reuters reported on Monday that Binance processed transactions from hacks, frauds and illegal drug sales from 2017 to 2021.
  • The news agency said it worked with blockchain analytics firms Chainalysis and Crystal Blockchain to track such data, while examining court records and statements from law enforcement.
  • The world’s largest crypto exchange, however, said in a Tuesday blog post that Reuters’ report is “rife with falsehoods” and relies on poor data, while publishing an email thread with Reuters’ reporters.
  • In April, Reuters reported Binance’s head of Russia had agreed to share client data with Russian authorities, which Binance immediately denied, saying the news investigation was “categorically false.”
  • Caroline Malcolm, head of international policy of Chainalysis, told Forkast in April that crime gets so much attention but “it’s really less than 1% of transactions that occur on the blockchain.”

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