Over the past few years, Binance has constantly been in the news for either positive or negative reasons. This is because it is the biggest cryptocurrency exchange and is also very popular amongst investors. However, Binance has recently refuted the claim by Reuters that accused them of becoming a hub for criminals. The news platform mentioned that criminal entities are using the exchange platform to move over $2.3 Billion.

In its statement, Binance debunked such news saying the allegations were unfounded and were not in the slightest bit of truth. The exchange said such rumors are peddled by rivals in a bid to discredit the excellent work they have been doing in the market and also urged users to stay away from such information.

Binance encouraged its users to make proper research on any issue and find out the facts for themselves without depending on below-par platforms to report false data. The exchange further conceded that although centralized exchanges can unknowingly be involved in moving illegal funds, the percentage of that happening is between 2-5%.

The article published by Reuters was damaging, stating that the exchange was aware of illegal funds running into billions were been exchanged on the platform. The news platform ridiculed the exchange by citing several features that make it easy for criminals to operate on the platform stating that Binance has one of the weakest AML and KYC across the crypto market.

Reuters mentioned this amongst others in its report, where it stated all the issues that triggered its criticism of the cryptocurrecy exchange. The activities of Binance were also investigated by the SEC some months back after various claims that it had a relationship with Sigma Chain and Merit Peak. At the time, both entities were carrying out their crypto businesses using the US arm of the crypto exchange.

Featured image source: Bitcoin News.