A new report from Reuters estimates that at least $2.35 billion in illicit funds have been laundered through Binance between 2017 and 2021.
The news agency analyzed court records, spoke with law enforcement, and worked with blockchain analysis firms Chainalysis and Crystal Blockchain to track illicit funds on the exchange.
As of Monday morning, Binance was the largest crypto exchange, accounting for $10.5 billion in spot and $41.4 billion in derivatives volume over the last day, according to CoinMarketCap.
The report quotes Binance Chief Communications Officer Patrick Hillman, who told Reuters that he did not believe its analysis was accurate.
He did tell the news agency that the company was in the process of assembling "the most sophisticated cyber forensics team on the planet" that would "further improve our ability to detect illegal crypto activity on our platform."
A Binance spokesperson shared a response to the article with Decrypt, saying that the company has received "an...
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