Binance Refutes Reports of DOJ Probe
Binance has addressed reports that it is facing a probe from the US Department of Justice for money laundering. On Monday, the platform took to Twitter to announce to users via its official account that the rumors were untrue.
Alleged Charges Over Money Laundering
Speculations of a run-in with the law emerged after a publication alleged that Binance was in the middle of a criminal investigation. The release claimed that the authorities were looking into the firm due to suspicions of money laundering. Binance executives, including CEO and founder Changpeng Zhao, supposedly did not escape the charges.
The alleged charges included unlicensed money transmission, money laundering conspiracy, and criminal sanctions violations.
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Citing 4 sources, the publication claimed that the prosecutors’ case against Binance has been on the table for up to 4 years. Divisions regarding whether or not the evidence was sufficient to act reportedly kept the officials at bay. The release also stated that Binance’s defense attorneys had met with DOJ representatives to discuss various options including a plea deal.
Binance, however, argued that a criminal prosecution against them could worsen the ongoing crypto winter, said the outlet.
Binance Slams Circulating Reports
In their Twitter post, however, the exchange disputed the report and criticized the outlet accusing them of getting facts wrong yet again. Binance also defended its law enforcement team, noting their work to make the crypto industry safer for the general public.
Reuters has it wrong again.
Now they're attacking our incredible law enforcement team. A team that we're incredibly proud of – they've made crypto more secure for all of us.
Here’s the full statement we sent the reporter and a blog about our remarkable law enforcement team.
— Binance (@binance) December 12, 2022
Binance uploaded a blog post penned by Global Head of Intelligence and Investigations Tigran Gambaryan. In the update, Gambaryan took care to highlight the firm’s efforts to tackle crypto crime over the past year. Binance claims it has tightened existing ties and created new ones with law enforcement agents worldwide.
Strong Security and Compliance Team
Gambaryan reported that Binance started creating what disputably evolved into the industry’s “most robust security and investigations team” in late 2021. According to the release, Binance’s security and compliance unit has grown by over 500% in the last 12 months.
Since November 2021, Binance responded to over 47,000 law enforcement requests with an average response time of three days, which is faster than any traditional financial institution — some of which can take months, by which point the money has gone.”
In the wake of the FTX crash, several questions have emerged regarding the safety of the crypto industry. However, the post asserted that crypto was not a conducive space for criminal activities, at least for Binance, Gambaryan clarified. Indeed, he noted, the crypto sphere is not a “lawless domain” with exchanges that refuse to comply with regulators at the helm.
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