Binance responds to US DOJ probe over money laundering

Sahana Kiran
Source – Unsplash

Binance is facing another round of speculations. According to reports, the exchange was being charged by the U.S. Justice Department began surfacing.

Earlier today, Reuters reported that U.S. prosecutors were probing Binance as well as its executives for possible money laundering violations. Binance, however, took to Twitter and poured cold water on these claims. The exchange called out Reuters for getting it wrong and went on to share its response to the news agency.

As seen in the response, the exchange affirmed that they did not entail any insight into the “inner workings” of the DOJ.

The VP of Global Intelligence and Investigations at the exchange, Tigran Gambaryan penned down a blog post highlighting Binance’s “fight against crypto crime.” Giving the community a recap of the year, Gambaryan pointed out that the exchange addressed over 47,00 law enforcement requests.

The blog post read,

In the final months of 2021, Binance started to build what would arguably become the industry’s most robust security and investigations team. In fact, given the people we now have, and the tools at our disposal, it’s possibly even the strongest in the entire financial sector.

Here’s how Binance has been fighting crime

This wasn’t all, the exchange went on to spruce up its security and compliance headcount by more than 500 percent. In addition to this, CZ’s platform was part of nearly 70 anti-cybercrime workshops with global law enforcement. These workshops were held in Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, Thailand, and the UK.

Further pointing out, how the crypto industry is not a “safe haven for illicit activities,” the Gambaryan wrote,

“Became the first blockchain and crypto company to join the National Cyber-Forensics and Training Alliance (NCFTA).”

It looks like Binance is equipped to fend off any possible crime against crypto.