Binance’s Changpeng Zhao addresses Reuters, says inaccurate reports targeting crypto exchange
Binance CEO Changpeng Zhao (CZ) speaks out on recent media allegations, saying the exchange is being targeted with inaccurate and sometimes unethical reporting.
In a new company blog post, CZ is responding to a Reuters story published today that alleges the company has evaded regulators in the US and UK.
Zhao says Reuters investigated Binance before the story, and while CZ is happy to answer questions, the crypto billionaire says the reporters signaled an attempt to report on his family and personal life.
The CEO also addresses allegations from the media that the exchange is avoiding regulators by not disclosing the exact addresses of all its offices.
“We are careful when disclosing office locations, wearing Binance branding, or representing ourselves as Binance employees for security reasons. I want to keep our employees safe. However, regulators in each jurisdiction where we operate have our local address and contact information on file, and we have announced large offices in Paris and Dubai.
We have also set up a special section of the Binance website specifically for law enforcement.”
As for claims that Binance has facilitated money laundering, CZ says that such claims are false, and would be almost insignificant even if true due to the huge volumes that the exchange does.
“It’s a big myth that crypto is a tool for criminals. Reuters has reported that Binance had been used as a conduit for laundering at least $2.35 billion in criminal funds, but failed to provide any details on how this figure calculated noting the fact that this represents less than 0.1% of total funds flowing through Binance since 2019.
Despite Reuters’ figures being grossly overstated, it would still indicate that Binance is one of the most effective financial institutions in keeping illicit funds off the platform. We have zero tolerance for criminal activity.”
In June, Reuters published an article speculating that Binance had failed to do its part in combating crypto-related crime and fraud after the US Securities and Exchange Commission (SEC) announced it would investigate the firm for potential insider trading and other allegations.
Binance denied these allegations, and also published an entire chain of emails between itself and Reuters in an attempt to give the public an opportunity to scrutinize Reuters’ framing of the correspondence.
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