Binance CEO Changpeng Zhao (CZ) speaks out on recent media allegations, saying the exchange is targeted with inaccurate and sometimes unethical reporting.
In a new corporate blog post, CZ responds to a Reuters article published today that alleges the company dodged regulators in the US and UK.
Zhao says Reuters polled Binance before the story, and while CZ is happy to answer questions, the crypto billionaire says reporters flagged an attempted report about his family and personal life.
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The CEO is also responding to media claims that the exchange is dodging regulators by not publishing the exact addresses of all of its offices.
“We are careful when disclosing office locations, branding Binance, or posing as employees of Binance for security reasons. I want to protect our employees. However, regulators in each jurisdiction where we operate have our local address and contact details on file and we have announced major offices in Paris and Dubai.
We have also set up a special part of the Binance website specifically for law enforcement.
On claims that Binance facilitated money laundering, CZ asserts that such claims are false and would be almost insignificant even if true due to the massive amounts of volume the exchange does.
“There is a big myth that crypto is a tool for criminals. Reuters reported that Binance was used as an intermediary for the laundering of at least $2.35 billion in criminal funds, but did not provide details on how this number is calculated and noted the fact that this represents less than 0.1% of the total funds that have flowed. through Binance since 2019.
Although Reuters’ number is grossly overstated, it would still indicate that Binance is one of the most effective financial institutions in keeping illicit funds off its platform. We have zero tolerance for criminal activity.
In June, Reuters published an article speculating that Binance had failed to do its part in the fight against crypto-related crime and fraud after the United States Securities and Exchange Commission (SEC) announced that it would investigate the company for potential insider trading and other allegations.
Binance denied the claims and also released a full chain of emails between itself and Reuters in an effort to give the public an opportunity to review Reuters’ framing of the correspondence.
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Binance’s Changpeng Zhao Speaks To Reuters And Says Inaccurate Reports Targeting The Crypto Exchange
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