Binance Responds to Reuters’ Claims of Terrorist Ties

Reuters recently published an article citing a document by Israel’s National Bureau of Counter Terrorist Financing (NBCTF).

Journalists claim that since 2021, Israeli authorities have blocked about 190 accounts of the largest exchange Binance, linked to the terrorist organizations Hamas and ISIS, banned in Russia.

The article questions Binance’s ability to prevent and suppress terrorist financing through cryptocurrencies.

Binance executives posted a response on their blog, stating that Reuters deliberately omitted critical facts.

For example, an exchange cannot block or cancel a deposit after a transaction has been validated in the blockchain.

When a marketplace discovers bad behavior, it takes action by freezing funds and investigating with law enforcement.

The Binance team explained that the exchange’s policy is consistent with AMLD5/6 anti-money laundering and terrorist financing rules.

The Exchange implements special tools and cooperates with law enforcement agencies to detect and suppress suspicious activity.

In addition, the transparency of blockchain makes it easier for law enforcement to detect and track money laundering than cash, Binance said.

The exchange also noted that its team includes experts who have dedicated their entire lives to fighting terrorism. Binance now has about 750 compliance officers.

“We know of no exchange or other financial institution that does more today to keep unscrupulous players off its platforms,” Binance stated in the publication.

Reuters published another article about Binance last year, citing its own sources. The publication claimed that the exchange continued to serve Iranian citizens despite U.S. sanctions.

In the same year, the news agency published the results of an investigation, according to which from 2017 to 2021 at least $2.35 billion of criminal funds were laundered through Binance.