Crypto Exchanges Binance, OKX Used By Criminals To Disguise Illicit Funds, IC...
A recent report by the International Consortium of Investigative Journalists (ICIJ), titled “The Coin Laundry,” has unveiled evidence of criminal activities conducted through major cryptocurrency exchanges, aimed at evading global regulatory scrutiny. The investigation alleges that money launderers, linked to drug trafficking, Southeast Asian scam centers, and North Korean hackers, have been leveraging major exchanges […]
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Downside risks for BNB also come from a recent Reuter exposé that claims Binance laundered "at least $2.35 billion in illicit funds." Binance Coin (BNB) price dropped by nearly 7.3% on June 7 to below $275, its lowest level in three weeks.What's more, BNB price could drop by another 25%–40% in 2022 as its parent firm, Binance, faces allegations of breaking securities rules and laundering billions of dollars in illicit funds for criminals.Bad news twice in a rowBNB was issued as a part of an initial coin offering (ICO) in 2017 that amassed $15 million for Binance. The token mainly behaves....
The decentralized industry has to spend additional resources to raise its standards and implement cybersecurity best practices. Crypto criminals are getting more adaptive and smarter than ever before. But how can industry service providers keep up with them? If I say that the crypto industry is highly targeted by cybercriminals and, in particular, organized criminals, I’m sure that no one who has spent a few months within the space would be surprised. And for a valid reason.Due to the new technology and the nascent nature of the sector, criminals and fraudsters have long identified the....
Binance wrote that the allegations made by the media outlet are created by interested parties to “mislead the general public.” Crypto exchange Binance published a lengthy response to an article published by Reuters that claims that the exchange has been a “hub for hackers, fraudsters and drug traffickers,” saying that there’s at least “$2.35 billion in illicit funds” laundered within the exchange. In a blog post, Binance addressed the issue and noted that the article’s allegations are not only untrue but are also attempts by certain interested parties to “mislead the general public” by....
As the crypto industry continues to dominate, financial regulators fear criminals will turn to the industry for their illicit activities. This year 2021, has been hot for the crypto industry in terms of regulation. Many financial watchdogs in the USA and other countries pushed harder to regulate the sector. Some top exchanges, including Binance, saw a lot of pressure from several bodies, especially on many of their products. The reason was that many of these exchanges could serve as a means of money laundering given the anonymity of the transactions. As a result, some countries keep....
The U.S. and U.K. governments have “committed and agreed to heighten the focus on illicit use of cryptocurrency and ransomware,” the U.S. Department of Justice announced. According to the FBI, high crypto prices have partially made ransomware “incredibly lucrative for the criminals.”
Governments Collaborate to Focus on Illicit Use of Crypto
The U.S. Department of Justice (DOJ) announced Friday that Deputy Attorney General Lisa Monaco and officials from its National Security Division and Criminal Division met with U.K. Home Secretary Priti Patel in....