Binance accounts launder money! Binance accounts launder money from the proceeds of the Ryuk ransom ware, according to a new research report. The findings confirm that exchanges, Binance included, have a problem with illicit use.
An anonymous research team compiled the report. The report found that Binance was the final destination for around $1,064,865 in BTC before being traded and cashed out.
Binance has responded by stating that it is always fighting against money laundering and other illicit activities. They pointed out a number of their Anti-Money Laundering practices.
However sophisticated and diligent Binance may be, the report indicated that the Binance accounts responsible and associated with the illicit transactions was still active.
All of this is not helped by the fact that BTC is routinely used as a payment for ransomware, as it is somewhat anonymous. It is also the best-known and most accessible digital asset. Forensic analysis of the address, transactions, and associated addresses can individuals hope to find the real-world identities controlling them.
Regulators and Law Enforcement agencies are well aware of this problem and are introducing/mandating tighter rules to combat this. Binance is no exception to having closer scrutiny placed upon it.
Binance sees an incredible number of transactions. That makes it tough for Binance to monitor and flag all criminal activity. However, that is not an excuse for blockchain enthusiasts to say that this is the cost of doing business.
Bitcoin SV strives for individual privacy, but recognizes full anonymity causes a breakdown of trust and dysfunction in a society.
Crime flourishes where accountability is lacking. A public blockchain like Bitcoin SV subjects everyone to the same rules. Crypto-anarchists May disagree, but it’s important to have the conversation. What do you think? Let us know on our Facebook page!