A Sneak Peek at Binance’s Crypto Industry Protection
Binance clarifies the rumors after being dubbed as a“money laundering haven.”
Jessica Chuah, Chainalysis Inc’s Country Manager for Malaysia, agrees. She believes that criminal activity on the blockchain can be traced and stopped using the right tools. She told BSC News in an exclusive quote:
“On-chain analysis has been a fundamental method in fighting cryptocurrency crimes in inspecting, identifying, and continuously tracking transactional data on a blockchain to understand the link and activities of participants to analyze information. Blockchains create immutable records of truth by making it virtually impossible to alter a record of transactions once they have been added to the distributed ledger.”
Disposing of Bad Actors
After Reuters published a Special Report titled “How crypto giant Binance became a hub for hackers, fraudsters, and drug traffickers,” Binance’s Matt Price and Tigran Gambaryan responded to allegations that Binance was facilitating the laundering of illicit funds.
Binance dismisses the Special Report as “a narrative based on outdated information and skewed facts” in a blog post. The crypto currency exchange also reaffirms its commitment to security by heavily investing in the tools, talents, and resources required to build the best investigation team. Binance claims to use advanced blockchain analysis tools, darknet research software, data analysis, and screening tools, which are more advanced than those used by law enforcement.
Investigative Work Behind the Scenes
Transaction data is an erroneous metric to use to accuse Binance of not doing enough to combat illegal activity. The Binance platform receives transactions that have been verified on the blockchain. It’s the way blockchain transactions are made. The steps taken after a deposit are what matter to a platform like Binance.
Binance has been instrumental in assisting authorities in their investigations into ransomware and terrorism financing. The bottom line is that the crypto ecosystem and innocent users must be protected from bad actors.
Negative News to Get People’s Attention?
Binance retaliates against news organizations that promote a narrative based on skewed facts. This narrative has completely ignored the crypto exchange platform’s efforts and resources to make the ecosystem safer for everyone.
What is Binance?
Binance Exchange is the largest crypto exchange by trade volume and one of the fastest in the world.
BNB
BNB is the native asset on Binance Chain, a blockchain software system developed by Binance and the community. BNB has multiple forms of utility and powers the Binance Ecosystem as its underlying gas.
Global Freedom
Their vision is to increase the freedom of money globally. They believe that by spreading this freedom, they can significantly improve lives around the world.
Building Infrastructure
Their mission is to be the infrastructure services provider for the blockchain ecosystem.
To learn more about Binance, visit their website
