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Binance Sets Record Straight On Anti-Terrorism Measures, Challenges Reuters’ Reporting

Press Releases Crypto News Bitcoinist Binance Sets Record Straight On Anti-Terrorism Measures, Challenges Reuters’ Reporting

In response to a recent article from Reuters, Binance has issued a vigorous defense of its compliance policies for preventing and tackling cryptocurrency-based financing of terrorism. The report raised doubts about Binance’s practices in this area, but the company says that the reporter deliberately omitted critical facts to fit a preconceived narrative.

Binance Hits Back At Reuters With Strong Defense

The Reuters article was published on May 5, 2023, and raised questions about Binance’s compliance policies for preventing and tackling cryptocurrency-based financing of terrorism. The report suggested that Binance may need to do more to prevent bad actors from using its platform for illegal purposes.

Specifically, the article raised concerns about several law enforcement cases involving Binance, including the seizure of assets linked to terrorist organizations. The report suggested that these cases highlighted weaknesses in Binance’s compliance policies and raised questions about the company’s commitment to preventing illicit activities on its platform.

Per Binance’s response, the exchange takes the issue of preventing terrorism financing very seriously, and the company wants to set the record straight. In its statement, the company asserts that it is unaware of any exchange or financial institution that does more than Binance to keep bad actors off its platform.

Binance’s robust compliance program incorporates sophisticated anti-money laundering and global sanctions principles and tools to detect and address suspicious activity. Furthermore, the company’s policies and processes comply with AMLD5/6 anti-money laundering law and counter-terrorism financing requirements. Binance even has specialists on its team who have focused their entire careers on counter-terrorism.

In addition, In its response, Binance noted that one often overlooked fact in blockchain transac

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Author: Ronaldo Marquez

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