Binance Fights Money Laundering FUD, Releases Email Conversations With Reuters Journalists

Binance Fights Money Laundering FUD, Releases Email Conversations With Reuters Journalists

June 7, 2022

Key takeaways:

  • Binance has released over 50 pages of email records between its cyber security team and Reuters journalists investigating the exchange for being a hub for laundering ill-gotten crypto.
  • CZ has requested the crypto community to seek the truth about the saga with Reuters.
  • Binance has reiterated that crypto is more transparent than the traditional cash economy.

CZ and the team at Binance have continued on their mission to debunk the FUD created by the Reuters report that claimed that the crypto exchange is the preferred destination for hackers, fraudsters, and drug traffickers.

Binance Releases over 50 Pages of Email Conversations with Reuters

In a tweet earlier today, Binance’s CEO announced the release of over 50 pages of email records between the exchange’s cyber security team with a law enforcement background and ‘the cherry-picking, misleading, and time-wasting journalists.’

CZ requested the crypto community to read through the emails to find the correct details about what transpired between the two organizations. CZ’s tweet on the release of email conversations with Reuters can be found below.

BUILD debunks FUD.

This is 50+ pages of email records between our cyber security team (ex-law enforcement background) and the cherry picking, misleading, and time wasting journalists.

If you have time to waste, see the details and truth for yourself.https://t.co/Y8bAvS5edk

— CZ 🔶 Binance (@cz_binance) June 6, 2022

Binance Reiterates Crypto is Very Transparent

In the report that shares the email conversations with Reuters, the team at Binance further reiterated that crypto as a means of money laundering is not a good idea given how easy it is to track transactions on the blockchain.

Furthermore, the Binance team expressed concern over the proliferation of misleading articles meant to discredit the industry. They said:

Sadly, we have seen these types of misleading articles seep into more esteemed media outlets on occasion. One author who has published a number of these “breathless pearl clutching” articles ran another piece today

…this  latest iteration is rife with falsehoods, massive leaps to conclusions, and relies on poor data that could have been fact-checked by reaching out to one of the major on-chain analyst firms, like Chainalysis or TRM.

…Crypto is incredibly transparent, infinitely moreso than the traditional cash economy, and this is well-documented

Reddit Community Chimes in on the Emails

The email conversations between journalists from Reuters with the team at Binance have made their way to the r/CryptoCurrency Sub-Reddit page. The crypto community on Reddit has provided their thoughts on the ongoing situation. Below is a sample of a few of their responses on Reddit.

Not a fan of Binance. But when traditional Finance that is rife with corruption starts accusing public blockchains with false accusations, I am with Binance. – by Nickel62.

It’s about time someone starts pushing back on this sh*t. The same issue goes for the environmental bullshit. NO WAY that crypto mining is more damaging to the environment than the massive mining, manufacturing, and processing that goes into paper and precious metal currency. – by Illini005.

We should ban cash. Doesn’t mean I prefer crypto to fiat. Just think cash is shady af. Fiat transactions should include electronic transfers as well of binance was making an honest comparison. But yeah, cash stinks – by jallallabad.

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