Cryptos: Binance clarifies its anti-terrorism financing measures

Reuters news agency recently published an article discussing Binance’s security measures. The platform is particularly suspected of not doing enough to prevent and limit the financing of terrorism. The company provides a formal denial.

Binance Steps Up Efforts to Limit Terrorist Financing

The Binance crypto platform is accused of laxity regarding the security measures of its platform. Charges that come a week after the company said it had strengthened the security measures of its platform. This, to limit the risks of illicit activities, of which it is suspected.

However, the company seems to have really not convinced since recent information tends to prove the opposite. According to these dataBinance would not do enough to fight against the financing of terrorism via cryptos.

Indeed, disclosures from the Reuters news agency indicate that the exchange would host accounts belonging to Hamas and the Islamic State. Two radical Islamist groups, considered by many countries around the world to be terrorist organizations.

Binance’s Defense and Possible Consequences

Of course, Binance’s reaction to these allegations was swift. While contesting the relevance of the accusations leveled against it, the company insisted on delivering its share of truth.

For the most part, Binance rejects the assumption of laxity regarding the implementation of its platform’s compliance measures. “No stock exchange tries harder to prevent bad actors,” declares the company, before justifying itself.

Proof of this is its robust and effective compliance program to detect and address suspicious activity. A tool which, however sophisticated it is, cannot block or cancel a digital asset deposit, validated on the blockchain.

Binance did not fail to recall the experts in the fight against terrorism that it has in its teams. An argument supposed to be the guarantee of its good faith, and to underline the efficiency of its operational processes. Devices which are moreover, she underlines, comply with the legal requirements of the fight against money laundering and the financing of terrorism.

This new case scratches the credibility of Binance. Could it be a blow for society, especially since it is already in crisis? Recently, John Reed Stark called on users to withdraw from the platform.

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