Cybercriminals laundered at least $2.35 billion in illegally obtained funds through Binance between 2017 and 2021, Reuters has reported.
During the investigation, experts studied court records, law enforcement statements and data from blockchain analysis companies.
Funds received from hacks, investment fraud and drug sales were reportedly laundered through the platform.
Reuters has noted that until mid-2021, the exchange had weak AML procedures.
Binance Communications Director Patrick Hillmann has said that the calculations presented in the article are inaccurate. According to him, the exchange is engaged in transaction monitoring and risk assessment to “ensure that any illicit funds are traced, frozen, recovered and/or returned to their rightful owner.”