Last week we published a blog that debunked the myth often pushed by adversaries of our industry that crypto is a “haven” for illicit money laundering. Sadly, our industry has to continue addressing these issues over and over again as interested parties continue to spread disinformation or purposely mislead the general public by leaving out critical context, such as how much more effective crypto is than the traditional banking system at casting sunlight on illicit activity.
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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. And like their last article, which was brutally fact-checked by multiple third parties including the centerpiece of their story, 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.
We highly suggest you ignore those authors and pundits who cherry pick data, rely on conveniently unverifiable “leaks” from regulators, and feed into the cult of crypto paranoia for fame or financial gain. Instead just look at the facts. Neither our industry or Binance is perfect, but we have grown by leaps and bounds over the past three years. Crypto is a completely new innovation. And just like many regulators and policymakers, we’re still working through what an appropriate regulatory framework should look like.
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According to Chainalysis, a blockchain analysis company that specializes in crypto and blockchain analysis, of all transactions made with cryptocurrencies in 2021, 0.15% were associated with some type of illicit activity. The UN estimates that between 2% to 5% of traditional fiat (cash), about $800 billion to $2 trillion in current US dollars, was associated with some type of illicit activity. Crypto is incredibly transparent, infinitely moreso than the traditional cash economy, and this is well-documented. So you tell us where the real issue is regarding money laundering?
Rather than continue to argue our case here, we’ve once again published the full email exchange we had with Reuters below. Important to note that we offered them an opportunity to speak with the two senior investigators that actually led the casework to take down Hydra and Lazarus and offered to review the UID and wallet information that they claimed they were basing their reporting on. They declined both.