Translated by: MOS Translation Team – Ayu

After several national government investigations, it was found that Binance failed to live up to its anti-money laundering obligations, report says on January 21. 

Binance was established in Shanghai in 2017, and as of November 2020, its monthly spot trading volumes exceeded $900 billion. Due to the Chinese government’s restrictions on cryptocurrencies, Binance has moved to Hong Kong and Japan, and finally moved its headquarters to Malta for financial license reasons.

According to reports, Binance Chief Executive Changpeng Zhao, has repeatedly claimed that Binance has perfect anti-money laundering programmes. But at the same time, Binance was withholding information about its finances and corporate structure from regulators.  And multiple regulators have warned consumers about the serious risks of using the exchange. 

In addition, Binance has repeatedly declined to specify in which jurisdiction its main online exchange is based, complicating regulators’ efforts to oversee its activities. And it has minimized costly client background checks. The Dutch central bank warned recently that Binance was not in compliance with laws aimed at preventing money laundering and terrorist financing. And the German Federal Police also made a similar investigation report. Meanwhile, the U.S. IRS has also been investigating the activities of money laundering through Binance.

Miles Guo once pointed out in the live stream that the essence of Binance is a tool for criminal money laundering in the dark web and deep web. More than 99% of users only passed weak and useless KYC certification. In addition, not only the information of Chinese registers was sold to the CCP but also registers around the world. Binance will definitely be punished severely by lots of Countries.


Proofread by: Xiequyuan
Edited by: Xiequyuan
Posted by: Xiequyuan

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