Binance is the current biggest and reputed exchange now so it's not surprising if it became a hotspot for illegal activities. Their exchange has a lot of volume making hackers to be their best target. The ronin network hack issue recently also used multiple binance accounts to convert the funds that they stole.
This should be a reminder to us that even the biggest exchange can't be trusted. We should not put our crypto assets on exchanges if it's long term investment. It's better to put it on non-custodial wallet where we have complete control of our assets.
Topic: How crypto giant Binance became a hub for hackers fraudsters & drug traffickers (Read 129 times)
June 25, 2022, 06:38:28 AM
June 24, 2022, 07:15:30 AM
"A good compromise leaves both sides unhappy"
Binance as with most exchanges has to walk a line that keeps regulators happy while keeping customers happy.
BTC users and crypto people in general don't like or want any form of KYC
Governments for good or bad reasons want to know were every bit of money comes from.
In order to operate they have to keep both sides happy, make sure they have enough kyc and coin info to keep the government happy and free enough that they don't loose customers.
@n0nce even has this thread about exchanges not to use because they use taint proclaiming services: https://bitcointalksearch.org/topic/blacklist-of-unreliable-taint-proclaiming-bitcoin-services-exchanges-5401468
A quick google search can give you a list of exchanges that were shut down for not complying with government regulations.
As I said, it's a tough line to walk. Some just say screw it, lets go with full regulation and KYC and have less users and less govt headaches, others go the other way.
Only time will tell who is left standing in the end.
-Dave
Binance as with most exchanges has to walk a line that keeps regulators happy while keeping customers happy.
BTC users and crypto people in general don't like or want any form of KYC
Governments for good or bad reasons want to know were every bit of money comes from.
In order to operate they have to keep both sides happy, make sure they have enough kyc and coin info to keep the government happy and free enough that they don't loose customers.
@n0nce even has this thread about exchanges not to use because they use taint proclaiming services: https://bitcointalksearch.org/topic/blacklist-of-unreliable-taint-proclaiming-bitcoin-services-exchanges-5401468
A quick google search can give you a list of exchanges that were shut down for not complying with government regulations.
As I said, it's a tough line to walk. Some just say screw it, lets go with full regulation and KYC and have less users and less govt headaches, others go the other way.
Only time will tell who is left standing in the end.
-Dave
June 24, 2022, 06:29:52 AM
Binance has published an official answer to Reuters article:
https://www.binance.com/en/blog/ecosystem/the-crypto-money-laundering-myth-and-the-machine-working-overtime-to-sell-a-false-narrative-421499824684903964
etc etc...
https://www.binance.com/en/blog/ecosystem/the-crypto-money-laundering-myth-and-the-machine-working-overtime-to-sell-a-false-narrative-421499824684903964
Quote
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
etc etc...
June 20, 2022, 05:12:49 PM
Last week's article from Reuters:
https://www.reuters.com/investigates/special-report/fintech-crypto-binance-dirtymoney/
Some obvious statements. some interesting facts. Good to read.
Binance is too strict now, and maybe this is the thing in the past but of course there can still be a glitch on a site and frauds can still happen. Remember that some money goes into Binance exchanges as hackers tries to liquidate the money but the good thing here, Binance knows what to do. We’ve been experiencing a lot lately, Binance remains a good site or exchange for traders and investors so I believe, no matter what negative articles about Binance, they will still prevail and remain on top, they are ready for this. https://www.reuters.com/investigates/special-report/fintech-crypto-binance-dirtymoney/
Some obvious statements. some interesting facts. Good to read.
June 20, 2022, 04:52:19 PM
It seems like someone has a big hate on binance on why they are trying to discredit it lately. This negative news towards binance isn't alone but there's also one that I read last time though it's more on bnb but still we all know that binance owns that coin. While this news here looks normal because binance is the biggest and the most known exchange.
It is easy to trade big amounts here, no wonder why it is being preferred by the criminals that stoles bigger amounts but being the biggest should also mean that they are much stricter and their security is more stronger than most of the crypto exchangers so how come those criminals can get in and out of this exchange easily? Hhmm that's the big question there.
It is easy to trade big amounts here, no wonder why it is being preferred by the criminals that stoles bigger amounts but being the biggest should also mean that they are much stricter and their security is more stronger than most of the crypto exchangers so how come those criminals can get in and out of this exchange easily? Hhmm that's the big question there.
As they have compulsory KYC in binance at all levels of traders,
maybe these individuals who are into illegal activities are using some kind of emissaries.
You know, people with good records and all. They can use a lot of people that are willing to submit KYC in the platform.
So for me, they can go around this KYC requirement because some may not really be using their own info.
But rather, asking different people to do their trading. And they can distribute it so it won't give an alarm.
This is why, it is good that binance is already asking KYC for all users, maybe, to protect also the platform and to comply the government regulations.
Anything that has some sort of benefits and something useful for hackers and scammers then it's not surprising that they would really be taking advantage.
June 20, 2022, 04:47:59 PM
It seems like someone has a big hate on binance on why they are trying to discredit it lately. This negative news towards binance isn't alone but there's also one that I read last time though it's more on bnb but still we all know that binance owns that coin. While this news here looks normal because binance is the biggest and the most known exchange.
It is easy to trade big amounts here, no wonder why it is being preferred by the criminals that stoles bigger amounts but being the biggest should also mean that they are much stricter and their security is more stronger than most of the crypto exchangers so how come those criminals can get in and out of this exchange easily? Hhmm that's the big question there.
It is easy to trade big amounts here, no wonder why it is being preferred by the criminals that stoles bigger amounts but being the biggest should also mean that they are much stricter and their security is more stronger than most of the crypto exchangers so how come those criminals can get in and out of this exchange easily? Hhmm that's the big question there.
As they have compulsory KYC in binance at all levels of traders,
maybe these individuals who are into illegal activities are using some kind of emissaries.
You know, people with good records and all. They can use a lot of people that are willing to submit KYC in the platform.
So for me, they can go around this KYC requirement because some may not really be using their own info.
But rather, asking different people to do their trading. And they can distribute it so it won't give an alarm.
This is why, it is good that binance is already asking KYC for all users, maybe, to protect also the platform and to comply the government regulations.
June 20, 2022, 01:53:06 PM
It seems like someone has a big hate on binance on why they are trying to discredit it lately. This negative news towards binance isn't alone but there's also one that I read last time though it's more on bnb but still we all know that binance owns that coin. While this news here looks normal because binance is the biggest and the most known exchange.
It is easy to trade big amounts here, no wonder why it is being preferred by the criminals that stoles bigger amounts but being the biggest should also mean that they are much stricter and their security is more stronger than most of the crypto exchangers so how come those criminals can get in and out of this exchange easily? Hhmm that's the big question there.
It is easy to trade big amounts here, no wonder why it is being preferred by the criminals that stoles bigger amounts but being the biggest should also mean that they are much stricter and their security is more stronger than most of the crypto exchangers so how come those criminals can get in and out of this exchange easily? Hhmm that's the big question there.
June 18, 2022, 09:39:46 AM
You know these are some of the shit people who will ruin the good world all the time. Before this there was little to no restrictions on the way we used to work with exchangers. I remember many exchangers including binance had zero KYC tasks with some limited fund transfer on 24 hours basis. However as soon as criminal activities started to go up things are out of hand now. Not just this, in some cases governments are also pushing the stringent rules in the market so that crypto can be crumbled into non useful system.
June 18, 2022, 08:36:52 AM
I don't defend Binance but if you share the article in OP, you should share this one from Binance too.
The Crypto Money Laundering Myth and the Machine Working Overtime to Sell a False Narrative
You can read two articles and have your own opinions. Honestly, I don't have time to read them all. Personally, I don't like some things on Binance but it commonly happens with giant companies. When they are big, they make mistakes and small mistakes from giant should be big for community. At the moment, we don't have better option than Binance, until we have a better one. It will be like how Binance took over Poloniex and Bitrex leading positions in crypto exchange market in 2017.
The Crypto Money Laundering Myth and the Machine Working Overtime to Sell a False Narrative
You can read two articles and have your own opinions. Honestly, I don't have time to read them all. Personally, I don't like some things on Binance but it commonly happens with giant companies. When they are big, they make mistakes and small mistakes from giant should be big for community. At the moment, we don't have better option than Binance, until we have a better one. It will be like how Binance took over Poloniex and Bitrex leading positions in crypto exchange market in 2017.
June 18, 2022, 03:21:26 AM
Last week's article from Reuters:
https://www.reuters.com/investigates/special-report/fintech-crypto-binance-dirtymoney/
Some obvious statements. some interesting facts. Good to read.
I did not really read the article but I think what it is pointing to is that Binance was a hub for illicit activities in the past, that would be before making their customers to forcefully get verified. But in 2021, Binance told their customers to provide KYC documents or they should withdraw their coins on their exchange before certain deadline. Even if illicit activities is now reduced on Binance, that does not change the fact that it is still a centralized exchanges and that exchanges can be hacked, a good reason to use noncustododial wallet if not trading. https://www.reuters.com/investigates/special-report/fintech-crypto-binance-dirtymoney/
Some obvious statements. some interesting facts. Good to read.
June 18, 2022, 02:57:30 AM
I think the title seems exaggerated since based on the graph of the article above, the high illicit sources in Binance already drop significantly right now after forcing all users to perform KYC. Of course after the system detect something suspicious, Binance can check the personal information of those accounts and froze their coins. They will ask more KYC to get more data and if the problem is really serious, it's possible Binance will contact police to arrest him.
June 18, 2022, 02:34:14 AM
This isn't a big brand new news. It's an old one that everyone is already aware of. Even before binance started, crypto was a place for hackers and drug traffickers. In fact, Pirate Robers got jailed before Binance started, all because he was running the silk road. I always thought that Silk Road was a place that was "needed", doesn't mean that I say it's a good thing or a bad thing, I am not taking sides here.
But, it meant that there is a need for a market like that, and people are doing it with or without silk road, at least it could be monitored. I would say that if there were illegal things going on, stopping silk road wasn't the way to go, it would be catching criminals who used silk road should have been the path instead.
But, it meant that there is a need for a market like that, and people are doing it with or without silk road, at least it could be monitored. I would say that if there were illegal things going on, stopping silk road wasn't the way to go, it would be catching criminals who used silk road should have been the path instead.
June 17, 2022, 06:28:30 AM
Last week's article from Reuters:
https://www.reuters.com/investigates/special-report/fintech-crypto-binance-dirtymoney/
Some obvious statements. some interesting facts. Good to read.
https://www.reuters.com/investigates/special-report/fintech-crypto-binance-dirtymoney/
Some obvious statements. some interesting facts. Good to read.
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