Criminals used Binance to launder $2.35B in crypto
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="730" height="472" />)
That’s a lot of money. But hardly a surprise
According to a report by Reuters Investigates, between 2017 and 2021, Binance processed $2.35 billion worth of cryptocurrency associated with scams, hacks, investment fraud and illegal sale of prohibited funds.
The researchers concluded that this was due to the lack of AML policy enforcement during that period.
In 2019, the exchange processed $770 million of dirty money in cryptocurrency. It was more than any of the crypto exchanges.
Moreover, the data from crypto analysis firm Crystal Blockchain identified transfers for an amount of $780 million in cryptocurrency connected to the illegal drug marketplace Hydra that were processed by Binance. This happened between 2017 and 2022.
Also, German law enforcement officers told Reuters that in 2020 Binance was actively used by fraudsters from Europe to launder part of the income received through fraudulent investment schemes.
Other cases in which hackers used Binance were the already known hack of the Slovak Eterbase exchange, as well as the hack of the Ronin sidechain by the North Korean group Lazarus.
Source: Reuters Investigates
14 comments