Binance, one of the largest cryptocurrency exchanges in the world, made weak attempts to ward off money laundering, according to a Reuters report. 

Binance operated outside the rules most exchanges operate within and remained ambiguous over the jurisdiction in which the main business operates out of, the report said. In addition, Binance’s CEO, Changpeng “CZ” Zhao, ignored advice from his compliance team on the lack of background checks to avoid aiding money laundering on his exchange. 

Last month Reuters argued that Binance has become a hub for illicit activities. However, Binance’s compliance officer, Mathew Price, said the report skewed statistics to present an erroneous side of the story. 

Despite the Reuter’s reports, Binance has made some efforts to mitigate money laundering on the platform, including limiting the withdrawal limit for accounts that had not passed know your customer (KYC) protocols from 2 BTC to 0.06 Bitcoin. 

Furthermore, Binance has been actively increasing their staff with regulatory experts, including hiring Seth Levy and Steven McWhirter, who spent 16 years at U.S. regulator FINRA and the U.K. 's Financial Conduct Authority respectively. 

CZ, a very active user on Twitter, has not commented via the social media app about the Reuter’s report at the time of writing. 

Author: Tyler Irvin