Binance Addresses Compliance Concerns, Claims Robust Measures in Place to Prevent Terrorism Financing
Leading cryptocurrency exchange Binance has responded to a Reuters report that raised questions about its compliance policies for preventing and tackling cryptocurrency-based financing of terrorism.
The exchange said it takes the issue very seriously and is not aware of any exchange, or other financial institution, that does more today to keep bad actors off their platform than Binance, the platform said in a Friday blog post.
Binance claimed that its policies and processes comply with AMLD5/6 anti-money laundering and counter-terrorism financing requirements and it has a robust compliance program that incorporates sophisticated anti-money laundering
The exchange also said it has tools to detect and address suspicious activity and even has specialists on its team who have focused their entire careers on counter-terrorism.
Binance said it intervenes and takes appropriate action, including freezing funds and working with law enforcement to support investigations, when it learns of bad behavior.
The exchange also clarified that the true measures of compliance for cryptocurrency exchange are the steps it takes to identify and react to suspicious deposits.
The statement from Binance came in response to a Reuters report that claimed Israel has seized around 190 crypto accounts at the crypto exchange since 2021.
According to the report, at least two of the seized accounts were linked to Islamic State, and dozens of others were allegedly owned by Palestinian firms connected to the Islamist Hamas group.
Earlier this year, Israel's National Bureau for Counter Terror Financing (NBCTF) confiscated two Binance accounts and their contents to "thwart the activity" of Islamic State and "impair its ability to further its goals," the NBCTF
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