Binance responds to cryptocurrency allegations

Binance, an Abu Dhabi Global Markets licensed exchange with a fully KYC-ed user base globally, said these allegations pertain solely to the actions of specific parties  

Binance takes action alongside law enforcement to combat fraudulent or illegal activities and remains deeply committed to ensuring the safety and security of all its users.

In light of the media coverage concerning ongoing court proceedings in Sri Lanka related to allegations of financial fraud involving the use of Binance accounts by certain individuals, Binance, an Abu Dhabi Global Markets licensed exchange with a fully KYC-ed user base globally, said these allegations pertain solely to the actions of specific parties   

The statement said Binance takes action alongside law enforcement to combat fraudulent or illegal activities and remains deeply committed to ensuring the safety and security of all its users.   

It said, “Binance has already fully cooperated with Sri Lankan law enforcement authorities, by providing the necessary support and information in response to requests. As an Abu Dhabi Global Markets licensed exchange with a fully KYC-ed user base globally, Binance will continue to support law enforcement agencies throughout the investigation of the bad actors involved. Binance’s share of users and fully licensed status will continue to be a net positive to law enforcement agencies in these situations.   

Binance invests hundreds of millions of US dollars in its compliance programme, and a significant share of these resources is dedicated to maintaining a world-class compliance team. 25% of all Binance staff work in compliance. Binance remains committed to maintaining robust compliance policies modelled on global standards, including Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. Transparency, user safety, and regulatory cooperation remain at the core of Binance’s mission, and we remain committed to working collaboratively with authorities to uphold these principles.”