Binance continues to reveal speculative statements on the crypto world and misunderstood facts about crypto.
Finally, according to experienced members of the Binance Compliance Team, crypto does not allow illegal activities with its transparency and security. Moreover, the detection of people who want to commit fraud or fraud over crypto is much faster and easier than other financial models.
Detection of Those Who Want to Scam on Crypto Is Very Quick and Easy
The world’s leading blockchain ecosystem and cryptocurrency infrastructure provider Binance, on the one hand, continues to add innovations to the maturing crypto industry, on the other hand, continues to tell the truth against wrong judgments and thoughts. In this context, Binance compliance team members, who work shoulder to shoulder with law enforcement agencies in many countries to make the crypto world safer, shared their unique experiences by working in different parts of the world.
All transactions made via crypto are permanent
According to the statements of Binance Global Intelligence and Investigation Manager Matt Price, who took part in the study prepared as a 6-part video series; One of the biggest myths about crypto is that crypto is anonymous and allows for illegal activities. However, the reality is exactly the opposite. In this context, all transactions made on crypto are publicly and permanently recorded. This makes it very convenient for the investigators. Contrary to traditional financial sector investigations; transparency of crypto makes it easy to detect malicious people
Crypto offers transparency
Binance Europe, Middle East and North Africa Regional Manager Richard Teng underlines the exaggerated negative news, especially in the traditional media, as an area where crypto sometimes consists of illegal funds. However, money laundering in the crypto world is not that easy. In this context, while approximately 800 billion USD to 2 trillion USD is laundered in the fiat money field, it is seen that the amount is only 0.03% of the fiat money field in crypto. Teng states that this ratio remains rather “microscopic” in terms of fiat money. Tigran Gambaryan, Binance Financial Crimes Compliance Manager, also states that crypto is the worst way to launder money. Because cryptocurrency offers unprecedented transparency in transactions and allows law enforcement to do their job more efficiently.
Lowest crime rate finance argument: Crypto
Binance Compliance Officer Steve Christie refutes the misconception that crypto is used by criminals and has no intrinsic value. According to Christie, the criminal elements that may be within the scope of crypto are exaggerated and reflected. Moreover, criminal activities are mostly aimed at investments made in real usage areas. Considering that there are large real investments that will change the global economy, it is easily seen that crimes in this direction are also carried out through traditional financial methods.
About Binance
Binance is the world’s leading provider of blockchain ecosystem and cryptocurrency infrastructure, with a range of financial products including the world’s largest digital asset exchange by volume. The Binance platform is dedicated to increasing the freedom of money and has an unmatched range of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information
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