![]() ![]() “When Indian scammers ask people to get Apple gift cards, does that mean Apple is now laundering hundreds of millions of dollars? No,” Gambaryan added, pointing out that Binance is widely used because most scammers resort to the cheapest options and Binance is one of the cheapest. He noted that the exchange, as well as all other payment facilitators, cannot control what goes into the user’s wallets, stating that their powers lie in the actions after that. Tigran Gambaryan supported Price’s opinion. “It’s like saying that Bank of America supports money laundering for drug cartels,” Price said. When asked about Binance’s alleged connection with Hydra – the world’s largest darknet drug marketplace – Matthew Price pointed out the error in claiming Binance was nonchalant about its compliance effort or that the exchange endorsed the criminal activities. In an interview with CoinDesk on August 1, three members of the team overseeing Binance’s compliance exercise – Tigran Gambaryan, Matthew Price, and Chagri Poyraz – noted some of these extra efforts and addressed the allegations brought on the exchange. “Binance is better or the same as most exchanges” – Gambaryan on KYC implementation Following a June 6 Reuters report which allegedly linked Binance to money laundering schemes involving the top darknet and hacking groups, some members of Binance’s compliance team have cleared the air on the allegations, highlighting some extra efforts put into compliance exercise and how this high scrutiny has also cost the exchange a fortune. ![]()
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