Survey: Binance Still Accepts Hundreds of Millions in Illegal Crypto Funds, Trump's Regulatory Easing Draws Attention

The International Consortium of Investigative Journalists (ICIJ) and The New York Times joint investigation shows that despite Binance pleading guilty in 2023 and promising to strengthen compliance, a significant amount of illegal funds continues to flow into the platform.

Data indicates that wallets associated with the Cambodian financial institution Huione Group (designated by the U.S. as a major money laundering concern) transferred over $408 million to Binance accounts within 12 months. Additionally, approximately $900 million in Ethereum has flowed into five Binance accounts from exchange services used by North Korean hackers this year, suspected to be related to the $1.5 billion theft case involving Bybit exchange.

A Binance spokesperson emphasized that the platform cannot prevent blockchain transfers but will take appropriate measures upon identifying suspicious activities. Although Binance reached a $4.3 billion settlement with the U.S. in 2023 and committed to strengthening anti-money laundering measures under court supervision, investigations show that hundreds of millions of dollars in illegal funds have still flowed in as of 2024, raising questions about the effectiveness of its compliance enforcement.