In a report published on 15th Jan, Chainalysis claimed that Binance and Huobi received nearly 50% of the bitcoins tainted with crime and were laundered through these exchanges. Binance CEO took to tweeter to respond to those claims.
“Bad business etiquette for them to do this.”
Binance CEO Changpeng Zhao tweeted, “Also knowing Chainalysis’ business is charging exchanges for this data. If they make that data publicly available, that problem wouldn’t exist.” He added that they are a paying client for them too. I guess we don’t pay enoungh. Bad business etiquette for them to do this, he further added. Zhao also noted that the report might be violating Chainalysis’s promise of client confidentiality.
Also knowing Chainalysis’ business is charging exchanges for this data. If they make that data publicly available, that problem wouldn’t exist.
We are a paying client for them too. I guess we don’t pay enough. Bad business etiquette for them to do this.
— CZ Binance (@cz_binance) January 18, 2020
“Research is to shine a light on illicit activities.”
Chainalysis claims that the purpose of their crypto crime research was to shed light on illicit activities and promote good work of law enforcement and exchanges like Binance to make crypto safe for everyone. Chainalysis defended their research, saying that their report was on money laundering revealed a network of corrupt OTC brokers and was not aimed at Binance, their long-standing partner.
