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Reuters Special Report: Binance Absconds from Public Eye and Hides Core Business

by BSC News

December 19, 2022

chain

Reuter's report digs into the public record of Binance around the world to find out who controls what.

Reuters Continue to Fight Binance

A recent Reuter’s special report has accused Binance of hiding its core businesses from the public eye, calling their books a “black box.”

The long-form special report from Dec. 19 by Tom Wilson, Angus Berwick and Elizabeth Howcroft details how Binance––Reuters alleges––absconds itself from the public and operates a global jigsaw of corporations. The report claims this helps Binance obfuscate the truth behind its proof of reserves and avoid full transparency.

“Binance declines to say where Binance.com is based. It doesn't disclose basic financial information such as revenue, profit and cash reserves,” writes the report. “The company has its own crypto coin, but doesn't reveal what role it plays on its balance sheet.”

The Reuters report goes in depth through the various licenses and approvals obtained by Binance around the world. The reporting follows the trail to observe how Binance operates globally, showing few public findings in many locations.

“Reuters asked authorities in all 14 jurisdictions about their oversight of Binance's local units. Of the eight that responded, six – in Spain, New Zealand, Australia, Canada, France and Lithuania – told Reuters their role did not involve supervising the main exchange, and said the units were only required to meet local requirements on reporting suspicious transactions,” the report cites.

The report from Reuters comes as Binance is fighting a public relations battle around the crypto world and the greater finance industry at large. The fallout from the FTX collapse has fully enmeshed Binance as the world’s largest crypto exchange defends its position.

Reuters has been caught engaging in misinformation about Binance in the past. CEO Changpeng Zhao has been ready on his Twitter account to defend his company.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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