Binance, United States cryptocurrency exchange, has denied claims that criminals used its platforms to launder at least Sh274.4 billion ($2.35 billion) across the world in five years.
A Reuters investigation released on Monday claimed that the world's largest crypto exchange by volume was used by drug lords, hackers and fraudsters to move illicit cash.
The UK-based publisher quoted a US government crypto researcher hired to track illegal flows who revealed that Binance processed around Sh89.9 billion ($770 million) of criminal funds in 2019 alone.
The crypto exchange senior managers on Wednesday denied the allegations telling crypto news site CoinDesk that the investigation was biased.
"What I think is very skewed in this report is that every exchange has exposure to dark net markets," Binance senior director Matthew Price told CoinDesk.
The report by Reuters said that the exchange has become a hotbed of criminals with links to the Russian dark web market Hydra.
The exchange's head of intelligence Tigran Gambaryan added that the investigations disregarded facts to pass an agenda across.
"The biggest part of this story is completely ignored. You can't control deposits, you can only control what you can do afterward," Mr Gambaryan said.
Binance has said that the company applies strict anti-money laundering rules that check on exposure to the dark net, fraud and scams. The company said that they use analytic software by Elliptic and Chainalysis.
Criminals are increasingly using crypto exchanges to keep ahead of regulators which informed the Reuters investigations.
Binance has also released email exchanges with Reuters in which the company intelligence team revealed its assistance in tackling reported fraud cases.