A Reuters investigation released on Monday has revealed how United States cryptocurrency exchange Binance was used by criminals to launder at least Sh274.4 billion ($2.35 billion) across the world.Â
The investigation says that the world's largest crypto exchange has been used as a conduit by drug lords, hackers, corrupt politicians, and fraudsters to launder billions for the last five years.Â
"During this period, Binance processed transactions totaling at least $2.35 billion stemming from hacks, investment frauds and illegal drug sales," a Reuters report says.Â
The report says that a US government crypto researcher hired to track illegal flows revealed that Binance processed around Sh89.9 billion ($770 million) of criminal funds in 2019 alone.Â
"Binance kept weak money-laundering checks on its users until mid-2021, despite concerns raised by senior company figures starting at least three years earlier," the report says.Â
The UK-based publication says the exchange has around 120 million users worldwide and processes crypto trades worth hundreds of billions of dollars a month.
Criminals are increasingly using crypto exchanges to keep ahead of regulators.Â
The three who enjoy the backing of a powerful figure in government also bought an unknown amount of Bitcoins at Kenya’s Bitpesa, and Maltese-registered Quidax.