Binance, the largest cryptocurrency exchange by traded volume, made only weak attempts to prevent money laundering, Reuters said.
- Binance operated outside the rules that many rival firms follow, while being ambiguous over the jurisdiction in which the main business is located, the news organization said.
- Reuters also said Binance CEO Changpeng Zhao ignored advice from his compliance team on the lack of background checks to avoid facilitating money laundering through the exchange.
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