Binance denies allegations of "turning a blind eye" to financial crimes

According to Dlnews, an investigation report by the International Consortium of Investigative Journalists (ICIJ) shows that the two major cryptocurrency exchanges, Binance and OKX, recorded over $600 million in fund inflows from the Cambodian exchange Huione.

The report indicates that between July 2024 and July 2025, Binance hosted over $400 million in deposits from Huione, while OKX recorded $220 million in deposits within five months this year. The U.S. Treasury previously designated Huione as a money laundering entity in May, stating that it was used by North Korean hacker groups and Southeast Asian scam centers to launder illegal digital assets. A Binance spokesperson responded that the accusation of "Binance turning a blind eye to criminal activities" is completely false and stated that, according to data from Chainalysis and TRM Labs, Binance's exposure to illegal funds has decreased by up to 98% since 2023. An OKX spokesperson stated that the related fund flows account for only a tiny portion of the platform's overall activity and that all related interactions were suspended after the Treasury blacklisted Huione in October.