Did Binance supply the Russian Feds with data of opposition supporters?
In a not so shocking turn of events, information has gotten out that Binance may have leaked customer information to the government. Naturally, the exchange has denied the claim.
In a recent chat between Binance and Reuters, some information was exchanged between the two companies. This conversation then led to a publication that talks about how Binance might have leaked client information to the Russian Feds.
This story follows that political prisoner and opposition leader, Alexei Navalny, was getting some crypto love from his supporters. So Binance, in cahoots with the FSB, unearthed some information about his supporters through the exchange.
Binance has come out to vehemently deny the claim. In fact, how it stands, Binance is quite pissed off at Reuters for sharing the story.
Unfortunately, Reuters, one of the most esteemed and trusted news agencies, published this article that completely contradicts the reputation this outlet has built over the years and is not representative of our experience working with countless other journalists in their organization.
In a publication on Binance blog, Binance talked about how they never leaked any information to the Russian feds and then talked a bit more about other stuff, including a $10m donation to help Ukraine.
News agencies are quite shameless, and they will spin the truth to get views, so I'm not surprised that Reuters stooped so low. In any case, I also know that there's no smoke without fire.
No friends
I'm not saying Binance actually did it but I'm sure as hell not picking sides in this squabble. It is a pretty weird situation between the crypto exchange and Reuters.
If you read all the way down to the bottom of the Binance blog, you'll find an email exchange between representatives of Binance and Reuters.
In the email exchange, Reuters requested an interview on how Binance had formed ties with the Russian government. Reuters talked about how Binance has helped the Russian government make some pro-crypto policies.
In the response to the email that was published on the Binance blog, the Binance rep suggested that the publication by Reuters could perhaps be some form of corporate espionage by their competition.
In any case, what is certain is that there are no friends in this industry. Everybody has their own agenda.
The facts though
The facts remain that Reuters published a story about Binance that may not necessarily be true. They're a reputable agency and as such, their word means something in the general scheme of things.
It is quite possible that Reuters have their source where they got this information. it is also possible that it is 100% fantasy and just posted for the views.
I've been going on about how crypto and politics shouldn't mix for a while, and this here is yet another reason. At the time of writing, virtually every central exchange doesn't offer service to Russians, and that, to me, is a shitty precedence.
You might be looking at the situation and think, well, it's Russia so gloves are off. However, the reality is that it could be any other country for any other politically motivated purpose.
For me, the most important thing to note is that while the veracity of the story about Binance is in question, the scenario is very possible. Binance could leak information about their customers to anybody they feel like.
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Incredibly disappointing, but a good reminder why indeed things need to be separated , thanks for sharing this
Well, once a reputation is lost, it cant be regained easily. I hope Reuters have proof of the allegation less they will lose the trust people have on them
Reuters has no trust to begin with. They are a joke as is most of the mainstream media.
Not saying they are not right on this one but it is a situation where their lies and agenda has made them untrustworthy in general.
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Considering how the media lies, I have no idea what to make of this. I wouldnt put it passed CZ but we have to be careful. The crypto media is equally as bad as the Western mainstream media.
I take most of what they say with a grain of salt. Sure there are some crypto stories that are accurate but when they start commenting on world affairs, we see the agendas popping up.
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Exchanges have so much power, people don't even realise it.
In any case, it is as you've said. Never pick a side because they could all be bullshitting each other.
We hopefully can mediate that with the emergence of LPs. Our future has to be with DEX.
That is how we offset the likes of Binance. Of course, they own the on and off ramp for fiat so we have to deal with that.
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