HomeBlockchainBinance Insider Reportedly Helps Users Bypass KYC Security Protocols

Binance Insider Reportedly Helps Users Bypass KYC Security Protocols


Binance, the world’s largest cryptocurrency exchange, has faced accusations of enabling money laundering and facilitating criminal activity in the past. In response to the FTX scandal, Binance has made significant efforts to improve transparency in the industry. However, a recent CNBC investigation suggests that Binance members are allegedly helping users in China bypass the exchange’s security protocols.

According to the report, Binance employees and volunteers have been providing assistance to clients in China to bypass KYC checks. Binance‚Äôs Chinese-language chat rooms reportedly had more than 220,000 registered users who could access shared messages about techniques to bypass KYC, residency, and verification protocols. The messages allegedly originated from accounts identified as Binance employees or trained volunteers known as “Angels.”

The allegations made in the CNBC report raise concerns about Binance’s commitment to transparency and regulatory compliance. Binance has faced regulatory scrutiny in several countries, including the United States, Japan, and the United Kingdom, for its operations and compliance with anti-money laundering regulations.

Binance has responded to the allegations made in the report, stating that it takes compliance and security seriously and has a zero-tolerance policy for any employee or volunteer misconduct. Binance also stated that it has a dedicated team to monitor and prevent any suspicious activity on its platform.

The CNBC report is the latest in a series of allegations against Binance. The exchange has faced accusations of facilitating money laundering, terrorist financing, and other illegal activities. The allegations have prompted regulatory authorities in several countries to investigate Binance’s operations and compliance with anti-money laundering regulations.

In conclusion, the allegations made in the CNBC report are of concern to Binance as they raise questions about the exchange’s commitment to regulatory compliance and transparency. Binance will need to take decisive action to address these allegations and demonstrate its commitment to operating in a transparent and compliant manner.


Heath Tarbert joins Circle as General Counsel and Director of Corporate Affairs

In an exciting development for the global fintech industry, Circle Internet Financial has appointed Heath Tarbert as its new Chief Legal Officer and Head of...

Here is the bullish case for Ethereum Rival Solana (SOL), according to InvestAnswers

A widely followed analyst is giving a bullish outlook on the blockchain development of Ethereum (ETH) competitor Solana (SOL). In a new interview with Paul Barron,...

Rich Dad Poor Dad Author Says Biggest Real Estate Crash in History Is Coming, Calls BTC and Precious Metals the Answer

Rich Dad Poor Dad author Robert Kiyosaki once again predicts that the real estate sector will collapse and cause a severe global financial crisis. Former best-selling...

Binance Pay and Credencial Payments join forces to enable real-time crypto payments in Latin America

In a strategic alliance that aims to revolutionize the digital payments landscape, Binance Pay, the digital payments platform of the world's largest cryptocurrency exchange, Binance,...

Most Popular