Binance, the world’s largest cryptocurrency exchange, has made significant efforts to be a leader in transparency in the industry since the FTX scandal. However, a new report claims that Binance insiders are allegedly helping users bypass security protocols. According to a CNBC investigation, employees and volunteers at Binance have allegedly been aiding customers in China to subvert the exchange’s Know Your Customer Controls (KYC). The report points to Binance’s official Chinese-language chat rooms, in which more than 220,000 users were registered. There, users are reportedly able to access shared messages with techniques to bypass the exchange’s KYC, residency and verification protocols. These messages allegedly stemmed from accounts that were identified as employees of Binance or trained volunteers who go by the title “Angels.” Techniques shared included forging bank papers, attesting false addresses and other simple system manipulations. A Binance spokesperson is reported saying: “We have taken action against employees who may have violated our internal policies, including wrongly soliciting or making recommendations that are not allowed or in line with our standards.”
Read more : Binance employees allegedly help customers in China bypass KYC controls.
