Binance's KYC Rumors Surface While China Continues to Implement a Strict Ban on Cryptocurrencies

CNBC claims that Binance, the largest exchange for cryptocurrency has engaged in illicit activity. 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.

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