Binance Investigating Employees for Helping Chinese Customers Bypass KYC Verification
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According to CNBC report published on March 23rd, Binance employees have been helping Chinese customers to bypass the Know-Your-Customer (KYC) verification process needed to access the crypto exchange.
China banned crypto exchanges in 2017 and then cryptocurrency trading back in 2021, but despite the bans there has not been a huge decline in Chinese crypto customers.
The report claims that Binance employees showed customers techniques, to bypass the KYC verification process, that involved the forgery of financial documents, providing a false address, and the manipulation of the exchange’s security systems.
These KYC verification processes are reportedly in place to ensure customers aren’t “engaged in illegal activity, like terrorism or fraud”.
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