Binance Users in China, Elsewhere, Evade KYC Controls With Help of ‘Angels’: CNBC

Users in China and other countries are being assisted by staff of Binance as well as trained “volunteers” in order to circumvent the Know Your Customer (KYC) rules that are enforced by Binance, as stated in a report that was published on Wednesday by CNBC. The report included excerpts written in Chinese from conversations that took place in a Telegram group and Discord server that were both administered by Binance.

According to the study, the members of the chat group who are called to as “Angels” communicate information regarding methods that users can use to get over controls and obtain a Binance debit card. These people share this knowledge with one another. Among these techniques are the fabrication of addresses and bank papers as well as the concealment of the user’s place of origin.

China made the decision to ban bitcoin exchanges in 2017, then in 2018, the country made the decision to ban cryptocurrencies in their entirety.

According to a statement provided to CNBC by a representative of the cryptocurrency exchange Binance, “Binance staff are strictly prohibited from promoting or assisting customers in avoiding their local laws and regulatory standards.” If it could be demonstrated that Binance workers had violated such policies, then those employees would be quickly fired or subject to an audit.