While Binance, the world’s largest cryptocurrency exchange in the industry has thrived to be as secure and transparent as possible following the FTX saga, some of its employees have reportedly been doing some elicit acts to dent the company’s reputation.
According to an investigation conducted by CNBC, some employees at the exchange have been helping Chinese customers to bypass the Know-Your-Customer (KYC) verification process despite the region’s ban on the crypto market.
Employees Allegedly Help Bypass Verification Process
CNBC’s report alleged that Binance’s billion-dollar worth of security protocol is being manipulated by some users in China with the help of some workers in the exchange. These acts were reportedly seen taking place in the Binance official Chinese language chat rooms which contain above 220,000 users.
The reports highlighted that the techniques that can be used to evade the exchange’s KYC residency and verification systems were shared in the group chats. These shared techniques and chats came from accounts identified as Binance employees or Binance-trained volunteers known as “Angels.”
Related Reading: Binance CEO: Why Do The Same Banks Keep Falling?
Some of the techniques shared included forging bank documents or offering false addresses while others contained basic manipulation tips of the crypto exchange’s systems.
Additionally, the employees, volunteers, and customers also reportedly shared video guides and documents on how to falsify their country of residence in order to obtain Binance’s debit card.
Binance’s Response To The Alleged Act
As a response to the act, reported by CNBC, a Binance spokesperson noted, “We have taken action against employees who may have violated our i
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Author: Samuel Edyme
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