Changpeng Zhao (CZ), CEO of Binance, the world’s largest cryptocurrency exchange, has denied allegations that it has weak “know-your-customer” (KYC) and anti-money laundering (AML) standards.
The stock market was weak during a session at Korea Blockchain Week (KBW) on Aug. KYC and AML He said that Binance has the most advanced system in the industry, opposing the claims that it has the most advanced system in the industry.
Reuters earlier reported that Binance had a poor money laundering procedure and did not follow the advice of CZ’s team. CZ, in his statements at the event, to optimize the exchange’s KYC/AML standards. disclosed that they spend a significant amount of time and resources and disputed Reuters’ claims.
CZ also made the following statements in his statement on the subject:
We spend a lot of time dealing with hackers. Binance is the most licensed cryptocurrency exchange in the world. Licenses are for building trust.
In its August 1 blog post, Binance said that the BNB Smart Chain “acts as an identity” built on top of it. Binance Account Bound (BAB) to take out ready had announced it. To be introduced as a pilot project of the WEU, KYC will be distributed to users who have completed their Binance mobile only It was stated that it would be accessible on the application.