• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
A Picture of Binance CEO

Binance Employees Reportedly Help Chinese Customers Bypass KYC Verification

Samuel Edyme
by Samuel Edyme
2 years ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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 internal policies, including wrongly soliciting or making recommendations that are not allowed or in line with our standards.”

The spokesperson further added that “Binance employees are explicitly forbidden from suggesting or supporting users in circumventing their local laws and regulatory policies, and would be immediately dismissed or audited if found to have violated those policies.”

Binance CEO Changepeng Zhao “CZ” who is usually most active on Twitter to address almost every situation concerning his exchange hasn’t made any comments about the CNBC investigation. Binance Coin price chart on TradingView

BNB price is moving sideways on the 4-hour chart. Source: BNB/USDT on TradingView.comNotably, this news comes amid China’s ban on cryptocurrencies since 2021. With the country’s recent outlawing of crypto exchanges, an act such as Chinese users subverting KYC to access Binance could have some consequences.

Related Reading: China’s Central Bank Continues Digital Yuan Expansion To 17 More Provinces

Meanwhile, the region is still pushing for the adoption of its central bank digital currency (CBDC) digital yuan. Last month, China brought more digital yuan (e-CNY) exposure through diverse commercial and government-sponsored activities, as well as digital yuan donations made by the government to increase the currency’s adoption.

The exchange’s native token BNB has since been enjoying an upward rally over the past few weeks. However, it has slowed down in the past week as the digital asset fell 2.58% in the last seven days to trade at $323 at the time of writing.

Featured image from Shutterstock, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Samuel Edyme

Samuel Edyme

Follow

Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

Full Profile

Related Posts

Binance

Australia Cracks Down On Binance: Orders External Audit Over Money Laundering Concerns

1 week ago
Binance Unrealized Profits Hit A Record 60,000 Bitcoin Despite Falling Reserves

Binance Unrealized Profits Hit A Record 60,000 Bitcoin Despite Falling Reserves

1 month ago
Binance

Binance Seeks Dismissal Of $1.7 Billion Lawsuit From FTX Estate

3 months ago
Binance

Former Binance CEO CZ Seeks Presidential Pardon From Trump After 4 Month Prison Sentence

3 months ago
Binance

Binance Founder Proposes BNB And Bitcoin For Kyrgyzstan’s Strategic Crypto Reserve

3 months ago
Binance

Binance Co-Founder Denies Testifying Against Justin Sun In US Plea Deal

4 months ago

Premium Sponsors

Press Releases

  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    2 hours ago
  • XRP Price Plummets from $3.65 to $2.72, but GMO Miner Still...

    3 hours ago
  • miner

    Fleet Miner launches “zero threshold cloud...

    3 hours ago
  • BAY Miner Launches Mobile App, Turning BTC, ETH, and XRP...

    3 hours ago
  • Ethereum DeFi Revival Sparks Cloud Mining Boom: Profitable...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.