Reuters report claimed that Binance exchange grabbed huge success, even exchange faced huge scrutiny issues by the global regulators.
Binance is a first-ranked crypto exchange in the crypto industry. Exchange is always inclined to provide high-quality crypto services with high-level security for its users. In 2021, the Binance exchange faced huge scrutiny issues and was also forced to close its operations from multiple countries.
On 21 January, Reuters published a report on the Binance exchange. Through the report, the author claimed that Binance exchange wisely tricked the government organizations’ threat and also kept the proper investigations against exchange away.
The report also claimed that the main success of the Binance exchange under such regulatory pressure took place because of the internal link of Binance’s former senior employees and advisers, as well as the review of documents such as internal correspondence and confidentiality with the many government agencies.
Through the report, the author noted that Binance exchange’s services are not fully protected against Know Your Customer/Anti-Money Laundering (KYC/AML) guidelines, as per reports of many government agencies. But the CEO of Binance always ignored the same.
The main important thing that the report pointed out is freedom for Binance exchange to provide financial services in many countries, which are not possible without a license. The report claimed that it is all about the better behaviour of Binance exchange with the jurisdictional affiliation and opaque corporate structure.
On this report against the Binance exchange, Changpeng Zhao, CEO of Binance exchange, responded on Twitter and said that such kind of allegations are not true and Binance exchange is working under better compliance and full transparency.