Despite China Crypto ban, many Chinese people accessed Binance services: CNBC
Reportedly some of the Binance employees helped Chinese citizens to access Binance’s crypto services, despite a blanket ban policy on cryptocurrency use in the mainland of China.
Binance is a top-ranked, most secure & transparent platform in the crypto sector. All such qualities make this platform better than other crypto exchanges. Around 80% of crypto trade happens on the Binance exchange. Since Dec 2021, the crypto services by this exchange have been terminated for mainland China, on behalf of an order released by the Chinese central bank the People Bank of China (PBoC).
Recently CNBC reported that an investigation by its team confirmed that some of the Binance employees & volunteers helped the Chinese citizens easily bypass the Binance exchange’s KYC verification system.
The Reports noted that more than 220,000 users were actively chatting in the Binance official Chinese language chat rooms. The investigation also noted that these Chinese crypto traders were not only using Binance exchange’s crypto services but also sharing information & techniques that how they succeeded to bypass the KYC security check.
Some of the shared tips to bypass Binance’s KYC system in the chat room suggested other Chinese users use forging bank documents or offering false addresses while others contained basic manipulation tips of the crypto exchange’s systems.
On this matter, a Binance spokesperson reportedly said that the Binance team has taken action against all those Binance employees, which violated the exchange’s internal policies & helped restricted region’s people to access the exchange’s services.
Binance Spokesperson further added:
“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.”
So far, Binance CEO Changpeng Zhao (CZ) hasn’t made any comment about this matter.
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