Crypto Is Banned in China, but Binance Employees and Support Volunteers Tell People How To Bypass the Ban

Binance founder Changpeng “CZ” Zhao has touted the exchange’s know-your-customer systems, known as KYC, as a billion-dollar effort. Among other functions, they are supposed to stop customers that aren’t supposed to be on the platform, including residents of China.

But customers in China and around the world regularly subvert Binance’s controls to hide their country of residence or origin, messages in Binance’s official Chinese-language chatrooms show.

Some of the techniques that employees and volunteers have shared involve forging bank documents or offering false addresses. Others involve simple manipulation of Binance’s systems.

Experts in financial regulation shared concern that Binance’s know-your-customer and anti-money-laundering efforts can be so easily thwarted.

(By Rohan Goswami)

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