The 90% loss of users from KYC adoption seems significant and worrisome, but the exchange’s CEO, Changpeng Zhao, has called this a false headline.
It’s a complete mis-quote. Look at the numbers…
But the fact is, this type of headlines sell more clicks… Sad, but true. https://t.co/Zuega2hMjU
— CZ
Binance (@cz_binance) August 1, 2022
“It was a complete misunderstanding. Look at the numbers…but the truth is These kinds of headlines get people to click … sad, but true.”
Back in August 2021, Binance lowered the daily Bitcoin withdrawal limit from 2 BTC to 0.06 BTC. However, this is limited to unverified users or non-KYC accounts, with the exchange having to do this. to reduce the number of illegal activities that occur
The news comes after a recent interview with CoinDesk by the compliance team of Binance like Tigran Gambaryan and Matthew Price A former investigator at the US Internal Revenue Service’s cybercrime unit said tougher KYC policies have hurt businesses.
In fact, the use of KYC as an anti-money laundering (AML) measure includes deletion of sanctioned accounts in part for failing to pass KYC.
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