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KYC evasion

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Binance, the world’s largest cryptocurrency exchange, is facing accusations of assisting users in China and other countries to bypass its Know Your Customer (KYC) controls. According to a recent report by CNBC, some Binance employees and trained “volunteers” are allegedly helping users evade the platform’s security protocols, leading to concerns about the security of the platform and its compliance with regulatory requirements. Background: Binance’s Huge User Base in China Despite a 2017 ban on cryptocurrency…