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Binance Users in China, Elsewhere, Evade KYC Controls With Help of 'Angels': CNBC

Some Binance employees and volunteers shared tips on forging bank documents, falsifying addresses or hiding the country of origin to secure a Binance debit card, CNBC reported, citing Binance-controlled Chinese-language chatrooms, whose messages it translated.

Updated Mar 24, 2023, 6:22 p.m. Published Mar 24, 2023, 2:35 a.m.

Some Binance employees and trained "volunteers" are helping users in China and other countries evade Binance's Know Your Customer (KYC) controls, CNBC reported Wednesday, citing Chinese-language messages from a Binance-controlled Discord server and Telegram group.

The message group participants, called "Angels," share techniques such as forging bank documents, falsifying addresses and hiding the country of origin to allow users to bypass controls and obtain a Binance debit card, according to the report.

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China banned crypto exchanges in 2017, and cryptocurrencies altogether in 2021.

A Binance spokesperson told CNBC, "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.”

Binance KYC Regulations China