Share this article
Binance CEO Hits Back at 'Weak' KYC Claims
Binance has the most sophisticated know-your-customer system in the industry, Changpeng Zhao said.
By Sam Reynolds
Updated May 11, 2023, 4:16 p.m. Published Aug 9, 2022, 11:36 a.m.
SEOUL, South Korea —Binance CEO Changpeng Zhao countered claims the exchange has a weak know-your-customer (KYC) and anti-money laundering (AML) regime.
- Zhao said the exchange – the world’s largest by volume – has the industry’s most advanced system. He spoke during a session at Korea Blockchain Week here.
- In early July, Reuters reported Binance only made “weak” attempts to prevent money laundering, and that Zhao regularly ignored advice from his compliance team.
- Zhao, speaking from an undisclosed location, countered that report, stressing the exchange spent a significant amount of time and resources perfecting its KYC/AML system to stay ahead of criminals.
- “We spend a lot of time fighting hackers without using sanction lists,” he said. “Binance has the most licenses in the world. ... [L]icenses are for building trust," he added.
- Binance’s investigation team is led by Tigran Gambaryan and Matthew Price, former investigators at the U.S. Internal Revenue Service’s cybercrime unit. The two had a leading role in dismantling darknet markets AlphaBay and Hydra.
- Zhao also pointed to the island nation of Palau’s adoption of Binance’s KYC technology in its digital ID effort. The digital ID system is powered by the BNB chain, which he said proves the maturity and stability of the product.
- Zhao appeared at Korea Blockchain Week virtually and was interviewed by Leon Foong, the exchange's head of Asia.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Coinbase’s Base faces builder backlash over creator coin push
Builders on Base are pushing back against the network’s close alignment with Zora, arguing the creator-coin narrative sidelines established projects.
What to know:
- Base has seen a surge in creator-coin issuance via Zora, with daily token mints surpassing Solana in August, boosting onchain activity and attention.
- Some Base-native projects say marketing and social support has become narrowly focused on Zora-linked initiatives, leaving other established communities without recognition.
- While Base continues to process more than 10 million transactions per day, critics warn that deteriorating builder sentiment could push projects toward rival chains like Solana or Sui.
Top Stories
