CZ reveals how many users left Binance after mandatory KYC

Binance CEO Changpeng Zhao shed new light on the exchange’s compliance roadmap and its users’ take on KYC so far. Read the full article by: Erhan Kahraman

Key Points:

• It has been a long year for CZ Binance as they have been forced to shut down operations in a lot of countries for not having a central hub in certain countries. Binance is still one of the biggest crypto exchanges in the world in terms of volume.

• To combat all the closings of exchanges and prove that they are a compliant company they made it so users would have to go through a KYC process. This means that any customer looking to use any of the products offered by Binance would have to sign up providing personal information.

• Binance made this move in hopes that it would bring them more users saying that “We want to be licensed everywhere. From now on, we’re going to be a financial institution.”

• CZ has made it clear that they will be setting up central hubs wherever they’re needed and prove they are not a sketchy organization. Binance has set up 3 subsidiaries so far in Ireland as part of that initiative.