Like most of its competitors, Binance, one of the biggest cryptocurrency exchanges in the world, has to deal with the problems of money laundering, supporting terrorism, and negative news.
In a recent interview, three of Binance's most senior compliance team members talked about the difficulties that the world's largest cryptocurrency exchange by trading volume faced in these areas and how it has impacted them.
Notably, Binance controversially decided to lower the maximum amount of Bitcoin that users without Binance KYC (know your customer) accounts were permitted to withdraw from 2 BTC to 0.06 BTC in July 2021.
Tigran Gambaryan, one of Binance's top compliance officers, claims that the decision has cost the cryptocurrency exchange "billions of dollars in income."
When he talked about how Binance is exponentially bigger than its rivals but using "actual math," he pointed out that the prevalence of unlawful behavior is the same everywhere.
However, just hours after the article claimed that Binance had lost 90% of its customers, Changpeng Zhao, the CEO of Binance, came to Twitter to declare the statistic a "mis-quote." He said:
"It’s a complete mis-quote. Look at the numbers…”
But the fact is headlines like this sell more clicks
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