Monday, May 16

Reuters: Binance Withheld Information From Regulators And Repeatedly Circumvented Its Own Compliance Department By Cointelegraph


©Reuters. Reuters: Binance Withheld Information From Regulators And Repeatedly Circumvented Its Own Compliance Department

In a report published on Friday, Reuters laid out the findings of its investigation into the regulatory compliance practices of Binance, the world’s largest cryptocurrency exchange by trading volume.

The authors suggest a recurring pattern whereby company CEO Changpeng Zhao, while proclaiming his openness to government oversight, ran an organization that systematically denied requests for corporate structure and financial information from investors. regulators and circumvented proper customer background checks.

  • Former Binance US CEO Catherine Coley is still missing and no one seems to be talking about it

The reported findings are based on accounts from former high-level Binance employees and advisers, as well as a review of documents such as internal correspondence and confidential messages between various national regulators and the company. According to the document, several high-ranking employees have repeatedly raised concerns about weak Know Your Customer/Anti-Money Laundering (KYC/AML) rules at the company, but were ignored by the CEO.

Read the full article on Cointelegraph

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