According to a recent survey by CNBC, Binance employees and volunteers have helped Chinese users bypass your customer (KYC) and other security agreements.
In an interview with Cointelegraph, a spokesman for Binance said employees were "strictly forbidden" to apply users to avoid all laws and regulations or existing policies. The spokesman said that after the recent allegations, the company is taking action.
"A survey has been conducted on employees who may violate our internal structural system, including inappropriate consultation or explicit proposals that are not permissible or in line with everyone's standardization."
They went on to say that Binance has already implemented "cutting-edge testing tools" that allow exchanges to crack down on users in restricted jurisdictions and actively block VPN from those regions.
According to the exchange, the probability of workarounds is "extremely rare". Binance claims to have "several human and artificial intelligence-driven steps" to help prevent users from bypassing critical security procedures.
In addition, it has been found that the application of any solution to avoid local legal users will be immediately restricted.
Zhao Changpeng, founder and CEO of Binance, did not comment on the matter at the time of writing, although he often commented on social platforms. Earlier, Zhao Wei answered on Twitter that rumors were spread on Wechat, a Chinese instant messaging service.
Prior to this incident, Binance announced in February that it would list low-volume stocks before the implementation of KYC's latest policy, and there was no substitute for dynamic password delisting.
In October 2022, the exchange was accused of being "turned to verification" by regulators in the US and UK.
Previously, Binance has been open-minded to the current policies of its employees. In January this year, the exchange confirmed that its employees must observe a 90-day period before investing in all digital currencies to ban insider trading.
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