• Binance employees and trained volunteers dubbed „Angels“ are helping mainland Chinese residents to bypass KYC rules.
• The “Angels” have shared techniques to evade Binance’s KYC, residency and verification systems.
• Industry experts have raised questions about the laxity of Binance’s security protocols that extend beyond China.

Binance Employees Helping Chinese Residents Bypass KYC Rules

The CNBC report says that Binance employees and other trained volunteers dubbed „Angels“ are helping mainland Chinese residents to circumvent Binance Know Your Customer (KYC) rules. These messages basically consisted of techniques to evade Binance’s KYC, residency and verification systems.

Techniques Used to Bypass Restrictions

As proof for the same, CNBC cites messages in Binance’s official Chinese-language chatrooms show. The publication stated that they have translated and reviewed hundreds of messages from the Discord server as well as the Telegram Group. Over 220,000 users have registered across both groups. These messages basically consist of techniques used to evade Binance’s KYC, residency, and verification systems like forging bank documents, offering false addresses, etc.

Questions Raised on Security Protocols

Industry experts have raised questions about Binance’s security protocols and said that the laxity extends beyond China. If true, it is interesting to see how Chinese residents are willing to take massive risks to gain access to digital assets. However, this has led many industry experts questioning their security protocols which seem pretty lax even outside China’s boundaries.

Binance Founder Changpeng Zhao’s Stance on AML Efforts

Binace founder Changpeng Zhao has often touted that they have made a billion-dollar effort in making their know-your-customer systems robust and effective for customers not on the platform including those who reside in China too but the current development shows something else entirely i..e people still managing to open accounts with falsified details despite these efforts of theirs which seems inadequate at best right now according to some industry experts..

Conclusion

China banned cryptocurrency trading long back in 2017 but it hasn’t been able stop its citizens from participating in crypto markets or from using different methods such as these mentioned above by “Angels” so far successfully although this could result in serious repercussions for them if caught by authorities so it would be wise for them not take such risks just for gaining access digital assets when there could be more legitimate ways out there too depending on one’s location as well especially considering how strict certain countries can be regarding cryptocurrencies currently