Binance, the world’s largest cryptocurrency exchange in terms of trading volume, was recently exposed for “leaking KYC information of users” to the Chinese Communist Party and other governments. KYC (Know your customer) is a procedure for companies to verify the identity of their customers in order to comply with the financial laws of their location.
Binance’s leakage of personal information has led their customers being charged with “subversion of state power“
According the live broadcast of Miles Guo, the Binance user (pseudonym: Lele) invested a total of about $27 million within, and she noticed that she could not withdraw cash from Binance some time ago, and the person who had invested with Lele suddenly lost contact. After questioning, he was arrested by the police on charges of “illegal purchase of overseas digital currency”.
According to the news reports, the Chinese Communist Party issued a new regulation in September that imposes a strict ban on cryptocurrencies, with businesses related to virtual currencies counted as “illegal financial activities,” including trading, money transfers, mining and other activities.
Miles Guo revealed that the Binance has handed over all user information to the Chinese Communist Party, though it was legal to buy cryptocurrency in China 3 months ago, the CCP has issued new regulations that make buying cryptocurrency an economic crime, not only money laundering, but also “suspected subversion of state power.
He called on users who have had personal accounts with Binance to take legal action in their home countries, especially in China.
Breaking news: Binance is a big scam
Miles Guo revealed that about 20 banking institutions have shut down their services related to Binance at the request of the U.S. government in the past month. Some China users found that they were unable to withdraw cash out their money with Binance successfully. He further stated that the reason for this is that the Chinese Communist Party has asked many governments to transfer the property in the accounts of China users to the Chinese Communist Party.
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