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Binance Smart Chain + Ecosystem / Re: Binance Limits Services to Russian Users
« on: Today at 07:31:56 PM »Unfortunately, Binance has a policy that we must follow when we trade on its platform. Usually they will take action for those who make transactions with very large amounts, criminals or not, the exchange cannot even detect it, because we as users can fake the identity we use.
It is true that users can use fake identities on Binance (and any other centralized exchanges), but with many limitations, and that can be a problem over time. Users can use various VPNs and proxy servers to hide their true IP, but doing so is the beginning of the problem. Exchanges may (at any time) modify their official TOS and increase KYC/AML requirements, requiring users to take photographs with their ID, videos or any other type of documentation, such as telephone bills, to know in which country that user really lives. Users could falsify that documentation, but that would be a crime.