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Cryptocurrency Ecosystem => Crypto Exchanges => Binance => Topic started by: Lenipiw on September 16, 2020, 01:06:32 PM

Title: Binance sued for allegedly facilitating money laundering with 'lax KYC'
Post by: Lenipiw on September 16, 2020, 01:06:32 PM

Binance’s lax KYC requirements are creating more legal problems for the exchange. Binance’s famously light Know Your Customer requirements are being targeted by the current owners of Zaif, a Japanese cryptocurrency exchange that got hacked in 2018.

Plaintiffs are claiming that its weak KYC requirements and high daily withdrawal limit facilitated the laundering of $60 million stolen from the exchange. The lawsuit was filed in the Northern District of California by representatives of Fisco cryptocurrency exchange, which acquired Zaif soon after the hack.
Visit here: https://cointelegraph.com/news/binance-sued-for-allegedly-facilitating-money-laundering-with-lax-kyc