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Binance CEO Refutes Claim of KYC Costing 90% of Users


Binance CEO Refutes Claim of KYC Costing 90% of Users
  • Gambaryan pointed out that Binance isn’t always a haven for illegal behavior. 
  • Binance reduced the daily Bitcoin withdrawal limit from 2 BTC to 0.06 BTC last year.

Over the last several months, Binance has had a lot of ups and downs. Foreseeing growth as a goal, the biggest cryptocurrency trading platform has secured licenses to operate in countries across the world. 

Although the exchange disputed these claims, Binance’s compliance officials Tigran Gambaryan, Matthew Price, and Chagri Poyraz expounded on how exchanges could not manage the money that was pouring in. In addition, they addressed the contentious issue of the 2 BTC withdrawal cap being lowered.

Stringent Action on Illegal Activities Required

Binance reduced the daily Bitcoin withdrawal limit from 2 BTC to 0.06 BTC in August 2021. However, this only applied to accounts that had not been validated as belonging to verified individuals. The goal of the trade was to limit the number of illegal activities going on. An ex-IRS cybercrime officer, Gambaryan who formerly worked for the agency’s cybercrime section, spoke on the same.

Gambaryan stated:

“I’ve commissioned something for the investigations team to do: What is the effect of 2021 and when this thing started compared to the past 6-8 months? There is a huge difference [in amount of illicit activity], not only in deposits, if you look at a total percentage of transactions. Binance is exponentially larger than its competitors.”

With this in mind, Gambaryan pointed out that Binance isn’t always a haven for illegal behavior. Besides this, he disclosed that there were many exchanges that continued “to do business with them.” The CEO of the exchange, Changpeng Zhao, went on to call out other media sources for misquoting Gambaryan and posting that Binance lost 90% of its users following KYC.

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