Binance Didn't Upgrade Customer Checks, Despite Promises to Regulators: Report

Binance Didn't Upgrade Customer Checks, Despite Promises to Regulators: Report
The world’s largest crypto exchange kept weak know-your-customer (KYC) checks and did not properly cooperate with authorities, despite its public promises about compliance, Reuters said in an investigative report published Friday. The report was based on interviews with dozens of former employees of Binance, advisers and business partners, as well as the review of hundreds of documents.According to the report, Binance has refused to answer regulators and partners’ questions about its operations, turned down German police’s requests to help track down fraudsters and terrorists, and ignored its compliance advisors’ recommendations to avoid customers in countries with money laundering risk, all…