![]() ![]() Binance lost significant numbers of users but not that much in revenue. The outlet reported that it had verified Binance user ID. The leader in news and information on cryptocurrency. One hacker claiming to be responsible for the leak told CoinDesk, a news website, that tens of thousands of KYC files may be released. The report published by Coindesk under the title “Binance Compliance Officer: KYC Cost Exchange ‘Billions in Revenue” was wrong. KYC at the exchange level hinders the mainstream global reach of such innovative. “We have lost 90% of customers after implementing KYC, losing billions in revenue.” According to the interview summary, Binance faced significant value of revenue loss because of the reduction of the Bitcoin withdrawal limit to 0.06 BTC for non-KYC users.īinance’s lead Compliance Officer, Tigran Gambaryan, said: On 1 August, Three senior members from the Binance exchange appeared in an interview with Coindesk. ![]() Trusted by over 120 million users worldwide, Binance allows you to securely. ![]() In mid-2021, Due to regulatory actions against the Binance exchange’ crypto offerings, Binance introduced mandatory KYC provisions for the customers and also reduced the Bitcoin withdrawal limit from 2 BTC to 0.06 BTC for non-KYC users, to force the customers to go through KYC verification. Access the worlds leading blockchain ecosystem on the go, anytime, anywhere. Binance exchange confirmed that it faced a significant downfall in its revenue because of the mandatory KYC rule & reduction of the Bitcoin withdrawal limit to 0.06 BTC.īinance is a first-ranked crypto exchange in terms of global trade volume on its platform. ![]()
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