Several employees and volunteers at Binance, a popular cryptocurrency exchange platform, have been sharing tips on securing a Binance debit card by resorting to fraudulent tactics.
This revelation was made by CNBC, which reportedly translated messages from Binance-controlled Chinese-language chatrooms where participants referred to themselves as “Angels.”
According to the report, the Angels shared several techniques to bypass controls and obtain a Binance debit card.
These included falsifying bank documents, hiding the country of origin, and even forging addresses. These tactics are especially concerning since they potentially open the door to fraudulent activity and financial crimes.
It’s worth noting that China banned crypto exchanges in 2017 and cryptocurrencies altogether in 2021. Despite this, Binance has maintained a significant presence in the country, even as the Chinese government continues to crack down on crypto-related activities. Other exchanges and platforms also serve Chinese customers.
When approached by CNBC, a Binance spokesperson stated that the company strictly prohibits employees from encouraging users to circumvent local laws and regulatory policies. They also mentioned violating these policies would result in immediate dismissal or audit. However, it remains unclear if anyone has lost their job or privileges over this activity.
The news of Binance employees and volunteers sharing fraudulent tips will likely generate further scrutiny of the company’s operations. It also highlights the potential risks of investing in cryptocurrencies.
Moreover, it signals the need for regulatory bodies to take a more proactive stance in combating fraud and criminal activity. While not everyone favors regulation, purposefully committing illegal activity shouldn’t be endorsed in any capacity.
It underscores the need for increased regulatory oversight and vigilance in the crypto industry to prevent fraudulent activity and financial crimes.
It is plausible such issues are not just native to Binance either. Hundreds of lesser-known and shadier trading platforms need to find ways to survive. Illicit dealings may be part of the job for firms struggling to make ends meet.
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