As reported by CNBC with reference to Chinese-language chats monitored by the platform, some employees and volunteers of crypto exchange Binance provide tips to users in China and other countries on how to evade KYC checks.
The group members, called "angels," reportedly share tips on how to forge bank documents, falsify addresses and hide their country of origin in order to bypass controls and obtain a Binance debit card.
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Representatives of the exchange have stated that "Binance employees are explicitly forbidden from suggesting or supporting users in circumventing their local laws and regulatory policies."
They have added:
"Those who violate these rules would be immediately dismissed or audited if found to have violated those policies."
China has banned regulated institutions from engaging in digital asset transactions since 2017, and in 2021 classified cryptocurrency transactions as illegal financial activities. Despite this, users are trying various ways to circumvent the restrictions.