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Binance to Tighten Customer Data Processing Due to Sanctions

Date: 26.05.2022
The largest and most famous cryptocurrency exchange in the world, Binance, is searching for new investors in order to conduct the most complete verification of the implementation of sanctions measures and increase actions to control customer verification.

The Exchange plans to engage as much as possible in the process of overseeing the identification of all its participants in order to minimize the risks to its activities. Binance has signed an agreement with analytics organization Kharon and cloud server verification provider Neterium to provide support and assistance in detecting illegal activity in the trading space. Chagri Poyraz, head of the Sanctions Implementation Department, said that these companies will provide an opportunity to use the best information and modern technical support in order to reduce financial risks and improve customer relations.

“Digital asset providers demand the highest quality information and technology. This is due to the fact that all applications are updated to meet the requirements. Our agreement with Binance will be the highlight.”

Last winter, it was announced that after the KYC processes, three percent of the participants left the exchange. This was the reason for attracting other investors. Prior to this, the head of Binance said that the site would not carry out restrictions on services for individuals from Russia, but after the borders were set for withdrawals of up to 10 thousand euros.