He said that their staff is far better than Coinbase and Kraken in certain areas.Īlso Read: “Do not over-invest,” Binance CEO Warns investors before investing in cryptoĪdditionally, he said that if the entire percentage of transactions is considered, there lies a major difference in terms of illicit activity that’s not only in deposits.
Gambaryan mentioned that Binance is either similar or better than other exchanges. However, the data shows that its trading volume is still huge, even more than other cryptocurrency exchanges combined. In July last year, Binance decided to reduce the 2-BTC withdrawal limit to 0.06 BTC for non-KYC accounts.Īccording to Price and Gambaryan, the decision has caused a significant difference in terms of illegal activities as a percentage of total transactions.īinance said they have lost 90% of customers after implementing KYC, losing billions in revenue. We have lost 90% of customers after implementing KYC, losing billions in revenue. In an interview, Matthew Price and Tigran Gambaryan, former investigators, shared that strict KYC policies of Binance have led to consequences for the exchange.
Strict KYC policies of Binance have given a tough time to the exchange.
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