Monday, July 22, 2024

Binance CEO reveals how many users left after KYC

Changpeng Zhao, the CEO of Binance, shed light on the compliance roadmap of the exchange and the users’ reaction to KYC. After years of avoiding KYC and playing with regulators, Binance made Know Your Customer (KYC) mandatory. In an interview with Bloomberg News, Changpeng Zhao mentioned: ‘’for global users, for every feature’’. Saying this, he wants to position Binance as a regulatory-compliant business. CZ disclosed that around 3% of the users left after making KYC obligatory.

Know Your Customer is a regular process used by traditional financial institutions and now also by many crypto exchanges. KYC allows the Crypto exchanges and traditional financial institutions to verify the authenticity of the users. This is done by requesting some identification. Not all exchanges use it the same way. Binance users have to complete the KYC process to be able to use the features of Binance. This applies to new and existing users. It was made an obligation for existing users on August 20.

The CEO noted: “We feel that being compliant will allow more users to use us,” adding that most people do feel more comfortable using a licensed exchange. In July, CZ also announced that Binance was able to work with local regulators. He said: “We want to be licensed everywhere. From now on, we’re going to be a financial institution.”

Donat - CryptoCoinia
Donat - CryptoCoinia
Copywriter at CryptoCoinia.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Name Price24H % Supply Volume Market Cap
stride-staked-injective
Stride Staked Injective
$16.52
-4.28%
73,838,138,659,315,008.00 STINJ
$216.54
$1,219,691,675,609,022,720.00
fibo-token
FibSwap DEX
$0.0085
9.90%
69,151,716,404,404,600.00 FIBO
$1,413.48
$585,403,344,542,465.00
equitypay
EquityPay
$0.056
5.44%
1,149,941,993,000,000.00 EQPAY
$221,578.00
$64,943,460,446,278.00
bitcoin
Bitcoin
$68,164.00
1.24%
19,729,050.00 BTC
$14,829,560,835.00
$1,343,908,862,608.00
ethereum
Ethereum
$3,537.40
0.520%
120,230,261.76 ETH
$14,640,725,259.00
$425,485,212,416.00
tether
Tether
$1.00
0.030%
114,084,704,813.38 USDT
$22,971,762,314.00
$114,170,387,190.00
usdex-stablecoin
USDEX
$1.07
-0.47%
103,350,611,249.42 USDEX
$127,433.00
$110,959,993,107.00
binancecoin
BNB
$603.07
0.970%
153,856,150.00 BNB
$897,288,638.00
$92,723,538,625.00
solana
Solana
$183.20
4.98%
464,390,403.76 SOL
$4,117,611,600.00
$85,043,148,598.00
staked-ether
Lido Staked Ether
$3,536.36
0.520%
9,785,017.53 STETH
$40,441,059.00
$34,571,950,303.00
usd-coin
USDC
$1.00
0.110%
33,995,396,223.31 USDC
$6,262,852,165.00
$34,047,134,934.00
ripple
XRP
$0.597
0.700%
55,909,481,874.00 XRP
$1,667,130,023.00
$33,360,588,791.00
dogecoin
Dogecoin
$0.141
5.47%
145,207,546,383.71 DOGE
$1,396,598,134.00
$20,468,090,210.00
the-open-network
Toncoin
$7.20
-1.35%
2,514,850,400.61 TON
$262,012,510.00
$18,103,979,637.00
cardano
Cardano
$0.442
0.890%
35,567,296,769.27 ADA
$368,934,413.00
$15,682,685,213.00
avalanche-2
Avalanche
$32.37
10.32%
394,759,459.37 AVAX
$944,706,237.00
$12,792,641,713.00
gaj
Gaj Finance
$0.0059
1.28%
2,094,398,844,238.15 GAJ
$28.90
$12,402,003,123.00
tron
TRON
$0.136
1.09%
87,086,293,246.44 TRX
$331,070,089.00
$11,880,345,792.00
shiba-inu
Shiba Inu
$0.000018
0.100%
589,261,776,132,934.00 SHIB
$504,599,214.00
$10,674,047,118.00
wrapped-bitcoin
Wrapped Bitcoin
$68,048.00
1.18%
154,534.93 WBTC
$272,813,431.00
$10,509,005,902.00
polkadot
Polkadot
$6.41
0.710%
1,390,729,565.38 DOT
$174,959,803.00
$8,902,665,108.00
bitcoin-cash
Bitcoin Cash
$400.93
1.22%
19,736,134.27 BCH
$227,478,223.00
$7,904,761,988.00
near
NEAR Protocol
$6.39
0.960%
1,104,089,984.38 NEAR
$339,294,783.00
$7,046,360,057.00
uniswap
Uniswap
$8.07
0.480%
753,766,667.00 UNI
$170,978,108.00
$6,072,613,160.00
wrapped-steth
Wrapped stETH
$1,864.88
0.380%
2,971,109.53 WSTETH
$67,787,638.00
$5,533,796,398.00
litecoin
Litecoin
$73.98
1.01%
74,776,595.73 LTC
$264,779,657.00
$5,528,734,133.00
dai
Dai
$1.00
0.060%
5,414,904,595.64 DAI
$119,782,177.00
$5,419,706,821.00
leo-token
LEO Token
$5.72
0.700%
925,932,335.90 LEO
$9,484,355.00
$5,303,976,110.00
pepe
Pepe
$0.000012
1.21%
420,690,000,000,000.00 PEPE
$1,228,003,225.00
$5,228,111,946.00
wrapped-eeth
Wrapped eETH
$3,680.30
0.230%
1,414,276.22 WEETH
$35,492,227.00
$5,205,391,181.00
matic-network
Polygon
$0.549
1.53%
9,282,943,566.20 MATIC
$250,622,908.00
$5,091,284,000.00
black-phoenix
Black Phoenix
$3.35
9,999.99%
1,490,000,000.00 BPX
$0.00
$4,987,364,236.00
internet-computer
Internet Computer
$10.52
2.74%
467,047,826.20 ICP
$139,794,063.00
$4,925,677,241.00
kaspa
Kaspa
$0.178
-2.11%
24,249,777,224.91 KAS
$47,221,908.00
$4,320,290,037.00
french-connection-finance
Zypto Token
$0.037
-3.48%
99,880,157,512.00 ZYPTO
$136,614.00
$3,804,145,502.00
fetch-ai
Artificial Superintelligence A
$1.46
-1.06%
2,521,012,371.00 FET
$188,854,084.00
$3,682,978,049.00
ethereum-classic
Ethereum Classic
$24.07
0.350%
148,015,551.15 ETC
$156,560,737.00
$3,563,400,147.00
aptos
Aptos
$7.56
1.90%
467,738,067.16 APT
$154,373,964.00
$3,533,063,893.00
ethena-usde
Ethena USDe
$1.00
0.120%
3,400,792,884.57 USDE
$30,093,879.00
$3,410,592,240.00
xtcom-token
XT.com
$3.08
-1.51%
1,000,000,000.00 XT
$1,316,643.00
$3,077,877,754.00
stellar
Stellar
$0.104
-1.27%
29,311,831,557.37 XLM
$77,949,711.00
$3,047,325,115.00
monero
Monero
$163.33
-0.04%
18,445,342.60 XMR
$100,179,521.00
$3,012,202,931.00
mantle
Mantle
$0.883
-1.07%
3,266,841,707.84 MNT
$136,463,017.00
$2,889,088,003.00
blockstack
Stacks
$1.94
0.270%
1,475,347,376.69 STX
$101,305,143.00
$2,853,820,047.00
dogwifcoin
dogwifhat
$2.84
6.82%
998,926,392.00 WIF
$672,526,092.00
$2,833,615,592.00
render-token
Render
$7.03
-2.42%
392,459,381.46 RNDR
$123,958,640.00
$2,755,429,279.00
filecoin
Filecoin
$4.75
0.700%
572,074,369.00 FIL
$154,867,989.00
$2,718,732,286.00
maker
Maker
$2,932.67
3.20%
930,401.88 MKR
$119,369,805.00
$2,713,082,576.00
arbitrum
Arbitrum
$0.798
1.75%
3,339,278,542.00 ARB
$273,973,599.00
$2,664,737,633.00