4 ms·

>intentionally looking the other way to people opening multiple accounts to avoid KYC That's blatantly false. Many have been caught trying to circumvent via VP

by Tenoke 6y ago

>intentionally looking the other way to people opening multiple accounts to avoid KYC That's blatantly false. Many have been caught trying to circumvent via VPN or similar, it's just impossible to catch quite everyone no matter how hard you try. >which country they're domiciled. Malta?

arcticbull 6y ago
They won't tell you where their headquarters are "because Bitcoin doesn't have one": https://www.coindesk.com/binance-doesnt-have-a-headquarters-because-bitcoin-doesnt-says-ceo https://www.coindesk.com/binance-doesnt-have-a-headquarters-... In fact "Malta ... question mark?" is about as much information as we have. And the KYC evade is just based on opening more accounts before you reach their threshold. Because rather than operating like a real business, requiring everyone to provide KYC during onboarding, they just look the other way.
- Tenoke 6y ago
  They do require KYC for any fiat deposits or withdraws and not requiring them for small amounts of crypro-only trading is not unusual nor illegal.
  - spurdoman77 6y ago
    That is quite literally illegal nowadays in many jurisdictions.
spurdoman77 6y ago
https://coingeek.com/binance-not-licensed-to-operate-in-malta-regulators-say/ https://coingeek.com/binance-not-licensed-to-operate-in-malt... Binance has never been in Malta, in fact they are not located anywhere. I would be very cautious in dealing with them because to me that kind of approach to regulation doesnt sound healthy.
- arcticbull 6y ago
  > For example, the company’s chief growth officer, Ted Lin, told Decrypt just a few days ago, “We have offices in Malta for customer services, and some compliance people there, but it’s not the headquarters per say [sic]. It’s the spiritual headquarters. It’s a name that people think about when they think about Binance.” Oh my god lol.
- ketamine__ 6y ago
  It's on the Binance wikipedia page.
  - arcticbull 6y ago
    Wikipedia cites a Malta Today article from 2019. > [Binance established their headquarters in Malta] soon after the Maltese government passed laws that provided a regulatory framework for businesses operating in the Cryptocurrency and Blockchain industry. The regulation officially passed into a law on July 4th 2018. Malta remains the only country in the world to officially pass such laws. The Coindesk article from 2020 states: > Until February [of 2020], Binance was considered to be based in Malta. That changed when the island European nation announced that, no, Binance is not under its jurisdiction. Since then Binance has not said just where, exactly, it is now headquartered. And quotes CZ: > “Well, I think what this is is the beauty of the blockchain, right, so you don’t have to … like where’s the Bitcoin office, because Bitcoin doesn’t have an office.” [1] The Wikipedia article is stale, and incorrect on the basis of the subsequent statements from executives involved. The beauty of blockchain indeed. [1] https://www.coindesk.com/binance-doesnt-have-a-headquarters-because-bitcoin-doesnt-says-ceo https://www.coindesk.com/binance-doesnt-have-a-headquarters-...

by Tenoke 6y ago

arcticbull 6y ago

They won't tell you where their headquarters are "because Bitcoin doesn't have one": https://www.coindesk.com/binance-doesnt-have-a-headquarters-because-bitcoin-doesnt-says-ceo https://www.coindesk.com/binance-doesnt-have-a-headquarters-... In fact "Malta ... question mark?" is about as much information as we have. And the KYC evade is just based on opening more accounts before you reach their threshold. Because rather than operating like a real business, requiring everyone to provide KYC during onboarding, they just look the other way.

Tenoke 6y ago
They do require KYC for any fiat deposits or withdraws and not requiring them for small amounts of crypro-only trading is not unusual nor illegal.
- spurdoman77 6y ago
  That is quite literally illegal nowadays in many jurisdictions.

spurdoman77 6y ago

https://coingeek.com/binance-not-licensed-to-operate-in-malta-regulators-say/ https://coingeek.com/binance-not-licensed-to-operate-in-malt... Binance has never been in Malta, in fact they are not located anywhere. I would be very cautious in dealing with them because to me that kind of approach to regulation doesnt sound healthy.

arcticbull 6y ago
> For example, the company’s chief growth officer, Ted Lin, told Decrypt just a few days ago, “We have offices in Malta for customer services, and some compliance people there, but it’s not the headquarters per say [sic]. It’s the spiritual headquarters. It’s a name that people think about when they think about Binance.” Oh my god lol.
ketamine__ 6y ago
It's on the Binance wikipedia page.
- arcticbull 6y ago
  Wikipedia cites a Malta Today article from 2019. > [Binance established their headquarters in Malta] soon after the Maltese government passed laws that provided a regulatory framework for businesses operating in the Cryptocurrency and Blockchain industry. The regulation officially passed into a law on July 4th 2018. Malta remains the only country in the world to officially pass such laws. The Coindesk article from 2020 states: > Until February [of 2020], Binance was considered to be based in Malta. That changed when the island European nation announced that, no, Binance is not under its jurisdiction. Since then Binance has not said just where, exactly, it is now headquartered. And quotes CZ: > “Well, I think what this is is the beauty of the blockchain, right, so you don’t have to … like where’s the Bitcoin office, because Bitcoin doesn’t have an office.” [1] The Wikipedia article is stale, and incorrect on the basis of the subsequent statements from executives involved. The beauty of blockchain indeed. [1] https://www.coindesk.com/binance-doesnt-have-a-headquarters-because-bitcoin-doesnt-says-ceo https://www.coindesk.com/binance-doesnt-have-a-headquarters-...