Binance’s KYC Policies Under Scrutiny After Hamas Accounts Suspended

Crypto analyst Adam Cochran sparked debate on X (previously Twitter) over Binance’s know-your-customer (KYC) policies after highlighting suspicious accounts.

Replying to a post showing now-closed Binance accounts allegedly tied to the Palestinian Resistance Movement Hamas, Cochran asked how such accounts weren’t noticed if Binance has robust KYC. Some flagged names suggest Binance likely knew their activities, he suggested.

Given that some of these names and IDs flag in databases and some have much smaller Binance ID numbers suggesting they’ve been around for a while how can Binance claim to have a top notch KYC team?

They knew what some of these accounts were for sure… https://t.co/eTevNG1IDB

— Adam Cochran (adamscochran.eth) (@adamscochran) October 13, 2023

Another user countered that Binance has the strictest KYC among exchanges, based on his experience. Moreover, he abandoned a business application due to the extensive documents required.

However, Cochran noted that Binance divides into strict and lenient KYC arms depending on jurisdiction. International KYC isn’t strict, while the US, Australia, and Japan face tighter requirements.

Binance has taken action to restrict access to certain accounts associated with individuals with alleged connections to Hamas in response to requests from Israeli law enforcement.

The Israeli cybercrime unit, working in cooperation with Binance, has reportedly managed to gain control over several cryptocurrency accounts believed to be connected to the Hamas terrorist organization.

It is worth noting that Hamas had previously advocated for the use of cryptocurrency as a means of fundraising. The accounts in question were found to contain cryptocurrencies that had been accumulated through fundraising efforts conducted by Hamas on various social media platforms.

General Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source