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Tuesday

22 September 2020

Binance sued for allegedly facilitating money laundering with 'lax KYC'

Binance sued for allegedly facilitating money laundering with 'lax KYC'


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Binance’s famously light Know Your Customer requirements are being targeted by the current owners of Zaif, a Japanese cryptocurrency exchange that got hacked in 2018.

The lawsuit was filed in the Northern District of California by representatives of Fisco cryptocurrency exchange, which acquired Zaif soon after the hack.

A further argument is that Binance uses California-based custodians for cold storage.

This claim comes from reports that Binance-acquired Swipe uses Coinbase and BitGo, while FTX — where Binance is just an investor — reportedly uses Coinbase.

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