Changpeng Zhao (CZ), the co-founder and CEO of Binance, recently revealed that the leading trading platform has so far spent over $1 billion on compliance efforts with a high percentage of success.
Binance CEO made this known in a tweet on Monday 1st of August 2022. According to Zhao, despite the whopping spending on compliance, the market share of the company keeps increasing.
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CZ Binance tweeted, “Just checked. Binance spent more than $1 billion on Compliance efforts, with a high % pass rate. It’s fine. Binance’s market share increased, not decreased. The blockchain & 3rd party data shows it.”
Just checked. Binance spent more than $1 billion on Compliance efforts, with a high % pass rate. It's fine. Binance's market share increased, not decreased. The blockchain & 3rd party data shows it. https://t.co/Zuega2hMjU
— CZ 🔶 Binance (@cz_binance) August 1, 2022
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This is also a part of his response to the headline of a recent CoinDesk interview with Binance’s investigations team, claiming the exchange lost 90% of customers following the implementation of know-your-customer (KYC).
Although CoinDesk later corrected the interview’s misrepresented headline, it’s already gone far and wide.
The first headline says “Binance Compliance Officer Says KYC Cost Exchange Billions in Revenue.” It was later understood that the loss of users was not from KYC, but rather the anti-money-laundering (AML) measure of removing sanctioned accounts for failing to undergo KYC.
To show that the crypto media giant got it all wrong and succeeded in spreading misinformation, CZ took to Twitter on Monday to call out CoinDesk for publishing sensitive information wrongly for clicks.
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Changpeng Zhao tweeted, “It’s a complete mis-quote. Look at the numbers… But the fact is, this type of headlines sell more clicks… Sad, but true.”
It's a complete mis-quote. Look at the numbers…
😂😂😂But the fact is, this type of headlines sell more clicks… Sad, but true. https://t.co/Zuega2hMjU
— CZ 🔶 Binance (@cz_binance) August 1, 2022
A Binance spokesperson who recently spoke with Forkast in an email also said, “90% of users from one specific entity on our platform were lost after we offboarded that organization for being in violation of our terms of use,” adding that “those users represented less than 0.001% of our daily trading volume.”
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