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CZ reveals how many users left Binance after mandatory KYC
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Major crypto exchange Binance took a compliance-friendly approach to its business after years of cat-and-mouse game with regulators around the world and it worked surprisingly well in terms of user retention, according to a new interview with Binance CEO Changpeng Zhao.
Speaking to Bloomberg News, CZ noted that Binance made Know Your Customer (KYC) processes mandatory “for global users, for every feature” in a bid to attract new users as a regulatory-compliant business. He revealed that Binance lost about 3% of the users after making KYC obligatory.
Binance didn’t immediately respond to Cointelegraph’s request for confirmation.
KYC is a common practice used by crypto exchanges and traditional financial institutions. It enables companies to
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