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Home > Acquisitions > Binance sued for allegedly facilitating money laundering with ‘lax KYC’
Sep21 - 20

Binance sued for allegedly facilitating money laundering with ‘lax KYC’

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.

Plaintiffs are claiming that its weak KYC requirements and high daily withdrawal limit facilitated the laundering of $60 million stolen from the exchange. The lawsuit was filed in the Northern District of California by representatives of Fisco cryptocurrency exchange, which acquired Zaif soon after the hack. Read the complete article HERE.

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