For anyone that read the recent news
[binance recovers $5.8m linked to axie infinity hack]( it says Binance has 86 “North Korean” KYC registered (in theory right?, because we the mortals have to do KYC on binance) entities who received the $5.8m .
So either Binance’s KYC program is rigged/broken or they facilitate North Korean “traders” (they practically don’t have access to worldwide internet there..) .
I wonder which is it.
I thought you guys wanted an anarchic financial system without regulations?
Excessive manipulation and access for questionable individuals like mentioned above is what you get.
Your theory is entirely wrong. Here’s the logic: Chainalysis and intergovernmental orgs prove DPRK hackers got into Ronin; looted Axie; attempted to mix coins and then attempted to transfer to Binance wallets. EVERY autocratic country in the world has holdings and accounts registered outside their country because the world generally doesn’t do business with these countries. Those Binance accounts were frozen entirely because Wallet, now proven to be connected to Lazarus, interacted with those Binance accounts. Those Binance accounts could be registered to dozens of island nation shares all over the world.
Neither of your dualities are the primary likelihood.
Could be that it’s just black market kyc account just random people id stolen and sold on black market
The higher class has internet access there
>So either Binance’s KYC program is rigged/broken or they facilitate North Korean “traders” (they practically don’t have access to worldwide internet there..) .
Why would Binance NOT accept customers from North Korea….. Binance is a GLOBAL company and they only fall under each nations regulations in so far as it applies to offering services to the customers that reside in those nations.
Your looking at this through a lens coloured by your own perspective…. It might be illigel for entities incorporated in your nation to offer services to North Korea (which is fine) but that doesn’t mean it applies to a foreign entity.
This is why Binance has incorporated entities for such regulated jurisdictions (Binance.us, Binance.au and so on). These entities will conform with each nations regulations, leaving the global arm free to operate however they deem fit for their business.
What your NOT highlighting here unfortunately is that BINANCE stepped in and seized stolen funds so it can actually be returned to there rightful owner….
Perspective….. Doesn’t automatically = fact.
Hell yeah. Juche for life. Let’s help out our anti-imperialist comrades.
Who cares, crypto is free, we arent talking about the fiat or swift system now are we? Stop trying to put regulations just because it doesnt suit your opinions, no matter who they are, north korean, usa, columbia, people will find a way to get some kind of valuta, if its simple gold, or food trading, or crypto or fiat, you wont ever manage to stop that so stop trying, and also will add this here, who the hell are you to dictate who gets to use crypto or not?
Can assure you that the top elite in North Korea do have internet and sure do have some crypto 😌
Serious question why does this matter? If crypto is defi why does it matter who or where? Aren’t we suppose to be taking the bad with the good?
Who cares crypto has no political bias
I don’t mind that N.Korea using binance with whatever reason. They re people too and I don’t think they are a threat to the world.
Kim Jong Un looks like someone who would buy up all the worst shitcoins on stupid amounts of leverage. There’s no way Binance are going to turn that down
Why would Binance block North Korean citizens? You know there’s people in NK that have internet access and that it makes no sense for a service provider to block NK citizens right?
It’s easy to pass KYC if you know the rules, so I’m not surprised if there would be more of them… ON EVERY EXCHANGE
I assume offshore entities that legitimately KYCed, and have now been uncovered to be owned by NK entities or at least receiving and laundering funds from the hack.I don’t think these accounts are North Koreans uploading a drivers license :/…
Edit- or even unknowing users that received the funds via tornado cash
they could be people who live in the west but have NK identification
Do you expect them to close their accounts? Or why does it matter that they have KYCed them?
They are like heroes in North Korea for doing this so nothing bad is going to happen to them.
People don’t want regulations. Also people in this thread:
So ?… I fail to see the problem
Decentralization… North korea exists, they can use crypto
Those are all money laundering accounts to get around sanctions for Kim. Binance has been known to be shady. Why they admited this is beyond me.
Those accounts have been linked to the Bored Kim Jong-un Nuclear Club
Binance is Chinese so what did you expect
Sone people have access to the internet in North Korea, also China and Russia often trade and help NK to bypass sanctions, so those KYC could be fake. Not that hard if hoy have country power and money behind you.
You’re saying you can’t KYC with a North Korean? Pretty racist, bru.
Either way this is not good news. If the Axie hackers (who are confirmed to be from NK) are liquidating on Binance…
CZ says they seized $5.8 million from Axie hackers. I wonder if that can be given back to the victims.
These hackers are dumb though for putting their crypto on a binance of all exchanges..
Stolen so called digital id’s.
They cant do it legally.
How they even using the internet In North Korea prolly still dialing up.
And?
Welcome to decentralisation 😅, it’s kind of the whole point is it not?
Binance is a global organisation so it’s not beholden to American sanctions except involving it’s United States customers.
Why anyone is still with Binance….
Good old Binance
may peace be with you man
Are we starting a new “Binance bad” + North Korea? Just to be sure so I can keep up with the trend
The NK citizen doesn’t have access to the worldwide internet. That doesn’t mean people in NK don’t have access.
So? If anything, events like this help further cement the notion that crypto is a store of value that can’t be tampered with.
They say money dousen’t smell
Soooo we want some regulation?
Oh yeah that’s definitely a big problem, not your keys not your coins.
I hope they don’t keep any funds in those accounts.
I wonder if they need someone to come help in person and explain how hardware wallets works, I’m always down for a treason charge!
🤣
86 out of a million + users is what %? That’s like six sigma levels of effective AML/KYC.
They have internet. It’s just only given to those in power or government positions. And the ones with access are doing illegal scams worldwide to make money for the government. This is widely known. Binance wouldn’t of known until they moved money and made a paper trial, now they have they can declare that fact
The justice is for the friends and the law for everybody else. That’s how it work.
Not surprised Binance is a crypto bank.