So.. Binance just admitted the exchange has 86 North Korean entities KYC registered on their exchange.

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.

View Source

43 thoughts on “So.. Binance just admitted the exchange has 86 North Korean entities KYC registered on their exchange.”

  1. 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.

    Reply
  2. 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.

    Reply
  3. >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.

    Reply
  4. 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?

    Reply
  5. 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?

    Reply
  6. 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.

    Reply
  7. 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

    Reply
  8. 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?

    Reply
  9. 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

    Reply
  10. 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

    Reply
  11. 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.

    Reply
  12. 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.

    Reply
  13. 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.

    Reply
  14. Either way this is not good news. If the Axie hackers (who are confirmed to be from NK) are liquidating on Binance…

    Reply
  15. 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..

    Reply
  16. 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.

    Reply
  17. So? If anything, events like this help further cement the notion that crypto is a store of value that can’t be tampered with.

    Reply
  18. 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!

    🤣

    Reply
  19. 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

    Reply

Leave a Comment