Most Crypto Exchanges Still Don’t Have Clear KYC Policies

“Where the industry currently stands, it is an ambitious, yet ongoing effort, to implement a unique KYC requirement to service all of our users and businesses. However, in every single jurisdiction that it operates in, Binance adheres to all local rules and regulations and has built trust among the public through its developments, services and values since its inception. For all of our regulated/licensed businesses, the standard followed is the model which is approved by the regulating body, including Jersey, Uganda, Malta and Singapore.”

“If, for example, you lose your money and think it is a U.K. company and that you can have recourse for this money, if this entity is some dodgy jurisdiction and you don’t know who is the owner, it’s very difficult to have recourse.”

Read more: CoinDesk