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That’s why Binance has lost 90% of users and billions of USD in revenue

admin by admin
August 4, 2022
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After implementing the Know-Your-customer (KYC) procedure, Binance loses 90% of users and billions in revenue.

As the world’s largest crypto exchange Binance, Binance also had to take precautions against money laundering and terrorist financing.

Three of the longest-serving members of Binance’s compliance team recently spoke to CoinDesk in an interview about how Binance has lost billions in revenue since the controversial arrangements.

In July 2021, the exchange introduced the regulation that customers without KYC accounts can only withdraw up to 0.06 BTC instead of 2 BTC.

According to Tigran Gambaryan, one of Binance’s leading compliance officers, the move has cost the exchange billions in revenue.

“We lost 90% of customers after implementing KYC and lost billions in revenue”

According to research conducted by Binance, the amount of illegal money brought in is weighed against the entire volume of the exchange.

It can be seen that although some illegal money is brought in, a considerable amount of money also comes in.

“Binance is better or the same as most exchanges. Our stuff was drastically better than Kraken, better than Coinbase in some areas, and worse in some areas. But there is not a single outlier.”

Binance operates in many countries (including France, Italy and Dubai), which, according to the senior compliance officer, makes the work challenging, which is why Gambaryan admitted that the exchange needs to give more weight to these countries.

“There is a big difference [in der Menge illegaler Aktivitäten], not only in the case of deposits, if you look at the total percentage of transactions. Binance is exponentially larger than its competitors.”

In particular, Binance has overtaken Coinbase to become the world’s largest, benefiting from increased PR efforts and securing full regulatory approval in Dubai in March, Bahrain, France and Italy in May, and Spain in July 2022.

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