China, Bans and Binance

Cryptos should be considered as a “banned” product  in China, but Binance is still trying to enter the market in plagal modes. More specifically, Binance employees and community members show ways in Chinese customers to use the platform.

KYC is the main issue in the crypto sector as they are directly linked with issues like anti-money laundering and terrorist financing.

It seems that Chinese clients will try to enter the exchange, stating fake addresses and uploading fake documents for banking and personal details.

This shows the regulation is always following the news and reaction is going to be bigger from China’s perspective. What is going to follow in the upcoming periods are more changes in the regulatory framework that will try to strict any operations for crypto companies that want to act globally.