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Binance employee claims loss of 90% of customers and billion dollars in revenue

Binance employee claims loss of 90% of customers and billion dollars in revenue

In 2021, the exchange limited the withdrawal of funds for non-verified users. Company representatives claim that this led to the loss of billions of dollars in revenue.

According to Coindesk, in July 2021, the cryptocurrency exchange lowered the limit for withdrawal of funds for accounts that failed to pass the KYC from 2 BTC to 0.06 BTC. Such a decision cost Binance “a lot of money,” but since then, the proportion of illegal transactions on the platform has decreased significantly.

In total, according to employees of the Binance compliance department, the platform has lost about 90% of its customers, which deprived the exchange of billions of dollars in revenue. 

At the same time, Binance pointed out that the accusations of its customers using VPNs to evade sanctions are groundless since not a single exchange blocks this service, and the activity of VPNs does not indicate criminal activity.

Moreover, the platform keeps serving Iranian customers outside of Iran because it does not violate U.S. sanctions. In early July, Reuters reported, citing Iranian crypto traders, that the cryptocurrency exchange Binance was serving Iranian customers despite the U.S. sanctions imposed in 2018.

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