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96-97% of Binance Users Stick with the Exchange After Mandatory KYC, CZ Said to Bloomberg

Binance’s notorious CEO Changpeng “CZ” Zhao spoke to Bloomberg, and said that less than 4% of users stopped using the exchange after the introduction of mandatory KYC procedures.

At the end of August this year, in an attempt to build relationships with regulators who had been hammering Binance all summer, the largest cryptocurrency exchange required its users to undergo a verification procedure, including sending a scan of an identity document. All users without exception had to do this in order to use any of the site’s services.

The head of Binance said that after all the measures taken, the authorities have a better attitude towards the exchange, though they were skeptical at first. “We have established global holding entities etc. So we’ve set up a much more centralized structure. The details of that will probably come out soon. We want to communicate this with regulators around the world before we make any public announcements of the structure.” – CZ said in an interview.

Zhao only mentioned decentralization when asked about the recent Squid Game token case and its investigation, noting that such schemes are one of the drawbacks of the decentralized approach.

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