On March 24, the Binance team launched an internal investigation to uncover the truth behind the recent saga of bypassing the Chinese Know Your Customer (KYC) measures. A report from the Chinese regulators revealed that the Binance team supported the user to bypass the security protocols, which threatened the performance of the financial market.
Responding to the March 23 claims, the Binance spokesperson argued that the company had adopted measures to uphold ethical principles. The spokesperson confirmed that the company had taken corrective action to probe the matter.
Process of Internal Investigation
Per the spokesperson report, he mentioned that the investigation would be undertaken in two phases to determine whether the crime contravened Binance policies. The Chinese regulators argued that the Binance team used false documentation to breach the security protocols.
Also, Binance was accused of misuse of its proprietary tools to block VPNs to allow the user to access restricted networks. The regulators claimed that the unlawful activities were executed by the Binance team in collaboration with volunteer groups.
A defensive report from the Binance team revealed that the firm had implemented artificial intelligence technology to prevent any incidence of bypassing security protocols. This technique blocks the Binance user from engaging in any activity that might contravene the company policies.
Nonetheless, the Binance team has adopted a friendly work culture that allows the management to review the company policies regularly. The bold move of the Binance management ensures that the employees’ output meets the market demands and complies with the regulations.
A recent amendment of the Binance company policies compelled the staff to comply with the three months crypto policy to address insider trading concerns.