Binance is accused of providing users data to Russia

o_e_l_e_o

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Quote from: NotATether on May 07, 2022, 11:10:40 AM

And then how do you get the money to/from your bank?

Your choice. How do you want to get the money to/from your bank? Direct bank transfers with your trading partner are the most common. If you don't like that, then you can use a huge selection of payment processors - PayPal, Skrill, Advanced Cash, Zelle, Western Union, Cash App, Venmo, MoneyGram, TransferWise, etc. Pretty much any one you can name. Don't like that either? Then trade in cash - in person, via mail, cash deposit to a bank account, etc.

Quote from: BlackHatCoiner on May 07, 2022, 01:09:56 PM

Now you're on every analysis companies watchlist. You should take it for granted that they'll sell it to politicians, other CEX's, other data analysis companies etc.

Don't forget darknet markets. A significant number of users who have completed KYC at a variety of centralized exchanges have ended up with their information and documents for sale on the darknet. I challenge anyone who says they don't care about their privacy to try having their identity stolen and $100,000 of debt racked up in their name and not change their mind.

Anonylz

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Am just going to speak neutrally, it is good that people want to stay private and all that but when you look at it from another angle, are people really living a private life in this day and age where social media is the order of the day? exchange is not the only way people share personal info.
What about people who publicly share and talk about there experience with crypto! are they in danger of some sort? if binance share this info must be because of a reason, i mean there are millions of people using centralize exchange since perhaps close to a decade now and so far am sure %10 have not been arrested by the authority.
Anyways, this is just my own perception, i don't know how many decentralize exchange can provide the same service the centralize exchange provides.

BlackHatCoiner

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Farewell, Leo

Quote from: NotATether on May 07, 2022, 11:10:40 AM

That's one of the major downsides of using a DEX - sometimes they are even less secure/transparent/private than the centralized exchanges.

I can somewhat agree that it's less safe, in case you've drawn the attention of the bank/tax office, but I find this a fallacy.

It's far more private, which matters to your safety. The moment you hand out your selfies, phone number, email address, driver's license, home address, citizenship status etc., that very moment you will have lost every drain of privacy you could have ever had. Now you're on every analysis companies watchlist. You should take it for granted that they'll sell it to politicians, other CEX's, other data analysis companies etc.

Not using bitcoin, by the same reasoning, is more safe from a government's PoV.

macson

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Quote from: hatshepsut93 on April 24, 2022, 04:49:40 AM

When you are using a centralized exchange, you are trading your privacy for convenience. Assume that everything that you share with them - your ID, your address, your photo, all your transactions and trading data, will be shared with third parties. It can be your own government, foreign government, private companies and so on. And you never know what consequences it can have, maybe someone will decide to "cancel" or prosecute you over a transaction you did 10 years ago?

i only have accounts on some exchanges that don't require KYC because for me personally, privacy is the most valuable thing of all. i even often do P2P trading to avoid withdrawing funds from centralized exchanges. as you said, we don't know what will happen in the next 10 years, it's bad luck if the mistakes we made in the past ^{(following KYC)} end up being prosecuted in the future.

NotATether

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Quote from: GigaBit on May 03, 2022, 03:28:39 AM

This allegation has been denied by Binance. If you want to trade in a centralized exchange, you must do KYC. However, it is not safe all the moment. In this concern it is better to use decentralized exchange.

And then how do you get the money to/from your bank?

That's one of the major downsides of using a DEX - sometimes they are even less secure/transparent/private than the centralized exchanges.

The news is probably not a major security concern other than to Russians on a "list" defined by the Kremlin. For everyone else, it's a matter of your ID being shared with that government, but at least they're not going to be "found dead" somewhere because of this.

LUCKMCFLY

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In recent years Binance has a way of doing things in a very opportunistic way, because in Colombia they did something very similar, I think they are very arrogant to governments, banks and third parties and that will cause it to lose a lot of customers, this is a very negative attitude on the part of the Exchange, because the data they have should not be shared nixcomdos with anyone. they should respect that, fortunately there are much more exchanges that although they do not have the same trading volume at least they do not kneel to governments.

markko7

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As far as I know binance has blocked russian accounts

Mahanton

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Quote from: Xxmodded on May 04, 2022, 01:09:47 PM

Quote from: bittraffic on May 04, 2022, 10:34:10 AM

How high is the posibility of someone gonna be investigated by US government because he is closely working with someone from Russia's IP or trading on Russian exchange? And what about if someone if not from US but in Latin country?

I can just see Binance account going to be frozen, if they find something suspicous to the account thats linked to Russia's high rank official. But what about a freelancer hired by a Russian employer?

I don't think with United State possibility for suspend account who working with Russia's IP because there are not on their controlling, but I was disappointed if this news true why Binance providing with costumer data publish to the third side. I think this politician important only how to stop Russia and give suspend effect on every site after economic punishment not working yet right now try with different way. I think not have worry although Russian member will be safety with their account with Binance not connected or registered with United State country, the United State government not have enough power how to suspend with Binance account created with Russia IP.

There are lots of things that could possibly get involved with if we do really talk about the general idea on linking in between Russian users which these freelancers could really might able to
put themselves into trouble or headaches just because of some false decisions or unjustified ones thats why i wont be surprised if there would be some complaints about this one.
Its really that hard to be imposed but if BInance would really be having that decision then there's nothing we could do about.

Synchronice

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Quote from: BlackHatCoiner on May 03, 2022, 03:03:43 PM

Quote from: GeorgeJohn on May 03, 2022, 02:47:05 PM

What we should ask ourselves is that is possible for binance to release their database to someone or a group of people who requested for it? From my view i don't think it's cogent or it will happen

Then you're naive, no offense. We live in the age of information where everyone wants personal data. It's as valuable as money, because it gives you control. When you have millions of people's KYC data such as passports, driver licenses, pictures, phone numbers, email addresses etc., you can sell it to advertisers, chain analysis companies, other private companies, politicians, literally everyone. And do it again, and again, and again. There's no limit to reselling data.

Not only do they release their data once requested, but they are also getting breached very often. When you use such service, you should take it for granted that they will do these things, no doubt.

Believe it or not, people don't care whether their identification documents get revealed in public or not. Me and you can't imagine why someone shouldn't care about that but when I ask my friends why they blindly send KYC on every website's request, they answer me: Why does someone need that? They can't use it in anything, they can't kill me, they can't rob me and they can't sell me.

People don't analyze the value of data in this world. They don't want to understand how the data helps giant and rich companies like Walmart to optimize product assortment, personalize the shopping experience and do some other things. At some point, that data can bring you comfort but at the same time it makes you so readable for companies, you carry zero value and are directly the target of their marketing and sales.

Binance is the last company you should trust in the crypto world. This is a great company for those who don't care about their own identity and personality, don't care about their own data and just want to use the comfortable service.

Xxmodded

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Quote from: bittraffic on May 04, 2022, 10:34:10 AM

How high is the posibility of someone gonna be investigated by US government because he is closely working with someone from Russia's IP or trading on Russian exchange? And what about if someone if not from US but in Latin country?

I can just see Binance account going to be frozen, if they find something suspicous to the account thats linked to Russia's high rank official. But what about a freelancer hired by a Russian employer?

I don't think with United State possibility for suspend account who working with Russia's IP because there are not on their controlling, but I was disappointed if this news true why Binance providing with costumer data publish to the third side. I think this politician important only how to stop Russia and give suspend effect on every site after economic punishment not working yet right now try with different way. I think not have worry although Russian member will be safety with their account with Binance not connected or registered with United State country, the United State government not have enough power how to suspend with Binance account created with Russia IP.

bittraffic

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How high is the posibility of someone gonna be investigated by US government because he is closely working with someone from Russia's IP or trading on Russian exchange? And what about if someone if not from US but in Latin country?

I can just see Binance account going to be frozen, if they find something suspicous to the account thats linked to Russia's high rank official. But what about a freelancer hired by a Russian employer?

Myleschetty

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Quote from: GeorgeJohn on May 03, 2022, 02:47:05 PM

What we should ask ourselves is that is possible for binance to release their database to someone or a group of people who requested for it? From my view i don't think it's cogent or it will happen, it's obvious that if binance does that, no transaction of any one cryptocurrency is safe.

Yes, they can and I will advise you to go always read most CEX terms and conditions about their user data protection guidelines. You'll see a clear statement that they have every right to provide their user data to the authority at some point and this is the reason why most crypto community and privacy enthusiasts never like or support CEX.

BlackHatCoiner

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Farewell, Leo

Quote from: GeorgeJohn on May 03, 2022, 02:47:05 PM

What we should ask ourselves is that is possible for binance to release their database to someone or a group of people who requested for it? From my view i don't think it's cogent or it will happen

Then you're naive, no offense. We live in the age of information where everyone wants personal data. It's as valuable as money, because it gives you control. When you have millions of people's KYC data such as passports, driver licenses, pictures, phone numbers, email addresses etc., you can sell it to advertisers, chain analysis companies, other private companies, politicians, literally everyone. And do it again, and again, and again. There's no limit to reselling data.

Not only do they release their data once requested, but they are also getting breached very often. When you use such service, you should take it for granted that they will do these things, no doubt.

GeorgeJohn

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Quote from: crwth on April 24, 2022, 04:55:31 AM

This is alarming because I know that Binance also donated funds to Ukraine to help those in need and recover. But the facts that Binance put forward are convincing because they did help analyze data towards cybercriminal rings, and they did do good on that. So, what benefit would they get in providing data to Russia? Unless there's something more underneath it all.

What we should ask ourselves is that is possible for binance to release their database to someone or a group of people who requested for it? From my view i don't think it's cogent or it will happen, it's obvious that if binance does that, no transaction of any one cryptocurrency is safe.

Argoo

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Quote from: cryptoaddictchie on May 01, 2022, 11:01:00 PM

So does it mean Binance afraid to lose the trading volume on Russia by denying this issue? Ops, CZ seems to be desperate, if this allegiation were true. Im an old user of this platform, and it really sad to hear that the only platform I trust would resort to politician issue especially when it involves money. Anyway will follow the story.

It must always be remembered that finances are inseparable from politics. Power and money have always been inseparable. If someone hopes that the cryptocurrency will fall out of the sight of states, he is deeply mistaken. The influence of states on the crypto sector will increase as the position of the cryptocurrency strengthens.
Binance, like any cryptocurrency exchange, is located on the territory of a certain state and cannot ignore the requests of this state, otherwise it will be immediately closed. So it's all logical. Moreover, now the entire civilized world is uniting around Ukraine in order to curb the predatory appetites of the aggressor country, which is Russia, and it is very dangerous for Binance to ignore this and automatically rank as the defenders of the aggressor.

Mariah20

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Quote from: GigaBit on May 03, 2022, 03:28:39 AM

This allegation has been denied by Binance. If you want to trade in a centralized exchange, you must do KYC. However, it is not safe all the moment. In this concern it is better to use decentralized exchange.

There is not many options available in decentralized exchanges at the moment. If I wanted to do future trading or margin trading, does any decentralized exchange offers it? Even most decentralized exchanges don't have order books, they only have the swapping options.

virasog

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Quote from: hatshepsut93 on April 24, 2022, 04:49:40 AM

Reuters has published an investigation where they claim that Binance worked tightly with Russian government, including helping them track donations to opposition politicians

Binance made a statement where they denied all allegations

When you are using a centralized exchange, you are trading your privacy for convenience. Assume that everything that you share with them - your ID, your address, your photo, all your transactions and trading data, will be shared with third parties. It can be your own government, foreign government, private companies and so on. And you never know what consequences it can have, maybe someone will decide to "cancel" or prosecute you over a transaction you did 10 years ago?

I don't understand who demanded this data from binance, but according to the terms and condition, binance can share any data with the government, if the government demands legally.
This is unfortunately a risk with any centralized exchange who demands KYC. All our activities are tracked and can be shared with anyone.

GigaBit

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This allegation has been denied by Binance. If you want to trade in a centralized exchange, you must do KYC. However, it is not safe all the moment. In this concern it is better to use decentralized exchange.

amishmanish

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Finance wars and war financing go hand in hand. Russians accuse Ukraine of selling soviet military technology. Now they track the Ukrainian finances. This is a very important lesson, you will be tracked, by governments, by financial institutions and by bogus bodies as well. Keep your digital identity safe, keep your crypto keys safe. Who knows they will be your biggest asset in your crisis times.

Binance has proven itself unworthy of investment and has potentially scarred of several future clients, all for what? Putin.
Musk please buy binance, lets put things in order... Wink

suzanne5223

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Quote from: cryptoaddictchie on May 01, 2022, 11:01:00 PM

So does it mean Binance afraid to lose the trading volume on Russia by denying this issue?

If the accusation is true, Binance denies it in other not to lose its reputation and the trust of the crypto community.

Quote from: cryptoaddictchie on May 01, 2022, 11:01:00 PM

Ops, CZ seems to be desperate, if this allegiation were true. Im an old user of this platform, and it really sad to hear that the only platform I trust would resort to politician issue especially when it involves money. Anyway will follow the story.

There's a strong relationship between the Chinese and Russia. Judging by this the accusation could be true but I am surprised you totally trust a CEX platform that is always controlled by the FED and some Big brother which seems to be powerful.
Something good doesn't always come out of CEX and this is the reason why most decentralized enthusiasts don't like CEX.

Topic: Binance is accused of providing users data to Russia (Read 879 times)