Topic: Binance is accused of providing users data to Russia - page 4. (Read 870 times)
This is an eye-opener really, and this actually brings out the problem with the new KYC norm that every exchange has these days, the data that the exchanges hold isn't secure at all, it is traded in the open market and is misused for sure, I remember there was a new project working on providing decentralized KYC, from where your data is stored in blockchain and can't really be misused by the exchange, but that project didn't really pick up great steam because exchanges didn't want to lose a great chunk of revenue which they get from selling data of users, but really there is a great market potential of such a project where data can be stored securely and cannot be misused.
I don't really trust the most reliable exchange, data is certainly a strong factor to be easily transferred at any time if Binance wants to continue operating in Russia. In addition to reporting, Reuters also continues to provide information in the form of strong evidence. At least justify with many references. First, the UK-based Reuters company and the UK conflict with Russia are clearly not going well. What if as a trigger to play each other so that more and more people think Binance really has harmony with Russia. Anything can happen, political friction can easily be played out in the media.
For some reason, I am not surprised, even though the exchange is number 1 in the world, but it often bends with regulators, so there is no certainty that they did not do it.Once again, I am convinced that you need to use dex exchanges and no one has any questions.
This is alarming because I know that Binance also donated funds to Ukraine to help those in need and recover.
Am quite surprised as well that Binance could do such, although this shouldn't be a surprise in other way if we are to consider how privacy is not priotize in centralized exchanges but i never expected such action to be from Binance of all, what i know initially was how US work in hand with centralized exchanges in tracking and revealing Russians Crypto transactions and placing embargo on any account traced to be from Russia, but having it turned the other way round is questionable on Binance else this time around, Binance will not go away with it in having sanction from US as in the case Bitriver.
what benefit would they get in providing data to Russia? Unless there's something more underneath it all.
I hope that Binance should not embark on what can lead to tarnish it image on the level of reputations it have developed, still yet I want to believe this isn't real, because one thing am very sure of is that if US finally find out that such is true, then Binance have to start getting ready to face serious challenge, also even if Binance where to do such i believed it should be in favour of Ukraine and not Russia, else something is really fishing beyond ordinary.
This is alarming because I know that Binance also donated funds to Ukraine to help those in need and recover.
Binance donating funds to Ukraine is nothing but a PR stunt. Not that many others are not guilty of the same thing of course...So, what benefit would they get in providing data to Russia?
They want to be able to operate in Russia so of course they will do whatever its needed to keep the status quo, as simple as that. And they will do the same thing for any other country that has big enough market. I don’t believe CZ is going to do that because he knows that integrity and trust is something that he needs to hold on more than what he has.
Ferengi Rule of Acquisiton: "Let others keep their reputation. You keep their money".But of course, the truth will be uncovered later on but right now I do not believe that Binance is going to do that to cooperate with the evil Russian government.
Binance is ready to cooperate with any government, that's just how all exchanges operate, especially those that are as ambitious as Binance and are getting into everything. 
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.
There is always something more to what's shown in the surface. Businesses, just like people, always maintain a different face in the public and another when in closed doors.
What benefit? Well, not only is Binance still doing business in Russia, it has actually experienced growth ever since the invasion began. Or perhaps, as Kostarev mentioned, "he didn't have 'much of a choice' in the matter." We all know how Russia works.
Binance itself admitted that they are "actively seeking compliance in Russia." And if we look at Binance's track record, it is not unimaginable that they would easily give in to, in their own words, "appropriate requests from regulators and law enforcement agencies."
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?
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?
Russia, China, USA... It doesn't matter who gets your data. Once you use any of those centralized exchanges, somebody will take a peek at your actions. Same with the banks. Every purchase you made is recorded and will be used against you when needed.
That's why you shouldn't be too "careless" with you crypto purchases. If you are doing something you shouldn't be doing, then you better take serious precautions or don't do it all.
So, what benefit would they get in providing data to Russia? Unless there's something more underneath it all.
Russian government would have banned Binance in Russia if they refused to cooperate.
This is alarming because I know that Binance also donated funds to Ukraine to help those in need and recover.
The fact that Binance is not banned in Russia after donating to Ukraine and helping with NFTs for Ukraine could be viewed as circumstantial evidence that they indeed work with Russian government. Because Russian government have closed "extremist" sites like Instagram and Facebook over their support for Ukraine and refusal to fully comply with Russia. With this logic they should have banned Binance for donating to Ukraine, which according to Russia is a Nazi country that kills Russians.
Putin, like no one else, unwittingly did a lot of good things for uniting the Ukrainian nation, and indeed for uniting NATO.
As for Binance, it is quite possible that this exchange cooperates with all parties at once. But for now, these are just speculations.
Russian government would have banned Binance in Russia if they refused to cooperate.
I did research quite a bit on it and they are the second-largest volume in trading next to China. So they wouldn't want that for sure. This could be the strong arm or something. The fact that Binance is not banned in Russia after donating to Ukraine and helping with NFTs for Ukraine could be viewed as circumstantial evidence that they indeed work with Russian government. Because Russian government have closed "extremist" sites like Instagram and Facebook over their support for Ukraine and refusal to fully comply with Russia. With this logic they should have banned Binance for donating to Ukraine, which according to Russia is a Nazi country that kills Russians.
Probably there's something underneath, hmm. Could of just been a PR stunt so to make them look good in the eyes of global leaders.
I remember reading something about CZ working with the Chinese government but can't recall what that was. So it must of not been that important and just white noise when it comes to this exchange.
They tend to bend to the will so to whitewash their reputation and look good to all who they want to have deals with and intend to in the future.
It could've been. As long as they make it seem that they are doing good, they do it. I hope there are no more scandals on it or something because it's not great to have that with an exchange like Binance. Kinda sketchy I remember reading something about CZ working with the Chinese government but can't recall what that was. So it must of not been that important and just white noise when it comes to this exchange.
They tend to bend to the will so to whitewash their reputation and look good to all who they want to have deals with and intend to in the future.
Exchanges and any other centralized services - ETFs, funds etc - make all utility and benefits of using Bitcoin to be destroyed. All Satoshi wanted was for people to be able to transact P2P, without trusted third parties and in a decentralized system. The use that a large part of the world makes and that generates the biggest ''big'' news is completely against everything.
And the biggest problem for me is that when we use cryptocurrencies ''wrongly'', the risks are even greater than those of the traditional economic system. We are greatly complicating our situation, in terms of privacy and security.
And the biggest problem for me is that when we use cryptocurrencies ''wrongly'', the risks are even greater than those of the traditional economic system. We are greatly complicating our situation, in terms of privacy and security.
I don’t believe CZ is going to do that because he knows that integrity and trust is something that he needs to hold on more than what he has.
Yet he broke such trust few times, from sudden mandatory KYC[1] to denying user data was hacked[2].
We need more truth to this one, but so far I do not believe in this news that would just simply cause panic to the entire crypto market, especially for those who are using the Binance exchange. But of course, the truth will be uncovered later on but right now I do not believe that Binance is going to do that to cooperate with the evil Russian government.
I agree, but considering they launched campaign to hurt cryptocurrency privacy/decentralization[3], i wouldn't be surprised if this news is true.
[1] https://bitcoinmagazine.com/business/binance-now-requires-mandatory-kyc
[2] https://www.coindesk.com/markets/2018/02/08/binance-denies-hack-as-exchange-halts-trading/
[3] https://bitcointalksearch.org/topic/binance-calls-for-global-crypto-regulation-5371888
Providing your personal data to exchanges is not the smartest idea, much less supporting opposition activity in a country with a dictatorship from a verified account. I don't think that Binance is such a reliable exchange that you can trust your passport to it, especially since there have already been cases of leakage of personal data from there. Binance did not admit it then as well as now.
I don’t believe CZ is going to do that because he knows that integrity and trust is something that he needs to hold on more than what he has. We need more truth to this one, but so far I do not believe in this news that would just simply cause panic to the entire crypto market, especially for those who are using the Binance exchange. But of course, the truth will be uncovered later on but right now I do not believe that Binance is going to do that to cooperate with the evil Russian government.
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.
Could of just been a PR stunt so to make them look good in the eyes of global leaders.I remember reading something about CZ working with the Chinese government but can't recall what that was. So it must of not been that important and just white noise when it comes to this exchange.
They tend to bend to the will so to whitewash their reputation and look good to all who they want to have deals with and intend to in the future.
Déjà vu
And now imagine some Russian guy has used an address linked to his Binance account to donate some coins to an Ukrainian fund
Staying alive and continuing business? Or face the consequences?
Fuck Binance. Handing over the data of anti-corruption activists and politicians to Putin's party, so they can be allowed to keep operating in the country.
And now imagine some Russian guy has used an address linked to his Binance account to donate some coins to an Ukrainian fund
So, what benefit would they get in providing data to Russia? Unless there's something more underneath it all.
Staying alive and continuing business? Or face the consequences?
Quote
- Sergei Protosenya, a former top executive at Russia’s energy giant Novatek, was discovered dead in a rented villa in Spain on Tuesday, along with his wife and daughter, who were reportedly on vacation for East
- On April 18, just a day before Protosenya’s body was discovered in Spain, former Gazprombank vice-president Vladislav Avaev, along with his wife and daughter, was discovered dead in his multi-million dollar apartment on Universitetsky Prospekt in Moscow.
- On March 24, Russian newspaper Kommersant reported the death of billionaire Vasily Melnikov in his luxury apartment in Nizhny Novgorod Melnikov—who reportedly worked for the medical firm MedStom—was found dead in the apartment together with his wife Galina and two sons.
Of course and they do. They're already selling everyone's data. Would they say no if they were going to be removed from Russia?
The best IQ test is with intelligence quotient. The second best is with which way you're using bitcoin.
When you are using a centralized exchange, you are trading your privacy for convenience.
Besides privacy, which is seen as an object of exploitation and blackmailing from Binance, you're also trading your right to move your money wherever and whenever you want. On top of that, you're charged 50k sats each time you transact for confirming you're agreed under these unpropitious conditions.The best IQ test is with intelligence quotient. The second best is with which way you're using bitcoin.
In what way Binance gonna profit out of providing users data.
In the same way Google, Facebook and every other company that possesses millions of people's information do. They're going to sell it in bulk to private companies which will later analyze it and resell it, or directly to governments. 
Binance being a trusted exchange as well as one among the most used platform based on the service it has been providing. Every beginner to cryptocurrency used to first talk about Binance, because it is that popular. Such a much reputed company should not get into these kind of cheap politics. None is sure to what extent this information is true. If this is true, surely it is contemptible. In what way Binance gonna profit out of providing users data. Also Reuters won't reveal news without proper evidence.
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I heard about that news. Reuters claims that they have a document about the conversation of the email between the company with Binance. But I do not know the truth and if I am not mistaken, Kostarev on his Facebook page says that the news is not right. It is impossible for him to give the data to Rosfin or FSB. The situation becomes unpredicted while Binance does not want to freeze the user from Russia because Binance wants to build and expand his business in that country.
I am hoping this is just fake news and I'm glad that Binance already released a statement that they allegation because this will affect their exchange, especially they have BNB altcoin which their centralized exchange is the biggest player why BNB is soaring in terms of price and trading volume.
People should be aware that this is the biggest threat when using centralized exchange, especially undergoing KYC. Glad to know that there are already a lot of decentralized exchanges nowadays.
People should be aware that this is the biggest threat when using centralized exchange, especially undergoing KYC. Glad to know that there are already a lot of decentralized exchanges nowadays.
I would say that someone in this story is lying, because Gleb Kostarev, who is the main man of Binance for Eastern Europe and Russia, actually admitted that he handed over the data to Russian security agencies, while the great boss CZ claims that he has no idea, or that is not true. I am not at all surprised by this business practice by a Chinese company that has very friendly relations with Russia, even though they try to present themselves as humanitarians who donate to Ukraine at the same time.
The logical conclusion is that Binance is more valuable to the Russians because of something, regardless of the fact that they donate to the side with which they are at war. I would not be surprised if all the private donations that go through Binance to Ukraine are not shared with Russian security agencies.
The fact that Binance is not banned in Russia after donating to Ukraine and helping with NFTs for Ukraine could be viewed as circumstantial evidence that they indeed work with Russian government.
The logical conclusion is that Binance is more valuable to the Russians because of something, regardless of the fact that they donate to the side with which they are at war. I would not be surprised if all the private donations that go through Binance to Ukraine are not shared with Russian security agencies.
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