Binance, a cryptocurrency exchange, has been serving customers in jurisdictions they have been banned from by creating shell exchanges that they control, according to Chico Crypto. The US Justice Department has been pursuing a money laundering investigation into Binance for at least a year, and Reuters revealed fresh details about Binance’s strategy for keeping regulators at arm’s length. Furthermore, investigations reveal that Binance has continued to serve US customers and jurisdictions they’re banned from through shell exchanges. Bitforex, a non-KYC exchange, is consistently the top-performing exchange for various cryptocurrencies on Coingecko, suggesting it may be a Binance shell exchange. Additionally, Binance is serving customers in India through similar ways.
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Breaking News: Binance Still Operating in Banned Jurisdictions
Introduction
Chico Crypto is on the beaches of Rio De Janeiro to break some big news that will rock the crypto industry. According to Chico, Binance is still serving customers in jurisdictions that they have been banned from, such as the United States.
The Investigation
Binance has been feeling the heat from U.S regulatory bodies for at least a year now. They created the Binance US exchange to serve US customers that “complied” with US regulations, which was a separate entity not owned by CZ and Binance. However, new reporting by Reuters reveals fresh details about Binance’s strategy for keeping regulators at arm’s length and continuing disarray in its compliance program.
Chico Crypto’s Findings
Chico Crypto reveals that Binance has been and continues to serve US customers and other jurisdictions they are banned in through shell exchanges that Binance controls. Upon analysis through Coingecko, Chico has found that exchanges with high amounts of volume are routing directly to the Binance exchange. The exchange used is called Bitforex, which is a non-kyc exchange similar to Binance in its early days. It takes seconds to get signed up with only an email to start trading.
Chico believes that Bitforex is just a Binance shell exchange where US customers can still sign up and trade through the Binance engine on Bitforex. Chico further reveals that Binance is serving customers in India through the same way.
Sponsored Segment: Dimitra
In the middle of the video, Chico Crypto talks about Dimitra, a web3-based Agriculture-Tech company building real-world solutions using blockchain, incorporating mobile technology, machine learning, and artificial intelligence, among other advanced farming technology. Dimitra’s data-driven approach is already serving millions of farmers worldwide and helping them increase their yields, reduce expenses, and mitigate risk.
Dimitra’s suite of applications includes the Connected Farmer Platform, The Livestock Guru, Connected Coffee, and the Deforestation Platform. All these apps work seamlessly together on the Agtech Global Operating System of applications, making farming much more manageable.
Conclusion
Binance is still serving customers in jurisdictions they have been banned from. Chico Crypto has revealed that Binance is using shell exchanges, such as Bitforex, to serve customers in banned jurisdictions. However, through proper analysis, Binance’s criminal shade is getting revealed by other Dark Knights in crypto. Meanwhile, Dimitra is revolutionizing the Agriculture-Tech industry by providing real-world solutions to millions of farmers worldwide through blockchain technology.
