Binance holds KYC service provider responsible for the data hack

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World’s leading cryptocurrency platform Binance was recently struck by another hack attack in which data of about 60,000 users was compromised. They have recently provided some new information on the ongoing investigation for this matter.

Binance updated the users on the matter by informing that the investigation is still going on and the cryptocurrency exchange will compensate for the loss of customer KYC data by providing the 60,000 victims with a lifetime Binance VIP membership.

The Exchange believes that the KYC( Know Your Customer) service provider is responsible for the data leak, and the company had no involvement in this. The company is offering lifetime Binance VIP membership to the affected users as compensation.

The Binance VIP status helps the user unlock access to the trading fees and preference during the services. This compensation is meant as a gratitude to the customers and the latest probe revealed that images released overlap with the data that was processed by the KYC service provider for the bank in December 2017 and February 2018.

Binance CEO Changpeng Zhao backed up this information by saying that there was a lack of digital watermark that is used for the internet on the leaked material. This gives no proof that the data was leaked from the exchange itself.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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