Binance provides lifetime VIP membership to users affected by KYC leak

Aug 24, 2019

At the beginning of August, the world’s largest crypto exchange Binance is said to have suffered a data leak. Personal documents used in the KYC process (know your customer) allegedly leaked from the platform.

Crypto exchanges often require new users to submit an image of themselves as well as other information to verify their identity.

Extortion

Binance’s CEO Changpeng Zhao quickly wrote on Twitter that the exchange was investigating what had happened. In an official statement, it was then revealed that a hacker allegedly extorted the crypto exchange for 300 bitcoin in exchange for withholding over 10,000 images from users’ KYC process.

Binance has now decided to offer lifetime VIP membership to all users affected by the data leak.

Binance continues to investigate what happened.

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