Cryptocurrency Exchange

Binance addresses controversial crypto exchange user KYC data story

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Recently, Coin Rivet and numerous different websites stated that a darknet vendor, posting on the darknet forum ‘Dread’ under the ‘ExploitDot’ moniker, was trying to sell 100,000 know-your-customer (KYC) documents, supposedly stolen from exchanges including Binance, Bitfinex, Bittrex, and Poloniex.

And it currently claims to own proof proving that the leaked KYC photos don’t seem to be from its accounts. In an exceeding statement issued to Coin Rivet, it says: “As we’ve got usually declared, security is our prime priority. With this in mind, we’ve got varied measures in situ to confirm the safe-keeping of our customers’ info.”

“Binance KYC information, together with all dimensions of identity attributes, ar hold on and indexed with fine-grained permission controls and any protected by rigorous security audits. With relevancy the news of “leaked KYC photos” creating its rounds on social media, we’ve got confirmation that the photographs don’t seem to be from Binance accounts,” it adds.

During the KYC method, all image information collected from customers is embedded with a hidden digital watermark. These solely perceptible underneath specific conditions, enabling Binance to infix info on every person that has initiated image-related operations, in addition, because of the supply of the icon and relevant audit details. These watermarks will be detected notwithstanding the photographs are changed.

Second largest altcoin Ethereum (ETH) has conjointly seen its worth decrease by regarding 1/2 a p.c over the last twenty-four hours. At press time, ETH is mercantilism at $116, having started the day regarding one greenback higher. On the weekly chart, Ethereum’s current worth is less than $122, the value at that the coin started the week. Also, recently news poor that forty p.c of institutional investors believe blockchain is also the foremost necessary innovation since the web, in keeping with a survey by trade association the world Blockchain Business Council.

“After careful assessment, we’ve got finished that the photographs in question don’t contain our watermark, indicating that these pictures don’t seem to be from verified Binance accounts. Additionally to the same technology, within the best interest of protecting our customers, we have a tendency to conjointly make sure that all sensitive user info, like image information, is encrypted in accordance with trade standards (AES). As a result, customers also are well-protected at the associate degree infrastructure level,” Binance says.

“If to any extent further allegations relating to leaks of sensitive info ought to arise, we are going to stay diligent in promptly reviewing and assessing the validity of such claims,” it concludes.

We’d say, let’s all move on now, but something tells us this story still has legs.

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