Binance Investigating ‘KYC Leak FUD’ as User Selfies Allegedly Exposed

The CEO of cryptocurrency exchange Binance has refuted claims hackers gained access to confidential user information such as personal ID.

CZ: “Don’t fall into the ‘KYC leak’ FUD”

In a tweet Aug. 7, Changpeng Zhao described rumors circulating about the alleged know-your-customer (KYC) data leak as an attempt to spread “FUD” (fear, uncertainty and doubt).

“Don’t fall into the ‘KYC leak’ FUD. We are investigating, will update shortly,” he wrote.

Social media users had panicked earlier after what appear to be fake warnings showed figures posing with personal documents, apparently of Binance users.

“KYC is important” Telegram group member count soars

A dedicated Telegram group featuring the documents currently has more than 8,300 members, growing by thousands in a matter of minutes. Material posted to the group lacks the digital watermark Binance uses for its internal information, adding doubts about its authenticity.

Binance is one of the world’s largest cryptocurrency platforms by volume. Last month, it introduced margin trading in a competitive move against market giant BitMEX. 

Cointelegraph has reached out to Binance for comment but did not get a reply by press time. A Binance representative, however, said that an official statement is coming shortly.

The story will be updated as it develops.