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OpEdNews Op Eds    H2'ed 11/3/19

Crypto Banking and Binance - what really happens to your funds and data

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Chinese tech firms are currently in the crossfire of the ongoing US-China trade war as the White House steadily slaps on more tariffs on Chinese goods and steel while the Chinese Communist Party presses on with slogans such as "Bully us, wishful thinking!" while raising US tariffs an additional 25%. Meanwhile, Chinese tech giants have been facing waves of allegations and barriers to entry. Telecom giant Huawei has been accused of allegedly spying on its users and crypto-exchange platform Binance is struggling to maintain a viable position in US markets.

Is your user data and money safe with Binance?

Originally based in Shanghai, the exchange platform now claims to be a wholly Japanese firm. While Binance moved its servers and headquarters to Japan, its motives remain the same. While no proceedings have been opened against Binance for data harvesting or mismanagement on behalf of the Chinese government, its dicey track record proves otherwise.

In May of this year, Binance was hacked with over $40 million worth of Bitcoin disappearing from investor balances overnight. One of the largest exchange platforms by volume, Binance was compromised through common phishing techniques, prompting traders to give away their API keys so that hackers had access to 2FA codes and other sensitive user data.

This exchange is known for its specific KYC procedures in which users identify themselves through photos holding their passport. Hackers are now holding over 60,000 of these images hostage and are demanding a ransom worth a total of 7 BTC.

Commissions and extortion

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David is an experienced news and financial affairs writer with an extensive background in business, policy and tech.
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