As recently as two years ago, Binance, the world's largest cryptocurrency exchange, allegedly required little more than an email address from customers seeking to transfer thousands of dollars in a single transaction. In September 2018, hackers exploited Binance's deficient know-your customer threshold and other policies to launder $9 million in bitcoins they had siphoned only days before from Zaif, a Tokyo-headquartered cryptocurrency exchange, the victim firm's parent company, Fisco Cryptocurrency Exchange, claimed in a Sept. 14 lawsuit in San Jose. "Because of its lax policies during the periods relevant to this action ... Binance Holdings, Ltd., was a 'go-to' location...
The Japanese cryptocurrency exchange Fisco Cryptocurreny Exchange Inc. sued Binance Holdings Ltd., a Cayman Island-based digital asset exchange in the U.S. Northern District of California District Court for money laundering.
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