One of the world’s largest cryptocurrency exchanges, Binance, like most of its counterparts, has to face the challenges of money laundering, terrorist financing, and bad press.

Three of the most senior members of Binance’s compliance team recently discussed the challenges that the world’s biggest cryptocurrency exchange by trading volume faces in these areas and how it has affected them in an interview reported by CoinDesk on August 1.

Notably, Binance made the contentious decision in July 2021 to reduce the maximum amount of Bitcoin that customers without Binance KYC (know your customer) accounts may withdraw from 2 BTC to 0.06 BTC.

However, according to one of Binance’s lead Compliance Officers, Tigran Gambaryan, the move has cost the crypto exchange ‘billions in revenue.’ When he discussed how Binance is exponentially larger than its competitors but using ‘real maths,’ noted the rate of illegal behavior is the same across the board.

“We have lost 90% of customers after implementing KYC, losing billions in revenue,” he said.