Telegram messages among Binance staff indicate that some senior employees, including Samuel Lim, the compliance chief, and Karen Leong, then global money laundering reporting officer, were aware that background checks on users were not rigorous. Reuters reviewed the communications, which were sent in mid-2019. Lim remains in charge of compliance and Leong is Director of Compliance for the firm.

In one message, Leong said Zhao wanted “no kyc,” referring to know-your-customer checks that verify clients’ identities. Leong said Zhao wanted “users to be able to trade within 10 minutes” of signing up.

In the same exchange, Leong messaged, “Reduce KYC. Raise Limits. BEST COMBO,” appearing to refer to limits on the amount of money users could deposit or withdraw. Leong then posted an emoji showing sadness.

Lim expressed doubts about Zhao’s plan for fiat-to-crypto exchanges. “Damn why touch fiat if dont wanna be compliant. So ironic LOL,” Lim wrote. “Just stay full crypto man. Jizzus.”