In one (n Notice Today, highly competitive crypto exchange, Binance has underscored its willingness to fully comply with various regulatory measures as it now requires mandatory verification for all of its users with immediate effect.
The exchange’s announcement on Friday now makes it a must for all new users to complete the interim verification as it gives them access to Binance products and services such as cryptocurrency, deposits, trades and withdrawals. Intermediate verification includes submitting an officially issued ID and facial verification.
Users need to complete the verification
Binance said in the six-part announcement that this is necessary to determine changes and improvements in the face of evolving global compliance standards to improve user protection and provide a crypto-friendly environment for all.
Existing users whose intermediate verification is incomplete will see a change in their account activity so that they are limited to “withdrawals only”. This means that they are limited to services such as withdrawal, cancellation of orders, position closing and withdrawal. However, you will get full access to the platform once they complete their verification.
This is in response to calls from global regulators for Know Your Customer (KYC) and Anti-Money Laundering (AML) to improve user protection and further fight financial crime.
According to the announcement, the verification will run in two phases for two months to ensure a smooth verification. It states: “This will be done in phases to minimize disruption to the user experience, from now until 10/19/2021 00:00 (UTC). Existing users will be informed directly with further details. As soon as the users have completed the intermediate verification, they can resume full access to Binance products and services. “
This step comes weeks after the exchange adjusted the withdrawal limit for unverified accounts from 2BTC to 0.06 BTC.
The exchange has become more prominent recently, particularly with various regulatory issues from countries like the US, UK, Canada, Cayman Islands, Hong Kong and several European Union countries.
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