Binance, one of the largest cryptocurrency exchanges in the world has been a lot in the news lately. The platform’s fallout with several regulators from all around the world has made the exchange the talk of the crypto-town. Further focusing on its security aspect, Binance decided to formulate new Know-Your-Customer [KYC] procedures.
The Changpeng Zhao-led exchange had been making headlines over the delisting of assets and closing of partnerships. Steering away from all the bad news, the platform started this week off on a good note. The exchange went on to hire the former US Treasury Criminal Investigator to look into the Anti-money laundering [AML] requirements of the platform. And, now the exchange is all set to ramp up its KYC system.
In a recent tweet, CEO CZ went on to share the blog post that had information pertaining to the latest KYC requirements of Binance. This was further followed by another message. The tweet read,
Binance to bolster its KYC requirements
The crypto exchange, in its blog post, noted that the existing users would have a slightly different set of rules compared to the new users. Elaborating on what the new users have to follow, the post read,
“Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades, and withdrawals.”
However, for existing users, if they haven’t completed their “Immediate Verification” they would have access to limited services as their accounts would go into “Withdraw Only” mode. This would include, withdrawal, order cancellation, position close, and redemption.
Soon after these users complete their verification, they would garner access to all the other services. The aforementioned Withdraw only service would take place until 19 October 2021.
Speaking about this unexpected change, the exchange stated,
“Binance reviews its products and services on an ongoing basis to determine changes and improvements in light of evolving global compliance standards.”