Binance Makes KYC Mandatory For New Users
Binance, the world’s largest crypto exchange, has announced that new users on the platform will be mandated to complete Intermediate verification.
Mandatory KYC For New Binance Users
To enhance user protections and provide a safe crypto environment for everyone, Binance is making the following changes:
- All new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.
- Existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption.
This decision was made by Binance “in light of evolving global compliance standards” as well as to strengthen its Anti-Money Laundering (AML) rules. “This will further enhance user protection and combat financial crime.
The KYC update comes at a time when Binance has faced intense pressure from regulators around the world.
In response to regulatory concerns, the CEO Changpeng Zhao promised a focus on proactive compliance and a shift to becoming a regulated financial entity.
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