New Binance users must undergo identity verification to gain access to the exchange’s products and services, including cryptocurrency deposits, trading and withdrawals.
Starting immediately, all new users must complete Intermediate Verification in order to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.
— Binance (@binance) August 20, 2021
Active clients are advised to complete verification to avoid access restrictions. Those who fail verification will be left with only withdrawal, order cancellations and position closings. The measures will be introduced in stages.
Binance explained the policy update as part of efforts to implement norms KYC and AML for better protecting users and fighting financial crime.
«We see our mission as creating a sustainable ecosystem safe for all participants», said the exchange’s founder and CEO, Changpeng Zhao.
Earlier, Zhao published an open letter in which told about the company’s plans for ensuring compliance and protecting customers.
In the ForkLog report «July 2021 in numbers», regulatory complaints levelled against Binance are listed in chronological order.
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