Binance Mandates KYC Verification Amidst Regulatory Reforms.


Now KYC certification is mandatory for all the world’s leading crypto exchange customers, depending on their accounting and trading volume. The latest announcement is part of the company’s commitment to improving relationships with regulators around the world.

Every new user signing in on the Exchange platform must first complete the KYC test and ask existing customers to complete their KYC as soon as possible. For current customers who have not yet completed KYC, their account status will be changed to “Withdrawal Only”, which will limit account activity to withdrawal, order cancellation, and other related activities.

The KYC request from the existing users will be performed in stages,

It will be implemented in stages to minimize user experience and interruptions, from now until 2021-10-19 00:00 AM (UTC). Existing customers will be notified directly with more details. Once customers have completed the Intermediate Verification, they will be able to regain full access to the Finance products and services.

Binance CEO Changpeng Zhao said the company’s immediate focus is on strengthening its control position. He said he was ready to help those with significant experience on the regulatory side to overcome and pass current regulatory issues.

The world’s leading cryptocurrency was rediscovered in legal throttle condition in July, this time with only a dozen countries warning against the transfer of illegal activities. Since the regulatory awakening, Binance has always taken many steps to ensure compliance with local regulatory guidelines in the countries in which it operates.

It suspended its popular stock tokens amid growing concerns from German regulators, which reduced the upper leverage trading limit from 100X to 20X, and later suspended crypto derivative offers in Europe and Hong Kong.

Read Also: Nvidia Fails On Its Expectations With Its Crypto Mining GPUs

Leave A Reply

Your email address will not be published.