Binance Introduces Mandatory Verification Of All Users

August 20, 2021, | AtoZ Markets – Binance cryptocurrency exchange has announced the beginning of the mandatory user verification procedure. Starting this Friday, all new users must undergo so-called Intermediate Verification to gain access to Binance products, including deposit/withdrawal of funds and trading.

The new requirements for existing users will be introduced in stages until October 19. Before passing the verification, they will only be able to withdraw assets, cancel existing orders and close active positions. Such users will receive personal notifications with additional details.

After passing intermediate verification, they will be able to regain full access to Binance products and services,” the notice says. “Binance strongly recommends that you complete interim verification in a timely manner to avoid delays in the verification process and access restrictions.”

Intermediate verification involves uploading identity documents in addition to personal information that is specified during the basic verification step. You also need to be verified with a face recognition tool.

Binance reviews its products and services on an ongoing basis to identify changes and improvements in light of evolving global compliance standards,” the exchange adds. –Binance is making these changes to strengthen user protection and ensure a safer stay in the cryptocurrency space for all its participants. These measures are intended to support our efforts in customer identification and anti-money laundering. They will help to further strengthen the protection of users and fight financial crime.”

Read also: Binance Hires Greg Monahan to Strengthens AML Oversight

Binance is announcing new restrictions every Friday for several weeks in a row, including withdrawal limits and the termination of serving futures trading in multiple jurisdictions.

Actions are more important than words,” wrote Binance CEO Changpeng Zhao in response to today’s announcement.

Think we missed something? Let us know in the comment section below.

Share Your Opinion, Write a Comment