All Binance users are now subject to immediate KYC verification
Binance, The Giant crypto exchange, will limit the services for existing users and is now subject to immediate KYC verification and AML requirements.
Binance has been at the regulatory cross-hair of jurisdictions across the globe, amid claims of it operating unlicensed businesses. As all the investigations are ongoing, Binance has declared publicly that KYC (Know Your Customer) is mandatory for all Binance users as a solution.
We are announcing these measures to double down on efforts relating to Know Your Customer (KYC) and Anti-Money Laundering, which will further enhance user protection and combat financial crime.— Binance (@binance) August 20, 2021
For more information on KYC, please visit:https://t.co/BQ8AftBmlI
Also, limit the services for existing users who trade crypto without verification. They are only allowed to “Position Close, Redemption, withdrawals and Order cancellation”
Binance said: “Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access.”
The crypto exchange claims to implement KYC and Anti-Money Laundering measures as a way to enhance investor protection against financial crimes.