Binance (BNB) makes KYC mandatory for every service on its platform ๐จ This article is 3 years old...
Binance (BNB) makes KYC mandatory for every service on its platform
The exchange has announced that all of its users must verify its account with them in order for it to become more regulatory compliant.
2 min read
Updated: Aug. 20, 2021 at 11:08 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In an announcement today, embattled crypto exchange, Binance has emphasized its readiness to be fully compliant with various regulatory measures, as it now requires compulsory Verification for all its users, effective immediately.
In the Friday announcement by the exchange, it now becomes a must for all new users to complete Intermediate Verification as it would give them access to Binance products and service offerings, such as cryptocurrency, deposits, trades, and withdrawals. Intermediate Verification includes the submissions of government-issued ID as well as facial Verification.
Users must complete verification
Binance said in the six-paragraph announcement that this becomes necessary to determine changes and improvements in light of evolving global compliance standards to enhance user protections and provide a crypto-friendly environment for everyone.
Existing usersย whose Intermediate Verification is incomplete will experience a change in their account activities, restricting them to only ‘withdrawal only.’ This means they will be limited to services such as withdrawal, order cancellation, position close, and redemption. However, they will gain full access to the platform once they complete their Verification.
This is in response to the calls of global regulators for Know Your Customer (KYC) and Anti-Money Laundering (AML) to enhance user protection and combat financial crime further.ย
Per the announcement, Verification will run for two months in two phases to ensure hitch-free Verification. It reads: “This will be carried out in phases to minimize user-experience disruption, from now throughย 2021-10-19 00:00 AM (UTC). Existing users will be informed directly with more details. Once users complete theย Intermediate Verification, they will be able to resume full access to Binance products and services.”
This move is coming weeks after the exchange adjusted the withdrawal limit for unverified accounts to 0.06 BTC from 2BTC.
The exchange has become more famous recently, especially with various regulatory issues from countries like the U.S., the U.K., Canada, Cayman Islands, Hong Kong, and several European Union countries.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Featured Story
Advertise Here
In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.