Binance (BNB) makes KYC mandatory for every service on its platform

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 users 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.

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 through 2021-10-19 00:00 AM (UTC). Existing users will be informed directly with more details. Once users complete the 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.