Binance has been the target of regulatory scrutiny from countries all around the world, allegedly conducting unlicensed companies.
The crypto exchange has publicly announced new know your customer (KYC) criteria for all users on the site as a response to the continuing scrutiny.
“Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals,” the statement said.
Furthermore, existing users who were previously permitted to trade cryptocurrencies without verification will be limited to processing just “withdrawals, order cancellation, position close, and redemption.”
According to Binance, the policy change will be phased in for existing customers to provide minimal disruptions in their experience. However, consumers will have complete access to Binance products and services if KYC verification is completed immediately. The firm stated:
“Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access.”
According to the crypto exchange, KYC and Anti-Money Laundering mechanisms are in place to protect investors from financial crimes.
