Binance, the world’s top crypto exchange by trading volume has made KYC verification mandatory for all users. The latest announcement seems to be part of the company’s pledge to mend its relations with regulators around the globe.
Mandatory KYC for ALL services @Binance.
Action speaks louder than words. https://t.co/EJupmQvStm
— CZ 🔶 Binance (@cz_binance) August 20, 2021
Trending Stories
The exchange said every new user on the platform would be required to complete KYC verification first and also urged existing users to complete their KYC at the earliest. For the existing users who have not yet completed their KYC, their account status would be changed to “Withdraw Only”, which would limit the account actions to withdrawal, order cancellation, position close, and redemption. KYC verification would be carried out in phases,
“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.”
Binance constantly reviews its products and services to enhance user protection, provide a safe crypto environment and to align with the evolving global compliance standards. As an important step forward, we’re updating our global KYC requirements for all users.
— Binance (@binance) August 20, 2021
Changpeng Zhao (CZ), the CEO of Binance has made it clear that the company’s immediate focus would be to strengthen its regulatory position. He also said he is ready to step down for someone with significant experience on the regulatory side who can help the exchange move ahead of its current regulatory troubles.
Binance Trying to Catch up With Competition
The world’s top crypto exchange found itself in regulatory hot waters again in July, only this time around nearly a dozen countries sounded warning against the exchange for illegal operations. Since the regulatory awakening, Binance has taken a series of steps to ensure it complies with the local regulatory guidelines in the countries it is operating in. The crypto exchange also promised to build regional headquarters in every country it is operational in.
First, it discontinued its much-hyped stock tokens amid growing concerns of German regulators, it also brought down high leverage trading limit from over 100X to 20X and later discontinued its crypto derivative offerings across Europe and Hong Kong.
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
