Binance Introduces Mandatory Client Verification
From August 20, 2021, without identity verification, new users of Binance will not be able to access the exchange’s platform to make deposits, withdraw digital currencies or carry out other transactions. According to the cryptocurrency exchange, the new rules must meet the requirements of global regulatory standards in order to protect user funds and fight fraud.
The largest exchange (Binance) announced the tightening of requirements and the introduction of the KYC procedure for identification and intermediate verification as well as mandatory verification of clients in the face recognition system. After verification, users will get full unlimited access to financial instruments, products and services.
The existing users who were not yet verified before passing the identification will not be limited in the procedures for closing deals and positions as well as withdrawing funds. The updated conditions for them will be introduced in stages until September 19, 2021.
The cryptocurrency exchange has come under pressure from financial regulators in some countries. In mid-August, the termination of the access of citizens of Malaysia and South Korea to some products of the site at the request of the authorities became known to the public. In July, Binance announced the termination of derivatives trading, account opening, and futures trading in many European countries. Also, the exchange was warned by the Central Bank of the Netherlands that it is illegal to operate without a license in its jurisdiction. In addition, investigations have been launched against Binance in Singapore, Thailand and the Cayman Islands.