August 21, 2021
Binance — the world’s largest cryptocurrency exchange announced that it is implementing mandatory know-your-customer (KYC) with immediate effect as it steps up its anti-money laundering (AML) compliance, according to company blogpost.
According to the announcement, all the new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals. And for the existing users; who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption.
This will be carried out in phases to minimise 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 is announcing these measures to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML). This will further enhance user protection and combat financial crime, said the announcement. Furthermore, Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access.
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