Binance enforces KYC Verification for All Services – 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.
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
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.”
