Binance announced that its users should now complete KYC verification in order to better “align with the evolving global compliance standards.”
Cryptocurrency exchange Binance at present announced that all customers are now required to finish Know Your Customer (KYC) verification.
The update additionally includes current customers who haven’t already completed KYC verification. Till this verification is completed, these accounts will solely have the ability to withdraw cryptocurrencies, mentioned Binance in an announcement.
Although customers are required to enter their name and date of birth to complete the “basic” tier of verification, the newest announcement now demands that all users complete the “intermediate” tier. This tier means customers should include passport details and add a selfie picture to the site.
“We’re saying these measures to double down on efforts relating to Know Your Customer (KYC) and Anti-Money Laundering, which will further enhance user protection and fight financial crime,” Binance tweeted.
The crypto exchange mentioned that the move was meant to “align” Binance with “the evolving global compliance requirements,” of which the crypto exchange has to turn out to be very familiar of late.
Binance wrangles with rules
Yesterday, the Dutch Central Bank joined a rising record of nations that have warned Binance of working without a requisite license. The financial institution mentioned that the crypto exchange just isn’t in compliance with Anti-Money Laundering (AML) or anti-terrorism financing laws in Holland.
Malaysia, Singapore, the UK, Italy, the Cayman Islands, and Japan have all taken similar positions over the past few weeks.
Although it has not been clearly saying, Binance’s new KYC requirements appear to be a direct response to rising regulatory issues.
At press time, Binance is the trade’s largest crypto exchange, boasting a 24-hour volume of more than $26 billion, based on CoinGecko. Coinbase, for context, has posted a 24-hour quantity of somewhat more than $4 billion.