Amid claims of it operating unlicensed businesses, Binance has been in the regulatory cross-hairs of several regions around the world. As a remedy of the ongoing investigation, the digital asset exchange has publicly declared new Know Your Customer requirements for all users on the platform.
A recent statement released by the exchange mentioned,
“Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.”
As per Binance, the alteration in policy for existing exchange customers will be rolled out in a number of stages to ensure minimal obstruction in user experience. Nevertheless, prompt KYC verifications will permit the users to have absolute access to the products and services offered by Binance.
The company mentioned,
“Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access.”
The virtual asset exchange claims to put into effect KYC and Anti-Money Laundering measures as a way to augment investor protection against financial offenses.
As a result of the aforementioned announcement made by the exchange’s CEO Changpeng Zhao, the daily withdrawal limit for unverified Binance users declined to 0.06 BTC from the earlier limit of two bitcoins.
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