![]() The platform has urged its users to "promptly" undertake the verification process to avoid delays as well as potential restrictions.Īccording to Binance, a review of its KYC policies is necessary as it seeks to protect all users amid changes in the global compliance environment. ![]() This group of users will have their accounts switched to "Withdrawals Only," limiting access to all services and products except for transactions related to withdrawals, order cancellations, or closing trade positions. The requirement also extends to existing Binance users yet to complete the Intermediate Verification. The changes are "effective immediately" for all new customers, Binance noted.Īccording to the platform, new users will only access services such as crypto deposits, withdrawals and trading once they have verified their identity. The exchange has told its customers and potential users that they need to complete the Intermediate Verification process if they want to access all the services on the platform. In the announcement released on Friday, the cryptocurrency exchange noted that it was now instituting mandatory Know Your Customer (KYC) processes for all customers. The exchange says the verification is meant to help protect users and to provide a "safe crypto environment."īinance has announced new measures aimed at aligning the world's largest crypto exchange by volume with regulatory requirements demanded across the globe.
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