KYC: Binance introduced mandatory verification of users

Cryptocurrency casino Binance officially announced the start of a mandatory verification process for new users:

Binance is continually reviewing its products and services to identify changes and improvements in light of evolving global compliance standards. To increase user protection and ensure a secure crypto environment for all, Binance is making the following changes:

Effective immediately, all new users must pass Interim Verification in order to access Binance's products and services, including cryptocurrency deposits, transactions and withdrawals.

For existing users who have not yet passed Interim verification, their account permissions will temporarily be changed to "Withdrawal Only" and services will be limited to withdrawals, order cancellations, position closures and redemptions. This will be phased in to minimize disruption to users from now until 2021-10-19 00:00 am (UTC). Existing users will be informed directly with more information. Once users complete the Interim Checkout, they will be able to resume full access to Binance products and services.

Binance strongly encourages users to complete the Interim Verification quickly to avoid delays in the verification process and restrictions on their access.

Binance is announcing these measures to help support its Know Your Customer (KYC) and anti-money laundering (AML) efforts. This will further strengthen user protection and the fight against financial crime.

New Binance users must undergo identity verification in order to access the bitcoin exchange's products and services, including making cryptocurrency deposits, trading and withdrawals.

Existing customers are advised to complete verification to avoid access restrictions. For those who have not been verified, the exchange will leave only the ability to withdraw funds, cancel orders and close positions. The measures will be introduced in stages. Binance attributed the policy update to efforts to implement KYC and AML regulations to better protect users and combat financial crime.

"We see our mission as creating a sustainable ecosystem that is safe for all participants," – said Changpeng Zhao, founder and CEO of the exchange.

Let's not forget that all 4 years, since 2017, Binance has violated all recommendations under KYC and AML, and with BitMex exchange's pre-trial settlement example, will likely get its punishment for committing financial crimes. Let's not forget, that KYC and AML are still not obligatory if you trade through Binance Broker program partners , for example Cryptorg.net/Cryptorg.io. In principle, the prohibition to serve citizens and residents of the U.S. exchanges FTX and Binance are not strongly respected, or the prohibition on providing futures in the Brazilian market, very quickly bypassed and such a possibility (circumvention of the ban) Binance always deliberately leaves.

24.08.21

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