Binance Expands Global KYC Requirements
- Binance will require all new users to complete Intermediate Verification in order to access its services.
- Existing users will be able to withdraw assets and close positions until October without completing the verification.
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According to an announcement published on 20 August, Binance will be increasing its KYC requirements. The company said it will roll out its Intermediate Verification requirement for all users, regardless of their location.
To access Binance products and service offerings all new users will be required to complete Intermediate Verification. No new user registering on the platform will be able to deposit, trade, or withdraw without completing the verification step. Existing users that are yet to complete Intermediate Verification will have their account permissions temporarily changed — their services will be limited to withdrawal, order cancellation, position close, and redemption. Binance said these changes will be carried out in phases and last until 19 October to minimize user-experience disruption.
Changpeng Zhao, the CEO of Binance, said the changes were part of the company’s effort to work more collaboratively with policy-makers to improve global standards for cryptocurrency exchanges.
“In the last four years, we have laid the groundwork by investing heavily in security and user protection, supporting law enforcement around the world with high-profile investigations, and helping cybercrime victims recover millions of dollars worth of stolen funds,” he said in the company’s announcement.
In the past several months, Binance has been targeted by regulators across the globe and was forced to end support for its newly launched stock token feature, cut down its leverage limit, and shut down its operations in Malaysia and derivatives trading in Hong Kong.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- Crypto exchange Bitget will make it mandatory for new users to undergo its level-1 KYC process starting 1 September, old users will have until 1 October to do the same.
- The level-1 KYC process requires users to submit a government identification and undergo facial authentication, and is in line with global regulatory guidelines.