Binance announced compulsory KYC on all users to have access to the firm services




Binance

 Binance announces immediate compulsory know your customers (KYC) verification for all users amid mounting compliance pressure from worldwide regulators.

The world's largest exchange said on Friday that effective immediately, all new users must now complete Intermediate Verification to access Binance's services, including cryptocurrency deposits, trades and withdrawals.

Binance said the move as it reviews its products and services on an ongoing basis to "determine changes and improvements in light of evolving global compliance standards."

The Binance's Identity Verification process would require submissions of government-issued ID as well as facial verification.

For the existing users who have not completed the Intermediate Verification, their account access will be limited to "withdrawal only," which means they can only withdraw assets, cancel orders or close positions.

According to Binance, the change in policy for existing users will be rolled out in phases to ensure minimal disruptions in user experience from now through 2021-10-19 00:00 AM (UTC)," the firm said. The existing users can only resume full access to Binance products and services like deposits and trading after completing at least the Intermediate Verification.

"Binance strongly advises users to complete their Intermediate Veriation promptly to avoid delays in the verification process and restrictions on their access."

Binance has come under a series of regulatory scrutiny by global regulators in multiple jurisdictions including the U.S. U.K, Canada, Cayman Islands, Hong Kong and several European Union countries amid claims of it operating unlicensed businesses.



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