Cryptocurrency exchange company Binance announced that henceforth, users of all categories of it’s services and products are mandated to undergo and update KYC registrations in light of evolving global compliance standards.
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Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.
Existing users who have yet to complete Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption. This will be carried out in phases to minimise user-experience disruption, from now through 2021-10-19 00:00 AM (UTC). Existing users will be informed directly with more details. Once users complete the Intermediate Verification, they will be able to resume full access to Binance products and services.
Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access.Binance is announcing these measures to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML). This will further enhance user protection and combat financial crime.