Binance now requires KYC for all its services 

With mounting pressures from regulators all over the world to streamline and strengthen its transparency measures, Binance has finally required KYC (know your customer) for all its services. 

This recent decision shows that the world’s largest crypto exchange by volume is serious with its efforts to combat anti-money laundering activities on its platform. 

New Binance users will be required to complete what the company calls an “intermediate verification”. This step will require new users to provide crucial details such as full name, nationality, date of birth, address details, government ID, and even facial verification. 

Once they complete this KYC requirement, they can now access products and services offered by Binance which includes crypto deposits, trades, and withdrawals. 

A more secured Binance

For users who have not yet completed the KYC requirement, Binance will temporarily limit their accounts’ feature to withdrawals only, position close and redemption, and order cancellation. This measure is meant to ensure that users would immediately comply with the company’s KYC rules.

Once they have completed the KYC requirements, their accounts would immediately turn back into their normal functions and would enable them to use all Binance’s services again. 

Previously, Binance has made adjustments to its policy by limiting withdrawals from 2 Bitcoin to 0.06 BTC. 

Loose practices no more

Because of Binance’s previous loose practices, its gigantic platform became an ideal tool for criminals to conduct their illegal operations, including money laundering. 

Also, governments in various parts of the world have accused Binance of violating their financial laws, which includes operating without sufficient licenses. 

To better streamline the company’s regulatory compliance, Binance has appointed Greg Monahan, a former U.S. Treasury criminal investigator, as its AML Reporting officer. 

The crypto exchange’s latest move is a sign that it wants to ease up its friction with the authorities by being more compliant with industry standards.

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