Binance introduces mandatory user verification
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.
Starting immediately, all new users must complete Intermediate Verification in order to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.
Existing clients are advised to complete verification to avoid access restrictions. Unverified clients will only be able to withdraw funds, cancel orders and close positions. The measures will be introduced in phases.
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.
As a reminder, Zhao had earlier published an open letter outlining the company's plans to ensure compliance and customer protection.