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Binance Now Requires Mandatory KYC for ALL Services

Published

3 years ago

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Binance Now Requires Mandatory KYC for ALL Services

Binance, the worlds largest cryptocurrency exchange by trading volume today announces the mandatory KYC for all services. It seems Binance has taken this step as it’s facing regulatory scrutiny for the last few months.

All the new users of Binance are required to do immediate verification to continue using Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.

Also, the existing users of Binance will have to do KYC else their account permissions will temporarily be changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption.

According to Binance, this change is “to enhance user protections and provide a safe crypto environment for everyone.”

“Binance is announcing these measures to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML),” says a blog post.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.