Binance tells all users to perform KYC process “immediately”

The brokerage Binance announced on Friday (20) the change of some rules that will take effect immediately. The measures affect both new users and old customers of the company.

Considered the largest broker in the world in volume of the cryptocurrency spot market, Binance is going through a complicated phase, with countries from all continents putting pressure against the business.

By allowing the trading of cryptocurrency derivatives, with users being able to trade without verified records, the brokerage ended up drawing the attention of regulators. However, now the race is on to show what steps are being taken to improve business compliance.

Binance changes rules for new and old users, with immediate effect

According to a note from Binance, the broker is constantly reviewing its compliance policies in light of global standards. Thus, it was detected that some rules will need to be made by the broker with the highest daily volume in the world.

Effective immediately, any new user of the platform will have to complete at least the intermediate verification step, which involves submitting valid personal identification documents. Only then will it be possible to access Binance’s products and offers, including cryptocurrency deposits and withdrawals.

“Effective immediately, all new users are required to complete Intermediate Verification to access Binance’s products and service offerings, including cryptocurrency deposits, trades and withdrawals.”

Former Binance users who have not yet completed their identity and KYC checks will have until October 19th to complete the process. Until then, these accounts will only be able to withdraw their cryptocurrencies, and it will no longer be possible to trade on the platform or access products.

“Existing users who have not yet completed Intermediate Check will have their account permissions temporarily changed to ‘Withdraw Only’, with services limited to withdrawal, order cancellation, position closing and redemption. This will be done in phases to minimize disruption to the user experience, from now until 2021-10-19 00:00 AM (UTC). Existing users will be informed directly with more details. Once users complete the Interim Verification, they will be able to regain full access to Binance products and services.”

The broker said that it expects clients to register as soon as possible, so that they can continue trading their currencies with peace of mind. The justification for the changes is to comply with the Know Your Customer (KYC) and Anti-Money Laundering (AML) process.

Services continue to be closed in countries

After pressure from the Dutch financial regulator in recent days, Binance now continues to act as promised, with active compliance.

As a result, Binance’s derivatives services are now all closed in Australia, after the brokerage barred Australia’s users from trading in the futures market in July.

Those users who do not wish to carry out the new Binance verification process must withdraw their cryptocurrencies from the platform. It is still unclear whether the broker will continue to record the highest volume in the world after these restrictions on market users.