Binance Implements Mandatory Verification Requirements Amid Regulatory Pressure – Money Times

As per the Identity Verification process, an Intermediate Verification includes uploading photos of personal documents in addition to a face verification (Image: Unsplash/executum)

Binance stated that all its users must now complete the Intermediate Personal Verification amid increasing compliance pressure from regulators around the world.

In an announcement this Friday (20), the world’s largest cryptocurrency broker said that, with immediate effect, all new users must now complete Intermediate Personal Verification to access Binance’s services, including deposits, trading and withdrawals in cryptocurrencies.

Binance announced that the decision comes amid its constant review of products and services to “define changes and improvements in line with evolving global standards.”

In accordance with the Identity Verification process, an Intermediate Verification includes the submission of photos of personal documents, plus face verification.

For existing users who have not yet completed the Intermediate Verification, access to their accounts will be limited to “withdrawals only”, ie they can only withdraw assets, cancel orders or close positions.

“This will be done in phases to minimize the disruption to the user experience [UX]”, said the company. Users will only be able to gain access to Binance’s products and services, such as deposits and trading, after completing at least the Intermediate Verification.

The most recent change comes weeks after Binance has reduced daily withdrawal limit for unverified users, a maximum limit of 2 BTC (about US$97,000) to 0.06 BTC (approximately US$3,000).

As of July 27th, the crypto platform had already limited withdrawals from users who had not yet completed verification (Image: Binance.com)

The brokerage has been under the regulatory eye of several global regulators in several jurisdictions, including the USA, O United Kingdom, Canada, the Cayman Islands, Hong Kong and several countries that make up the European Union.

Yesterday (19), it was reported that the Binance.US, the American partner of the global brokerage, sought to raise about $100 million, but that its investors are still wary of regulation.

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