By Krisztian Sandor and Tom Wilson
FRANKFURT (Reuters) – The Binance cryptocurrency exchange said on Friday it will require more stringent background checks on clients to bolster anti-money laundering efforts, with immediate effect, in a move that comes after weeks of pressure from regulators in Worldwide.
Binance, the world’s largest cryptoactive platform, has faced business warnings and restrictions from financial watchers in the UK and Germany to Japan, who are concerned about the use of cryptocurrencies in money laundering and risks to consumers.
The exchange, whose holding company is registered in the Cayman Islands, has reduced its product offering and said it wants to improve relations with regulators.
Binance users will have to complete a verification process to access its products and services, it reported on its website. Those who have not, will only be able to withdraw funds, cancel orders and close positions.
The move represents a big change for Binance. Until now, the platform only asked for identity checks for users seeking higher trading limits. Users must now provide an identity card, driver’s license or passport, he said.
(Reporting by Krisztian Sandor in Frankfurt and Tom Wilson in London)
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