InstaForex

August 23, 2021

No Compromise, Binance Users Must Meet These Conditions For Optimal Use!

 The leading crypto exchange exchange in the crypto industry, Binance has announced on Friday that it will not hesitate to conduct a background check on consumers in an effort to eradicate money laundering immediately. The move comes after Binance was repeatedly bullied by regulators across the country.


At the same time the exchange says every new user on the platform is asked to complete KYC verification first and also urges existing users to complete their KYC as soon as possible. For existing users who have not completed their KYC, their account status will be changed to “Withdraw Only”, which will limit usage.


Binance has previously been warned by regulators from Britain, Germany to Japan. National authorities have expressed concern over money laundering and risks to consumers.


Binance has taken proactive steps in the face of pressure from the authorities by reducing product offerings with a determination to improve relations with regulators.


U.S. Secretary of the Treasury Janet Yellen and European Central Bank President Christine Lagarde were among the individuals voicing concerns over money laundering.


The Dutch central bank on Monday said that the Binance exchange, which processed $ 455 million worth of spot trades in July, did not comply with anti-money laundering and anti-terrorist financing laws.



Therefore, Binance users are required to perform a verification process to access their products and services. Those who have not done so will only be able to withdraw funds, cancel orders and close trading positions with a certain limit.


Until now, it has only asked for ID checks for users who want a larger trade limit. However, from now on, users must provide an identity card, driver's license or passport.


Mandatory KYC for ALL services @Binance.


Action speaks louder than words. https://t.co/EJupmQvStm


- CZ 🔶 Binance (@cz_binance) August 20, 2021


Binance CEO Changpeng Zhao, stated,


"We intend to work with policymakers to raise global standards and prevent irresponsible individuals," he said.


Binance this week appointed a former U.S. Treasury criminal investigator. So far, Binance is still under the surveillance of the authorities.