As regulators and centralists around the world shout out to undermine the expansion of the world's largest crypto exchange, Binance Coin appears to have decided to take that proactive step.
The world's largest crypto exchange in terms of trading volumes is seeking to coordinate its presence in several countries through a set of regulatory decisions that prevent further blocking and suspension.
Crypto exchange Binance Coin has announced new Know Your Customer (KYC) requirements for all users on the platform, and all Binance users are now subject to instant KYC verification. .
The world's largest crypto exchange will limit services to existing users unless they comply with new KYC and AML requirements, with all Binance users now undergoing instant KYC verification testing, the world's largest crypto exchange said.
Byanance (BNB/USD) has come under pressure from regulators around the world amid allegations that it is running an unlicensed business; As a remedy for continuous scrutiny.
Effective immediately, all new users are required to complete intermediate verification to access Binance's products and services, including cryptocurrency deposits, trading and withdrawals, the statement said. .
Moreover, existing users who were previously allowed to trade cryptocurrencies without verification will be allowed to process withdrawals, order cancellation, deal closing and refund only.
According to Binance, the policy change for existing users will be implemented in phases to ensure minimal disruptions to the user experience, however, instant KYC verifications will allow users to Full access to Binance products and services.
Binance strongly advises users to complete their medium verification process immediately to avoid delays in the verification process and restrictions on their access to their account.
Crypto exchange Biance says it is implementing KYC and anti-money laundering measures as a way to enhance investor protection against financial crime.
