The world's largest cryptocurrency exchange, Binance, has notified corporate partners that it will limit access to sub-accounts and may freeze accounts that do not pass the know-your-customer (KYC) security check.

Exchange Link account holders are required to ensure that their business accounts are fully integrated with the Link-KYC module by May 20. For these purposes, all corporate users must provide the crypto exchange with comprehensive information about the users and counterparties of their exchange accounts, including information about the source of funds and confirmation of sender addresses.

To comply with anti-money laundering (AML) regulations, Binance may require sub-account holders to complete what is known as a Politically Exposed Person (PEP) declaration. It contains questions about the status of the PEP, its role within a country or internationally, profession and position, and information about the employer. The requirement is due to the fact that in the legislation of some countries, persons in the PEP category are considered potential participants in corruption schemes due to their position and influence.

The day before, Binance published an official statement in support of its own senior employee, who was detained by Nigerian authorities five weeks ago in order to extort several billion dollars in fines from the exchange.