According to the updated terms of service of the Binance cryptocurrency exchange, all new clients of the site will have to provide an identity card and undergo intermediate verification.
According to a statement from Binance, the exchange is constantly reviewing its products and services to comply with global regulatory standards. Starting today, all new customers are required to provide ID and face recognition verification. This is necessary to pass intermediate verification and access the exchange services: depositing and withdrawing money, as well as trading operations.
Previously listed clients who have passed only the basic level of verification will face restrictions on withdrawing money, canceling orders, and closing positions before passing the intermediate verification. Binance said the move aims to improve KYC / AML compliance, increase user protection, and fight financial crime.
“Binance strongly recommends that users go through interim verification immediately to avoid delays in the verification process and restrictions on access to services,” the exchange said in a statement.
This initiative is an attempt by Binance to soften the pressure from global regulators that the company has faced in recent months. The Central Bank of the Netherlands recently joined the ranks of regulators warning about the exchange in their jurisdiction without a license.
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