Binance has been in the radar of regulators all around the world due to allegations that it is conducting unlicensed enterprises. The crypto exchange has publicly revealed new Know Your Customer (KYC) rules for all users on their site as a result of the continuous investigation.
Existing users who were previously authorized to trade cryptocurrencies without verification will now only be able to do withdrawals, order cancellation, position closing, and redemption.
Meanwhile, Binance is trying to make the policy changes process easy for their existing users so that they can have smooth experience during the process. But, once the full KYC verification is done, the users will have complete access to Binance products and services.
The largest crypto exchange in the world, Binance said that KYC and Anti-Money Laundering mechanisms are in place to safeguard their investors from financial crimes.
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Binance and it’s KYC process
The basic verification on the Binance platform is now expected to take one day to complete. Verifying all documents, including official identification, facial verification, and evidence of residential address, will take a total of around 20 days.
Binance has increased its attempts to combat the received criticism, mostly from regulators throughout the world. The firm also limited the withdrawal for a person who has not completed his full KYC verification since July 28.
The daily withdrawal limit for unverified Binance users has been reduced to 0.06 Bitcoin (BTC) from the previous maximum of 2 BTC as a result of CEO Changpeng Zhao’s declaration.
Zhao has also stated his desire to collaborate with regulators, as the exchange has lately been cautioned for operating without a license in a number of countries.