The global cryptocurrency exchange Binance is rolling out immediate verification requirements for all of its users to support their expanded Know-Your-Customer (KYC) policy and anti-money laundering efforts.
In a recent statement, the company says it is tightening customer verification to make Binance a secure crypto platform.
The crypto exchange requires all of its users to go through intermediate verification to further improve their risk management protocols and user protection. To meet this new requirement, identification documents and the user’s photo must be submitted for facial verification.
Users who decline the additional verification steps can only withdraw funds, close positions, cancel orders and redeem tokens.
Binance CEO Changpeng Zhao says the crypto exchange is tightening its verification requirements to improve the security of the platform.
“Our vision is to create a sustainable ecosystem that is safe for everyone involved. Over the past four years, we’ve laid the foundation by investing heavily in security and user protection, assisting law enforcement agencies around the world with high-profile investigations, and helping cybercrime victims recover millions of dollars’ worth of stolen funds. ”
The move comes as Binance takes steps to retain with regulatory standards in different territories. The exchange is currently under scrutiny by financial regulators around the world.
Last month, the platform adjusted the daily withdrawal limit from 2 bitcoin to 0.06 bitcoin for users who do not complete full KYC verification.
Binance has also taken other measures to improve user protection, including plans to reduce the maximum leverage of its users from 100x to 20x.
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