On the official Twitter account of Binance, an announcement appeared about the tightening of requirements related to the verification of the identity of customers. New users will be required to provide government ID and mandatory KYC verification to comply with regulatory requirements.
In addition to arriving customers, the innovation will also affect already registered users, forcing them to go through KYC. Without it, the functionality of their accounts will be limited to the ability to withdraw funds, close positions, repay, and cancel orders. All other features will be suspended pending an “interim” or “full” review.
The exchange offers its users to choose one of three types of verification: “Basic”, “Intermediate” or “Advanced”. The first requires the client to only enter a name and date of birth. The second level will require proof of identity using the state document of the country of residence and attachment of a selfie. As for the most "advanced" level of verification, it obliges a person to drive in all the previously listed data, and in addition to them, also confirm their address. At the same time, no more than a day is allotted for the consideration of the basic application, and up to 10 days each for intermediate and full ones. After the innovation, the exchange team promised to make the interim check faster, but the complete one, on the contrary, will now take about 20 days.
Binance is on a regulatory track and does not appear to be going to change direction, making more and more efforts to comply with the regulatory aspects of the countries in which the exchange does business.
Earlier, the head of the trading platform spoke about plans to cooperate with regulators from all over the world in order to avoid conflicts due to the lack of licenses in the future. In addition, the exchange consistently hires personnel who previously worked in international governance structures.
Binance noted that the policy change will be gradual so that sudden updates from the exchange do not disrupt user interactions. The date of the final application of the announced control measures was set on 19.10.2021 at 00:00 UTC.
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