Binance cryptocurrency Exchange announced today that all users must now pass the Know Your Customer (KYC) verification.
The update also includes existing users who have not yet completed KYC authentication. Until that verification is complete, these accounts will only be able to attract cryptocurrencies, Binance said in a statement.
Although users need to enter their names and dates of birth to pass the” basic “verification layer, the final decommissioning now requires all users to pass the” search ” layer. This level means users must save their passport data and upload a selfie image to the site.
“We are announcing these measures to redouble your client’s (KYC) efforts to gain knowledge and combat money laundering, which will further improve user protection and the fight against financial crime,” Binance tweeted.
Binance constantly reviews its products and services to improve user protection, provide a secure crypto environment, and comply with emerging global compliance standards. As an important step forward, we are updating our global KYC requirements for all users.
– Binance (@binance) August 20, 2021
Crypto exchange said the move was designed to bring Binance in line with” emerging global compliance standards “that crypto exchange has become very familiar with recently.
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Binance struggles with regulation
Yesterday De Nederlandsche Bank joined a growing list of countries warning Binance about unlicensed work. The Crypto Exchange does not comply with Dutch anti-money laundering (AML) or terrorism financing laws, the bank said.
Malaysia, Singapore, the United Kingdom, Italy, the Cayman Islands and Japan have all taken similar positions in recent weeks.
While not explicitly stated, Binance’s new requirements for KYC appear to be a direct response to growing regulatory challenges.
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