Binance announced it had lowered the withdrawal limit for non-KYC accounts from 2 to 0.06 BTC

Leading cryptocurrency exchange Binance has announced a new limit on withdrawals for users who pass the basic level of the account verification process under its” Know Your Customer ” (KYC) policy. This measure will take effect immediately to register new accounts for daily withdrawals.

The Limit rose to 0.06 BTC with 2 bitcoins (BTC). Users who work longer on the platform will see this measure phased in. The first stage is scheduled for August 4, 2021 at 00: 00 (UTC), and the final stage is scheduled for August 23, 2021 at 00:00 (UTC). The official announcement states:

We are constantly reviewing our policies to ensure we exceed industry standards. This setting better takes into account current BTC prices. You can increase your capture limit by performing an ID check.

To complete Binance authentication, users must go to the user Center in the identity section. In it they can control verification levels and control trading and withdrawal limits. There are three identity levels of change, from basic to intermediate and advanced.

To complete the mid-level process, Binance users need to upload a photo of their identity documents. It can be a national document containing an ID, passport or driver’s license. In the final stage of this process, users should upload their photos.

Is Binance trying to reduce regulatory pressure?
The measure has been in the public domain as the Platform faces mounting regulatory pressure from agencies and agencies around the world. Binance Chief Executive Changpeng “CZ”Zhao said they were taking proactive steps to intensify their efforts and” comply more with local rules everywhere.”

Zhao said the platform will begin the process of obtaining licenses and permits from regulatory agencies in countries that have a “legal framework” for crypto exchange. The main regions of interest are Asia Pacific, Latin America, Latin America and Asia.

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