Binance sharpens customer authentication amid desire to comply with legal requirements

Binance global cryptocurrency Exchange imposes instant verification requirements on all its users to support its comprehensive get to know your customer (KYC) policy and anti-money laundering efforts.

In a recent statement, the company said it was tightening customer authentication to make Binance a secure crypto platform.

 
Crypto exchange says it requires all its users to undergo decontamination checks to further improve risk management protocols and user protection. The fulfillment of this new requirement includes the submission of identity documents and photos of the user to verify the person’s identity.

Users who refuse to go through October verification phases can only withdraw money, close positions, cancel orders and use tokens.

Binance CEO Changpeng Zhao said the crypto exchange tightened verification requirements to improve the platform’s security. 

“Our vision is to create a safe, sustainable ecosystem for all concerned. In the last four years, by investing heavily in the safety and protection of users from around the world, law enforcement agencies of high-profile stolen millions of dollars to carry out investigations and providing support to victims of cyber crime by helping to repay the funds, we have prepared the ground.” 

This step comes as Binance takes steps to comply with legal standards in a variety of areas. The stock market is currently overseen by financial inspectors worldwide.

Last month, the platform set the daily withdrawal limit from 2 Bitcoins to 0.06 bitcoins for users who have not completed a full audit of KYC.

Binance has also taken other measures to improve user protection, including plans to reduce users ‘ maximum leverage from 100 to 20 times.

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