For existing users, account permissions will temporarily change to ‘Withdraw Only’ which means they will only be able to do the following they complete the required verifications:
Binance says it is mandating intermediate verification to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML). This is intended to further enhance user protection and combat financial crime.
Binance CEO, Changpeng Zhao, has indicated in an interview with Bloomberg TV that he is spending about 80% of his time on compliance and is not involved in the day to day operations of the world’s largest crypto exchange.
He has also added that this focus is because the company is going through a pivot from a technology pioneer to a pioneer services company.
He has also indicated that regulators now view cryptocurrencies as financial instruments.