Binance now requires all users to have intermediate verification to use its platform.
The exchange has 3 levels of verification:
However, the new rule, which will apply to both new and existing customers, relegates basic verification which only required a user’s personal information for registration.
Intermediate Verification requires users to upload a selfie and an image of their ID documents such as passports, ID cards, and driver’s licenses.
Users will also have to complete ‘face verification.’
“Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.”– Binance
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:
- Order Cancellation
- Position Close
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.
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