Major cryptocurrency exchange Binance has mandated KYC verification for all its new and existing users, according to an announcement made on Friday.
Binance has divided the process of identity verification into multiple stages. Identity verification till the ‘intermediate’ stage would be compulsory for all users, requiring users to submit IDs such as a passport.
The announcement read:
“Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades, and withdrawals.
Existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption.”
The process would carry out in phases, the first phase implemented from 2021-10-19 00:00 AM (UTC).
The company has announced these measures as part of its efforts on customer verification (KYC) and anti-money laundering (AML).
Binance has recently ramped up its efforts to appear proactive in its regulatory and compliance stance amid a string of warnings issued by multiple regulators across the globe.