Binance Introduces Mandatory KYC for All Services As It Seeks to Settle Issues with Regulators

Head of the largest crypto exchange on the planet, CZ, has just tweeted that the platform will be forcing all new users to provide their data for verification. This is being done for stronger regulatory compliance, as well as “to enhance user protections and provide a safe crypto environment for everyone”.

Mandatory KYC for ALL services @Binance.

Action speaks louder than words. https://t.co/EJupmQvStm

— CZ ? Binance (@cz_binance) August 20, 2021

Binance will restrict unverified users’ accounts in operations

From now on, all new users have to pass Intermediate Verification in order to be able to access all products and services offered by Binance. That includes being able to deposit and withdraw funds, as well as to trade crypto and derivatives.

Accounts of the existing users who have not yet completed Intermediate Verification will be limited in actions to “Withdraw Only”.

They will be allowed to only withdraw, cancel orders, close their positions and make redemption.

The blog post says that users are recommended to complete Intermediate Verification ASAP so as to avoid any restrictions to accessing services and delays that may arise during the verification process.

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Binance’s issues with regulators and traders

Recently, Binance has been having issues with regulators in various countries around the globe. Regulatory agencies have been announcing that the exchange is operating without any proper licenses. The most recent country to announce it has been the Netherlands.

Major banks of the countries, in the UK, Europe and Asia have begun to cease servicing Binance.

Besides, as reported by U.Today, hundreds of traders are suing the exchange for the multimillion losses they have suffered this year when Binance faced sudden outages.