Binance Tightens Customer Verification Requirements – Bits Media

According to the updated terms of service of the cryptocurrency exchange Binance, all new clients of the site will have to provide ID and pass intermediate verification.

According to Binance, The exchange is constantly reviewing its products and services, To meet the requirements of global regulation standards. Starting from today, All new customers must provide an identity card and undergo a check in the person recognition system. This is necessary for intermediate verification and access to the exchange services: making and withdrawal of money, as well as trade operations.

Clients previously registered on the exchange, which passed only the basic level of verification, collide with restrictions on the withdrawal of money, canceling orders and closing positions before intermediate verification. Binance said, that this step is aimed at improving compliance with KYC/aml rules, increasing user protection and fighting financial crimes.

“Binance strongly recommends users to immediately undergo intermediate verification, To avoid delays in the process of confirming the individual and restrictions on access to services ", - says in the statement of the exchange.

This initiative is the Binance attempt to soften the pressure of the global regulators, which the company has encountered in recent months. Recently, the Central Bank of the Netherlands replenished the ranks of the regulators, warning about the work of the exchange in their jurisdiction without a license.