Binance, the worlds largest cryptocurrency exchange by trading volume today announces the mandatory KYC for all services. It seems Binance has taken this step as it’s facing regulatory scrutiny for the last few months.
All the new users of Binance are required to do immediate verification to continue using Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.
Also, the existing users of Binance will have to do KYC else their account permissions will temporarily be changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption.
According to Binance, this change is “to enhance user protections and provide a safe crypto environment for everyone.”
“Binance is announcing these measures to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML),” says a blog post.
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