New customers will have to supply government ID and pass facial verification to meet Binance’s “Intermediate” verification.
Binance Tightens Customer Verification Requirements
Binance has tightened the customer verification requirements on its platforms as it extends its response to heightened regulatory scrutiny over recent months.
- With immediate effect, new customers must supply government ID and pass facial verification to meet “Intermediate” verification for access to services such as crypto deposits, trades and withdrawals, Binance announced Friday.
- Existing customers who have only met the “Basic” verification standard – by simply providing personal information – will have their services limited to withdrawal, order cancellation, position close and redemption.
- Binance said the move is intended to strengthen its know your customer (KYC) and anti-money laundering (AML) position, enhancing user protection and combating financial crime.
- The move is the latest by Binance to appear proactive in its regulatory and compliance standpoints following intense scrutiny from regulators and other bodies around the world in recent months.