New Binance users must pass identity verification to access the products and services of the Bitcoin exchange, including crypto deposits, trading, and withdrawals. Forklog writes about this.
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The company recommends that existing customers complete verification in order to avoid restrictions on access. The exchange will not pass the verification only the possibility of withdrawing funds, canceling orders and closing positions. The measures will be introduced in stages.
Binance explained the policy update with efforts to implement KYC and AML regulations to better protect users and fight financial crime.
“We see our mission in creating a sustainable ecosystem that is safe for all participants,” said Changpeng Zhao, founder and CEO of the exchange.
Earlier, Zhao issued an open letter in which he outlined the company’s plans to ensure compliance and protect customers.
Read also: Hong Kong regulator warned about lack of license from Binance
In 2021, the marketplace faced pressure from global financial regulators.
Binance previously said it would end support for tokenized shares starting October 14.
As a reminder, in June, the UK Financial Conduct Authority banned Binance Markets Limited from any regulated activity in the country without prior written approval.
The Cayman Islands began checking the work of Binance, Thailand accused the company of operating without a license, Japan issued another warning to it.
Polish regulators warned consumers about the risks of interaction with the platform, while Italy and Malta warned about unregulated activities of Binance.
Amid pressure from regulators, CEO Changpeng Zhao issued an open letter in which he spoke about Binance’s plans to ensure compliance and protect customers.
Binance is one of the key operators in the fast-growing crypto market. It offers a wide range of services to clients around the world, including trading dozens of digital coins, futures, options, stock tokens, as well as savings accounts and lending.