Exchange Binance In A Statement Said Without User Access Authentication Process Is Completed KYC Will Be Limited.

Digital currency exchange Binance provides services for users to stop it; Unless authentication with the requirements of KYC rules to combat money laundering (AML) agree.

Many jurisdictions have targeted Binance Digital Currency Exchange in the wake of allegations of illicit business worldwide; So the public announcement that it would reduce the pressure for transparency and inspection repeated plans new authentication method ” customer identification » ( Know Your Customer ), which briefly with KYC shown, for all active users Require your platform.

In a statement, the official said Binance:

In the immediate action of all new users are forced to verify through (Intermediate Verification) to complete the license to use such services and products Binance digital currency deposits, transactions, and withdrawals to belong there.

On the other hand, the update mechanism of this exchange is suggested that current users before it allows the digital currency transactions without authentication, can only be picked up process, canceled orders, close positions. And do the redemption.

According to the Binance, policy changes will be applied in stages for existing users to create massive disruption to avoid being taken. The instant authentication KYC allows users to have full access to the products and services provided by Binance not.

In this case, the statement said :

Binance urges all users to complete their intermediary verification without delay to avoid delays in the verification process and possible restrictions on access to their accounts.

Binance Digital Currency Exchange says implementing KYC authentication and preventive measures to combat money laundering is an important step in their services to improve investor protection against financial crimes.

Currently, the duration perform basic authentication to log on to Binance in just one day is estimated to be; Of course, verification of all documents, including ID card, face verification, and residence address, takes 20 days to check.

On 28 July this year (6 Mordad 1400), This exchange restrictions for users authentication process KYC has not completed apply, and the amount withdrawn is reduced.

As a result of this statement by the Director, currency exchange Cheng Peng Zhao has been issued. Limit daily withdrawals from the account for unauthorized users of Bitcoin day Binance from 2 to 0. 06 Bitcoin per day fell.

Zhao continued willingness to cooperate with legal authorities of the transition, said; Because recently for operating without a license, the Exchange has received official warnings in several countries.