Binance tightens KYC requirements to improve compliance standards
by: Dynasty GI2021-08-23
Binance, the world’s largest crypto exchange, has announced that all its new users will now have to complete its Intermediate Verification step to be able to use its services. According to the exchange, the move reflects “evolving global compliance standards”.
Under the new ‘Know Your Client’ policy, which went live immediately, new customers will need to provide government-issued ID as well as facial verification.
The policy change comes just weeks after Binance announced a further reduction in its daily withdrawal limit, from 2 BTC to 0.06 BTC as part of the tightening of its policies. It also comes as the exchange announced the hiring of the former chief regulatory officer of the Singapore Stock Exchange to head its Singapore operation. The hiring of Richard Teng, who also worked at Singapore’s de facto central bank, is seen as part of the company’s effort to better engage with regulatory bodies worldwide.
"“Binance’s move is welcome. We are proud to have implemented, from the beginning, strong KYC rules for the sales of our D¥NS as we believe it is vital we keep the crypto world as free as possible of illegal activities and dirty money”, commented Fabio Asdurian, Dynasty Global Invesments AG’s co-founder."
Over the past few months, Binance has been subjected to a number of actions by regulators in several countries, including important financial centres such as the US, the UK, Hong Kong, the Cayman Islands, as well as Canada and several European countries.