To enhance user protection, Binance has expanded its international KYC requirements. Now users will have their identities verified when they deposit or withdraw cryptocurrencies into or from the platform.
This is done in order to comply with anti-money laundering (AML) and counter-terrorism financing standards as stated by Japan’s Financial Services Agency on June 22nd this year which requires exchanges to meet these new AML/KYC guidelines for crypto exchanges operating within Japanese borders.
Some of those who were unable to get ahold of Binance customer service prior due to having insufficient information may be able to use alternative means like using another email address if necessary while others whose accounts listed might see changes made soon such as being blocked even though one already had previously met all terms before.
In the internet exchange where cryptocurrencies are traded, Binance announced the rollout of their Intermediate Verification requirement for all users. Effective immediately, every single new user on this platform is required to complete Intermediary Level verification in order to access its products and services including cryptocurrency deposits, trades, and withdrawals.
A new verification process has been designed to ensure that verified users have access to all services provided on the platform. All existing unverified accounts’ permissions will be changed temporarily until they are fully authenticated and verified, at which point full-service capabilities from Binance can resume for these users as well.
Commenting on the same, Changpeng Zhao (CZ), CEO of Binance had this to say, “User protection is an integral part of our DNA and core values. Our vision is to create a sustainable ecosystem that is safe for all participants. In the last four years, we have laid the groundwork by investing heavily in security and user protection, supporting law enforcement from around the world with high-profile investigations, and helping cybercrime victims recover millions of dollars worth of stolen funds.”
Intermediate Verification
Binance made a recent announcement that the main purpose of recently requiring KYC is to create an environment where everyone can safely participate in cryptocurrency. Still, the exchange’s commitment to user protection has been crystal clear.
Binance has made an effort to further enhance user protection and risk management protocols with the integration of Intermediate Verification.
As part of these efforts, Binance is using KYC – Know Your Customer and AML – Anti-Money Laundering tools as well for its users in order to comply with new regulations that are being put into place by international governments around the world.
Binance has done a lot in the last 30 days to help protect its users, including recruiting senior compliance officers and deploying new technologies for monitoring transactions.
The company also launched tools such as Tax Reporting Tool that will make it easier for traders to follow tax laws relevant near them. Binance is making changes like limits on withdrawals of certain assets, updates on API services too which may provide additional security measures at all times.
Binance, the world’s largest cryptocurrency exchange by daily volume has hired its new Chief Compliance Officer (CCO) from the US Treasury Department. Greg Monahan is a former Federal Criminal Investigator who served as an Assistant Special Agent in charge of global money laundering enforcement for several years before joining Binance to lead their anti-money laundering efforts this week.
This is no doubt a good course, especially now that security breaches and loss of money through hacking have been the order of the day in the crypto world. We can only hope that other exchanges will follow suit.
