Binance, de Grossetti Cryptocurrency exchange worldwide in terms of volume, now requires all customers to identify and know your customer (know your customer) before accessing the trading platform. who advertises Bitcoin (BTC) Exhibition on August 20 at:
Binance is constantly reviewing its products and services to enhance user protection, provide a secure crypto environment, and align with evolving global compliance standards. As an important step forward, we are updating the global KYC requirements for all users.
– Binance (binance) August 20 2021
The new procedure takes effect immediately. All new users must go through an identity verification process. Existing users who previously used the trading platform without verification will only be able to access withdrawals and cancellations. It won’t be immediate, but it will happen in phases “to ensure minimal disruptions to the user experience.”
However, Binance advises users to verify their identity information on the platform as soon as possible. As part of the Know Your Customer (KYC) process, customers must provide a copy of their ID or passport as well as a photo of themselves.
Binance has recently been pushing for stricter measures as the platform received multiple warnings from regulators this summer. De Nederlandsche Bank (DNB) also warned this week that Binance is not registered.
In related news, The New York Times (NYT) reported that a new $100 million funding round for Binance.US, the company’s US arm, has failed.
Scoop:Tweet embedHe tries to collect $$ out as part of a plan to eventually be released to the public, but moving forward is difficult. Here’s whyTweet embedMane Alvarez resigned two weeks ago https://t.co/YnGss6AzKc
– Emily Flitter (@FlitterOnFraud) August 19, 2021
Journalist Emily Flitter reported that this was the reason even The recent departure of Binance.US CEO Brian Brooks. Investors have reportedly been hesitant due to the regulatory pressures currently on Binance. There will also be concerns that Binance CEO Changpeng Zhao (CZ) owns 90% of Binance.US.
The financing round should be the first step towards a Initial public offering (IPO) from Binance.US. The crypto company plans to hold an IPO and raise $100 million. Binance is increasingly focused on compliance After increasing regulatory pressure on the company.
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