According to a recent statement, services for all Binance users will be limited unless they adhere to the latest KYC and AML requirements. The announcement was made by the crypto exchange on Friday, with the new requirements coming as a result of Binance’s efforts to “enhance user protections and provide a safe crypto environment for everyone.”
As per the statement, “Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.”
The changes regard existing users as well, as the services for those who were previously allowed to engage in crypto trading without verification will now be limited to “withdrawal, order cancellation, position close, and redemption” until they complete Intermediate Verification.
However, to make sure there are only minimal disruptions in user experience, the changes for existing users will be rolled out in phases. Once this type of verification is completed, users will be able to resume full access to Binance products and services.
The company stated that the new KYC and AML measures would be implemented to “enhance user protection and combat financial crime.” CEO Changpeng Zhao has recently made public that he intends to work with regulators as the crypto exchange has received warnings from several regulators for operating unlicensed in certain countries.