Binance has been targeted by regulators worldwide for allegedly operating unlicensed businesses. Out of concern for the platform’s users, the crypto exchange has publicly announced new Know Your Customer (KYC) requirements.
“Effective immediately, all new users must complete Intermediate Verification to access Binance products and services,” the company said.
Aside from that, existing users can only process “withdrawals, order cancellation, position close, and redemption.”
Binance says the new policy will be phased in to ensure minimal user disruption. However, users will have full access to Binance products and services if KYC is verified immediately.
The company said:
“Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access.”
The crypto exchange says it uses KYC and AML to protect investors from financial crimes.
Currently, basic Binance verification takes about a day. However, all KYC documents will need to be reviewed in a total of 20 days.
Binance has stepped up efforts to address recent criticism from regulators around the world. On July 28, the crypto exchange limited withdrawal amounts for users who did not complete full KYC verification.
Following CEO Changpeng Zhao’s announcement, the daily withdrawal limit for unverified Binance users was reduced from 2 BTC to 0.06 BTC.
Zhao also stated his desire to work with regulators after the exchange was recently warned for operating without a license in several countries.