Binance Now Requires Mandatory KYC

Bitcoin exchange Binance has announced changes on its account verification policies, implementing mandatory, hardened know-your-customer (KYC) procedures for all users. Effective immediately, all new users will be required to provide additional personably identifiable information (PII) to access Binance services such as deposits, trades, and withdrawals. Existing users will lose access to most services except withdrawal until they provide the necessary PII.


The new requirements entail that, from now on, all Binance users be required to endure a more extensive identity verification process, called “Intermediate Verification,” on the platform. The starter verification status, “Basic Verification,” which required a user’s full name, nationality, date of birth, and home address, has gone defunct. Now, to trade BTC or other cryptocurrencies on Binance, users have to go beyond the basic verification and upload photos of a government-issued identification card and a selfie, as well as undergo live face verification. All data will be sent to the exchange’s servers and staff, who will personally review and either approve or deny it.

“Binance is announcing these measures to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML),” the statement said, citing “enhanced user protection” and the need to “combat financial crime” as motives underlying the changes.

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