Binance and identity verification have always been a couple that have not gotten along very well. Until today. The controversial exchange Binance has just announced the obligation for all its users and clients to reveal their identity. This is good for identifying all those shitcoins tokens with whom too many people have wasted all your money on PancakeSwap (from the Binance Smart Chain). The not-so-good: This news from Binance means that the exchange will transmit all the transactions of its users to the Treasury. It was time to declare. If verifying your identity on Binance seems like a complex process, we recommend reading our tutorial guide.
Binance and identity verification
Binance, whose director in the United States resigned earlier this month, has a summer full of shocks and bad news. Hopefully today's announcement be the first in a long line of decisions to improve public image, credibility and transparency of the world's largest cryptocurrency exchange. All in all, it is still possible buy Bitcoin anonymously and without verification. If you are interested in knowing how, click on this link.
A day after the Comissione Nazionale per le Società e la Borsa (Consob) (Italy's financial regulator) has alerted that the exchange platform can operate in the country, Binance has announced a fine-tuning of its policies. It will no longer be possible to buy anonymously on Binance.
Binance ensures that it will review its products and services on an ongoing basis to determine changes and improvements in light of evolving global compliance regulations. For improve user protection and provide a secure cryptographic environment for everyone, Binance is making the following changes:
- Hereinafter, All new users must complete the Intermediate Identity Verification to access the products and Binance services, including cryptocurrency deposits, operations, and withdrawals.
- To existing users who have not completed the Intermediate Verification yet, their account permissions will be temporarily changed to "Withdrawal only", with services limited to withdrawal, order cancellation, position closure and redemption.
- This will be done in phases to minimize disruptions to the user experience, from now until 2021-10-19 00:00 AM (UTC). Current users will be informed directly with more details. Once users complete the Interim Verification, they will be able to resume full access to Binance products and services.
Binance has "strongly" recommended that users complete their Interim Verification promptly to avoid delays in the verification process and restrictions on your access.
Binance is announcing these measures to help support its KYX (Know Your Customer) and Anti-Money Laundering (AML) efforts. This will further enhance the protection of users and the fight against financial crime.
