Binance expands its KYC requirements to bolster user protections

Binance, which bills itself as the world's largest blockchain ecosystem and cryptocurrency infrastructure provider, launches its Intermediate Verification requirement for all users, part of its Know Your Customer ("KYC") and anti-money laundering efforts. The move comes as regulators increase their scrutiny of the cryptocurrency exchange. The U.K., Italy and Hong Kong have said that the company isn't licensed to do business in their jurisdictions. And it's reportedly under investigations by the U.S. Justice Department and the IRS. The company said in the last four years it has invested heavily in security and user protection, supporting law enforcement around the world with investigations and helping cybercrime victims recover millions of dollars of stolen funds. "User protection is an integral part of our DNA and core values," Binance founder and CEO Changpeng Zhao said in a statement. "Our vision is to create a sustainable ecosystem that is safe for all participants." Binance