TL;DR Breakdown Binance makes KYC requirement mandatory for all users.Access to Binance services would be limited for users who don’t complete KYC.Other ways Binance has managed its regulatory issues before mandatory KYC. Number one crypto exchange, Binance, has announced that a know your customer (KYC) check has been made compulsory for all its customers from today (Friday). This announcement comes as regulators globally continue to mount pressure and crackdown on the crypto exchange. In the Binance announcement on Friday, the exchange noted that users much complete their know your customer check to access the exchange services, including cryptocurrency deposits, trades, and withdrawals. Mandatory KYC for ALL services @Binance.Action speaks louder than words. https://t.co/EJupmQvStm— CZ Binance (@cz_binance) August 20, 2021 The firm gave its reason as constant review of its products and services to “determine changes and improvements in light of evolving global compliance standards.” The know your customer check requires users to submit a government-issued ID and facial verification. Users who defy the Know Your Customer check would not have full access to Binance services. They would only be allowed to withdraw, cancel orders, and close positions. Two weeks ago, the exchange limited the daily withdrawal limit for non-verified accounts from a maximum of 2 BTC to 0.06 BTC. All these moves are in line with Binance becom...
