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Binance Tightens Customer Verification Requirements
New customers will have to supply a government ID and pass facial verification to meet Binance's "Intermediate" verification.
Updated Sep 14, 2021, 1:42 p.m. Published Aug 20, 2021, 7:37 a.m.
Binance has tightened the customer verification requirements on its platforms as it expands its response to the heightened regulatory scrutiny it has faced in recent months.
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- New customers must now supply a government-issued ID and pass facial verification to meet "Intermediate" verification for access to services such as crypto deposits, trades and withdrawals, Binance announced Friday.
- Existing customers who have met only the "Basic" verification standard – by simply providing personal information – will have their services limited to withdrawal, order cancellation, position close and redemption.
- Binance said the move is intended to strengthen its know-your-customer (KYC) and anti-money laundering (AML) position, enhance user protection and combat financial crime.
- The move is the latest by Binance to appear proactive in its regulatory and compliance stance following intense scrutiny from regulators and other bodies around the world in recent months.
Read more: Binance Extends Restrictions on Derivatives Offering in Australia
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