Binance Urges Users to Complete Enhanced KYC Process

The top crypto exchange by trading volume, Binance, announced that it has improved its KYC requirements in light of evolving global compliance standards to enhance user protections and provide a safe crypto environment for everyone.

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The exchange required all new users to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals, effective immediately.

In addition, existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption.

The verification process will be carried out in phases to minimise user-experience disruption, from now through 2021-10-19 00:00 AM (UTC). Once users complete the Intermediate Verification, they will be able to resume full access to Binance products and services.

Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access.

Last week, Binance announced that users based in Australia will be restricted from opening new accounts​ for options, margin products, and leveraged tokens, in-line with its commitment to compliance and its plans to become a regulated financial institution.