Binance Exchange published a post to inform all the crypto users to verify their Binance accounts. This decision of Binance exchange is to comply with global regulation standards.
As Binance was facing huge numbers of scrutiny from different countries’ regulators, they decided to make their platform more ideal to operate crypto services smoothly. Today Binance exchange updated one of the policy of their services.
According to a published blog post by Binance exchange, to use all the services of the Binance exchange, users are restricted to verify their accounts through KYC verification.
This order of Binance comes into effect from now immediately. And the old existing users will have time to verify their accounts till 2021-10-19 00:00 AM (UTC).
Existing non verified Binance accounts are temporarily restricted to “withdraw only” option with order cancellation, position close, and redemption. Probably they are giving the chance to quit Binance if users don’t want to go with the KYC verification process.
Binance also warned through the post that all the users are ordered to complete intermediate verification otherwise they may face issues & restriction with the Binance services.
Also they explained why they are doing so. According to Binance exchange, this change in their services is a mandatory update to determine changes and improvements in light of evolving global compliance standards.