Binance has issued new regulatory guidelines for its customers due to the administrative scrutiny that it is facing over the past few months.
- With instant effect, the exchange has made it mandatory for the new users to complete their “Intermediate Verification” to avail its services and product offering.
- The existing users who have not completed their “Intermediate Verification” can access services like withdrawal, order cancellation, position close, and redemption.
- These users will have their account permission briefly changed to “Withdraw Only.”
- The above steps will help strengthen the Know Your Customer (KYC) and Anti Money Laundering (AML) efforts of the exchange.
- Binance has taken these measures keeping in view the security of its users and will also help in fighting financial crime.