April 1, 2023

Binance Introduces Mandatory Verification Of All Users

Binance cryptocurrency exchange announced the beginning of the mandatory user verification procedure.

With this On Friday, all new users must undergo Intermediate Verification to gain access to Binance's tools and options, including deposit / withdrawal and trading.

New requirements for existing userswill be presented in stages until October 19. Before passing the verification, they will only be able to withdraw assets, cancel existing orders and close active positions. Such users will receive personal notifications with additional details. Binance's post said:

“After passing the intermediate verification, theywill be able to regain full access to Binance products and services. Binance strongly recommends passing interim verification in a timely manner to avoid delays in the verification process and access restrictions. "

Intermediate verification involves loadingidentity documents, in addition to personal information, which is indicated at the stage of basic verification. You also need to be verified using a face recognition tool:

“Binance is revising its products and services aton an ongoing basis to identify changes and improvements in the light of evolving global compliance standards. Binance is making these changes to strengthen user protection and ensure a safer stay in the cryptocurrency space for all its participants. These measures are intended to support our efforts in customer identification and anti-money laundering. They will help to further strengthen the protection of users and fight financial crime. "