Binance, one of the most prominent blockchain ecosystem and cryptocurrency infrastructure providers, announced today that the company has expanded its international KYC requirements in an effort to enhance user protection.
Binance announced the rollout of the company’s Intermediate Verification requirement for all users. With immediate effect, all new users of Binance are required to complete Intermediate Verification to access its products and services including crypto deposits, trades and withdrawals.
The company’s existing users who have not yet completed the Intermediate Verification process will have their account permissions temporarily changed to Withdraw Only. After the completion of the verification process, existing users will be able to access full services from Binance.
Commenting on the latest announcement, Changpeng Zhao (CZ), Founder and CEO of Binance, said: “User protection is an integral part of our DNA and core values. Our vision is to create a sustainable ecosystem that is safe for all participants. In the last four years, we have laid the groundwork by investing heavily in security and user protection, supporting law enforcement from around the world with high-profile investigations, and helping cybercrime victims recover millions of dollars worth of stolen funds.”
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In the latest press release, Binance mentioned that the main focus of the recent KYC requirements is to provide a safe crypto environment for everyone. In addition, the exchange highlighted its recent efforts towards user protection. “Intermediate Verification supports Binance’s Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts as part of the organization’s redoubling of efforts to further enhance user protection and risk management protocols,” Binance mentioned.
“In the last 30 days, Binance has announced significant investments towards user protection, including (but not limited to) senior compliance appointments, compliance technology deployments, Tax Reporting Tool launch, updates to leveraged trading, changes to withdrawal limits and updates to API services,” the exchange added.
Earlier this week, Binance announced the hiring of the former US Treasury Criminal Investigator, Greg Monahan as its new Global Money Laundering Reporting Officer (GMLRO).