Crypto Exchange Binance Enhances Global KYC Requirements
- All new users are required to complete the company's Intermediate Verification process to access Binance products.
Binance, one of the most prominent Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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."
Intermediate Verification
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 Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term 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).
Binance, one of the most prominent Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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."
Intermediate Verification
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 Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term 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).