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Cryptocurrency exchange Binance announced all its users are now required to fully submit to Know Your Customer (KYC) verification.
Although not clearly stated, the exchange’s new KYC requirements appear to be a direct response to growing regulatory concerns.
Existing users who have not already completed KYC verification are now also required to do so. Until this is being done, those accounts will only be able to withdraw their holdings.
With users already required to input their name and date of birth to complete the “basic” tier of verification, users will now also need to complete the “intermediate” tier, which demands users to include passport details and upload a selfie image to the site.
Following recent regulatory headwinds, Binance is committed to “align” its operations with “the evolving global compliance standards.”
The tighter KYC measures come just few days after Binance announced it brought former IRS official, Greg Monahan, on board to lead its global AML compliance program.
With a growing list of countries that have warned Binance in the past weeks, Malaysia, UK and Japan to name a few, the Dutch Central Bank on Thursday were the latest to state that the crypto exchange is not in compliance with Anti-Money Laundering (AML) legislation in the Netherlands.
Binance top position as the world’s leading cryptocurrency exchange remains unaffected. According to CoinMarketCap, the exchange’s last 24-hour trading volume accounted for over $25 billion. Number two, Coinbase did 3.5 billion in the same period and trails by far.