Recently, more and more countries have accused Binance of fraudulent activities. The platform is trying to adapt to all the new rules, and the last one was the introduction of verification. The crypto exchange announced this in the official announcement on the website.
New users of the site must pass an interim check, which will give access to the products and applications of the exchange. Only after that it will be possible to receive deposits in cryptocurrency, make transactions, and also withdraw funds.
Customers who were previously registered must also be verified. Without it, users will only be able to withdraw funds, pay off debts.
Binance is trying to create a comfortable transition to the new rules, so things will be gradual. But at the same time, the site strongly recommends to go through KYC as soon as possible.
According to the management of the crypto exchange, this will help in the fight against money laundering, as well as the cessation of financing of terrorist organizations.
In addition, the exchange began to apply for licenses in other countries. Without it, the platform has no right to work. Binance CEO Changpeng Zhao said the exchange will work with regulators.