The leading crypto exchange company, Binance, announced a new update on their daily withdrawal limit. As a part of the Know Your Customer Policy, the company announced a new withdrawal limit for users that completed the Basic level of their account verification process. Binance adjusted the new withdrawal limit to 0.06 BTC.
According to the announcement, Binance will continue applying new withdrawal limit for existing users in phases starting from Aug 4. The exchange expects to adopt new withdrawal restrictions entirely by Aug. 23.
Binance users who have completed full identity verification will be still able to withdraw up to 100 BTC in a day, or nearly $4 million at BTC prices at the time of writing. “Withdrawal limits refresh daily at 00:00 AM,” the announcement notes.
The official announcement states: “We continually review our policies to ensure that we surpass industry standards. This adjustment better accounts for current BTC prices. You can increase your withdrawal limit by completing identity verification.”
Earlier, Binance stopped its customers from withdrawing British pounds and euros, amid a regulatory crackdown in the UK and issues with payments provider Clear Junction. At that time, Binance said that it has been working to correct the problem. In the statement, Binance also stated that they have been working with the regulators to protect the consumers.
