- The new ‘Intermediate’ method included face verification and ID verification
- This measure will provide boost to fight with financial crime
Cryptocurrency Exchange Binance has improvised its customer verification process to counter regulatory scrutiny, which will also protect their customer from financial crime.
Binance’s new verification process is mandatory for both, new and existing customers.
- According to the new guidelines, new customers must provide their Government ID and Face Verification, which is part of the ‘intermediate’ verification process. Only after the successful verification, they can access services such as crypto deposits, trades, and Withdraw.
- The Existing customers, who already completed the initial verification process will only be able to access these services to avoid disruption in user experience: withdrawal, order cancellation, position close, and redemption.
The intention behind this new approach is to boost power to its anti-money laundering campaign and know your customers(KYC). By doing this, Binance will enhance user protection and fight financial crime.