Binance now mandates Know Your Customer (KYC) compliance for all sub-accounts under its Link Program, necessitating enhanced user verification. Sub-accounts lacking KYC by May 20, 2024, will have their accounts restricted and will no longer have access to the Binance Link Program services.
Exchange Link account holders must integrate with the Link-KYC module and provide additional user information upon request, covering Source of Funds, Source of Wealth, and Proof of Address.
Sub-account holders may be required to complete a Politically Exposed Persons (PEP) questionnaire. Restrictions on incomplete KYC information include limited deposit and trading services. In cases of legal and compliance issues, detailed explanations may not be provided.
Restricted sub-accounts cannot receive deposits, with refunds taking up to 45 days and an administrative fee of $200 per appeal. Access restrictions may apply to unresponsive Exchange Link account holders, potentially resulting in account downgrades and the deletion of unused sub-accounts.
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