The global exchange Binance, a leader in blockchain ecosystem and technology, will be altering its international Know Your Customer legal document requirements. Binance, a recent target to global controversy as a handful of global regulators have blacklisted it, aims to enhance its user base protection with these reformations to its policy.
The main change in the KYC documents is the introduction of the Intermediate Verification requirement. Essentially, from here on out, all new users will be required to complete this verification. Otherwise, they will not be able to access crucial products and services, like crypto deposits, as well as crypto trades and withdrawals.
Furthermore, those users that have not completed the intermediate verification process will have their account changed to a “withdrawal only” status. It is only after completing this process will users be able to access all of Binance’s services.
The company’s latest press release reveals that the main focus of its newly reformed KYC docs is to provide a safe environment for everyone. Changpeng Zhao (CZ), CEO of Binance, commented that user protection is a crucial aspect of the firm’s core values. He added that a sustainable ecosystem has been their ultimate goal all along. Zhao revealed that user protection, collaborations with law enforcement from all around the world, and cybercrime financial recovery schemes have all been a huge part of Binance’s operational framework.
