OP 20 August, 2021 - 05:42 PM
TL;DR
Know Your Customer (KYC) checks require financial service providers to identify and verify their customers.
This is done as part of their Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) compliance efforts to combat financial crime and ensure customer due diligence.
KYC checks can feel like an annoyance, but they provide a great deal of security. As part of wider AML measures, KYC allows you to trade crypto on exchanges like Binance with more confidence and security.
KYC proactively combats criminal activity by collecting and verifying customer information.
These checks improve trust in the industry and help financial service providers manage their risks.
KYC has become commonplace with cryptocurrency exchanges. However, some critics say that it takes away the anonymity and decentralization aspects crypto is famous for.
Per Binance's Identity Verification process, an Intermediate Verification includes the submissions of government-issued ID as well as facial verification.
For existing users who have not completed the Intermediate Verification, their account access will be limited to "withdrawal only," which means they can only withdraw assets, cancel orders, or close positions.
"This will be carried out in phases to minimize user-experience disruption, from now through 2021-10-19 00:00 AM (UTC)," the firm said.
Existing users can only resume full access to Binance products and services like deposits and trading after completing at least the Intermediate Verification.
Know Your Customer (KYC) checks require financial service providers to identify and verify their customers.
This is done as part of their Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) compliance efforts to combat financial crime and ensure customer due diligence.
KYC checks can feel like an annoyance, but they provide a great deal of security. As part of wider AML measures, KYC allows you to trade crypto on exchanges like Binance with more confidence and security.
KYC proactively combats criminal activity by collecting and verifying customer information.
These checks improve trust in the industry and help financial service providers manage their risks.
KYC has become commonplace with cryptocurrency exchanges. However, some critics say that it takes away the anonymity and decentralization aspects crypto is famous for.
Per Binance's Identity Verification process, an Intermediate Verification includes the submissions of government-issued ID as well as facial verification.
For existing users who have not completed the Intermediate Verification, their account access will be limited to "withdrawal only," which means they can only withdraw assets, cancel orders, or close positions.
"This will be carried out in phases to minimize user-experience disruption, from now through 2021-10-19 00:00 AM (UTC)," the firm said.
Existing users can only resume full access to Binance products and services like deposits and trading after completing at least the Intermediate Verification.
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