Binance Implements Stricter KYC Measures for Sub-Accounts

user avatar

by Giorgi Kostiuk

3 years ago

Made with AI

The prominent cryptocurrency exchange Binance has announced enhanced know-your-customer (KYC) requirements.

Effective April 20, unverified users lacking necessary KYC details will lose access to their sub-accounts created through the Binance Link initiative. This change applies to sub-accounts solely used for crypto deposits as well.

The Binance Link program, initiated in September 2019, enables businesses to leverage Binance's technology for expansion. It provides a user-friendly API for a variety of clients like exchanges, asset managers, trading bots, and crypto wallet providers.

Moving forward, Exchange Link users must complete KYC verification to maintain service access. This may involve disclosing funds' source, proof of address, and additional details.

Sub-accounts without complete KYC information will face deposit limitations and inability to initiate or maintain orders. Futures and margin trading will also be off-limits to users with incomplete KYC data.

Binance further warns that assets in sub-accounts may be frozen under specific circumstances, and deposits will not be accepted for non-compliant accounts.

In response to increasing global regulatory scrutiny, Binance had previously enforced mandatory KYC verification for all its users in August 2021.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Blockchain.com Introduces New Trading API for Institutional Clients

Blockchain.com has launched a trading API designed for institutions to access its liquidity across digital assets.

user avatarSon Min-ho

Warren and Trump Team Up for Credit Card Interest Rate Cap

Senator Elizabeth Warren announced her readiness to collaborate with President Donald Trump to implement a 10% cap on credit card interest rates, aiming to provide relief for millions of Americans burdened by high credit card debt.

user avatarAyman Ben Youssef

Broadridge and Dinari Integrate Proxy Voting for Tokenized Stocks

Broadridge and Dinari have integrated their systems to allow eligible holders of Dinaris dShares to exercise voting rights through established proxy voting infrastructure.

user avatarTando Nkube

Google Launches TPU 8tx and TPU 8i Max AI Systems to Challenge Nvidia

Google has launched TPU 8tx and TPU 8i Max AI systems to enhance privacy and memory capabilities, aiming to compete with Nvidia.

user avatarKofi Adjeman

Nvidia's Stock Plummets Amid Scandal and Google’s AI Chip Launch

Nvidia's stock has dropped significantly following CEO Jensen Huang's admission of an extramarital affair, coinciding with Google's announcement of new AI chips.

user avatarNguyen Van Long

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.