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

Sygnum and Debifi Launch MultiSYG: A New Bitcoin-Backed Lending Service

Sygnum and Debifi have launched MultiSYG, a Bitcoin-backed lending service that enhances security and control over collateral through segregated multisignature wallets.

user avatarMaria Fernandez

Franklin Templeton Moves Closer to Launching Bitcoin ETFs

Franklin Templeton has filed for two ETFs that combine US stock portfolios with Bitcoin allocations, aiming to simplify investment management.

user avatarGustavo Mendoza

HSBC Launches RedCoin, a Hong Kong Dollar Stablecoin

HSBC has launched RedCoin, a Hong Kong dollar stablecoin, for over 33 million PayMe users, enabling transactions without a crypto exchange.

user avatarRajesh Kumar

CoinShares Bitcoin and Ether ETF Finalizes Cash Settlement

CoinShares Bitcoin and Ether ETF has finalized its cash settlement, with a payout confirmed by the OCC.

user avatarMiguel Rodriguez

JUST Launches Enhanced JST Buyback and Burn Initiative

JUST launches upgraded JST Buyback and Burn program to enhance value-accrual framework for JST token.

user avatarLuis Flores

Bloomberg Enhances Crypto Analytics for Banking Compliance

Bloomberg has enhanced its Crypto Exposure Analytics to classify bank exposure to cryptocurrencies under Basel standards.

user avatarArif Mukhtar

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.