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

Ethereum's Glamsterdam Upgrade Scheduled for Hoodi Test Network

Ethereum's next major upgrade, Glamsterdam, is set to activate on the Hoodi test network on October 26, marking a significant step in testing changes to block production and execution costs.

user avatarMiguel Rodriguez

International Crackdown on West African Scam Networks Results in 28 Arrests

An international effort against West African scam networks has led to 28 arrests and the removal of over 37 million accounts linked to fraudulent activity.

user avatarLuis Flores

Stablecoin Payment Transactions Surge Despite Flat Supply

A new report reveals a significant increase in stablecoin payment transactions, contrasting with stagnant supply levels.

user avatarArif Mukhtar

MARA Holdings Transfers 1,000 BTC to Exchanges Amid Market Scrutiny

MARA Holdings has transferred approximately 1,000 BTC to Binance and Gate over the past five days, raising questions about its treasury movements.

user avatarDavid Robinson

CryptoBilis Case Exposes Vulnerabilities in Hardware Wallets

The CryptoBilis case reveals vulnerabilities in hardware wallets, leading to $90 million in losses due to tampered devices.

user avatarMaria Gutierrez

California Reaches $500,000 Settlement with Fidelity Over Crypto Withdrawal Restrictions

California has reached a $500,000 settlement with Fidelity Digital Asset Services regarding restrictions on crypto withdrawals.

user avatarAndrew Smith

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.