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.
