An announcement recently revealed that cryptocurrency exchange Binance is imposing tighter Know Your Customer (KYC) requirements for its business clients. Starting from March 20, access to subaccounts without completed KYC verification will be limited, and these accounts risk being frozen if required documentation is not submitted by May 20. Moreover, non-compliant clients will no longer have access to Binance Link.

Binance Link is a program designed for corporate clients to leverage the exchange's technologies for business development and profit from trading commissions. Those responsible for managing sub-accounts within the Exchange Link are now required to ensure full integration with the Link-KYC module. Additionally, users may need to provide additional information upon request, such as details about the source of funds and proof of address.

In order to meet anti-money laundering (AML) regulations, Binance may request sub-account holders to complete a Potential Politically Exposed Person (PEP) questionnaire. This questionnaire includes inquiries about PEP status, occupation, job title, and employer information.

Following a settlement with U.S. authorities, Binance is actively moving towards compliance with regulatory guidelines. Recently, the platform became a member of the Global Travel Rule (GTR) organization and will monitor and transmit transactions over $1,000.

For the first time since its establishment in 2017, Binance disclosed its board of directors, consisting of seven individuals. Among them are three senior managers who have been with Binance since its inception, as well as three external members.