Binance has tightened the customer verification requirements on its platforms as it expands its response to the heightened regulatory scrutiny it has faced in recent months.
- New customers must now supply a government-issued ID and pass facial verification to meet "Intermediate" verification for access to services such as crypto deposits, trades and withdrawals, Binance announced Friday.
- Existing customers who have met only the "Basic" verification standard – by simply providing personal information – will have their services limited to withdrawal, order cancellation, position close and redemption.
- Binance said the move is intended to strengthen its know-your-customer (KYC) and anti-money laundering (AML) position, enhance user protection and combat financial crime.
- The move is the latest by Binance to appear proactive in its regulatory and compliance stance following intense scrutiny from regulators and other bodies around the world in recent months.