Hard blow for all active users on theexchange from cryptocurrencies Binance. The platform obliges all new subscribers to the KYC verification, while the “old” are strongly advised to undergo it. Worth some limitations that will certainly not make them happy. Then begins a process of check And regulation that we had announced for some time. Here are all the details and official statements from Binance.
Cryptocurrencies: the control process on the Binance exchange has begun
“Effective immediately, all new users are required to complete there intermediate verification to access the products and services of Binance, including deposits of cryptocurrencies, exchanges and withdrawals“. This is a part of the press release announcing a turn in the rules of Binance, famous exchange of cryptocurrencies.
And for users already active on this platform? What we are about to mention, if you are among them, you will not like it at all. Indeed Binance, to those who have been managing cryptocurrencies for some time, he warned:
“The existing users who have not yet completed the intermediate verification will have the account permissions temporarily changed to “Withdrawal only“, With services limited to withdrawal, cancellation of the order, closing the position And ransom. This will be done in stages to minimize disruption to the user experience, from now until 00:00 AM (UTC) on October 19, 2021. Existing users will be notified directly with more details. Once the intermediate verification, users will be able to resumefull access to Binance products and services“.
In short, a bolt from the blue, but what Binance had to implement in response to different allegations received from the various jurisdictions in the field of cryptocurrencies. An unpopular choice that had already been in the air for some months.
If on the one hand the opening to the payments in cryptocurrencies it is bringing some countries closer to this world, on the other they serve standards that at least guarantee the safety of operations. Here because “Binance highly recommends users to complete promptly your own intermediate verification to avoid delays in the verification process e restrictions on access“. Interesting, because doing it also receives a nice prize.
Verify Your Account NOW and Get a 500 #BUSD Savings Trial Fund Voucher
➡️ https://t.co/xdn6BCNIq1 pic.twitter.com/a9pX2TiX3d
– Binance (@binance) August 21, 2021