Crypto exchange Binance has just announced all its users must complete a mandatory verification procedure.
Starting this Friday, all new users of the platform must complete an intermediate verification if they want to gain access to Binance's tools and options, including the ability to trade as well as make deposits and withdrawals.
The new requirements for existing users will be phased in by October 19. Before completing the verification process, they will be able to withdraw assets, cancel existing orders and close active positions. Such users will receive personal notifications with additional information. According to the announcement:
"Upon completion of the intermediate verification, users will be able to regain full access to Binance products and services. Binance strongly recommends completing intermediate verification in a timely manner to avoid delays in the verification process and access restrictions."
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Intermediate verification involves uploading identity documents in addition to the personal information specified during the basic verification stage. In addition, users must perform a facial verification:
"Binance reviews its products and services on an ongoing basis to determine changes and improvements in light of evolving global compliance standards. Binance is making these changes to enhance user protections and provide a safe crypto environment for everyone. These measures are intended to support our efforts in customer identification and anti-money laundering. They will help to further strengthen user protection and combat financial crime."