Binance steps up compliance game

The world’s largest crypto exchange Binance is improving its AML and KYC practices in a bid to meet the regulatory and legal demands of all its markets.

Moving forward, Binance will be introducing a withdrawal limit on transactions to the tune of 0.06 Bitcoin daily or around $2,000 at current rates for unverified accounts. Once an account has been verified, however, Binance will allow users to withdraw as per regulatory requirements in each jurisdiction.

Before Binance agreed to introduce the new limit, it had a minimum non-verified-account withdrawal limit set at 2 BTC or roughly $70,000 at Bitcoin’s current price. Right now, Binance allows verified accounts to cash out up to 100 BTC and this is expected to be the norm once the overhauled terms and conditions roll in from August 4 through August 23.

Binance has three verification levels, allowing consumers some comfort in choosing how much information they want to share: basic, intermediate and advanced verification, which requires a proof of address as well as a utility bill or bank statement.

Binance has been improving its KYC processes precisely because it has been petitioned by regulators to do so.

In 2019, the company teamed up with IdentityMind to automate a part of this process and ensure that consumers were satisfied while the exchange achieved the necessary level of regulatory compliance.

Binance has since been cited in several cases around the world with Japan, Canada and the US issuing warnings about the exchange and residents of said countries being told to avoid using it.

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Updated: 07/28/2021 — 13:00