Binance has reportedly rolled out new Know Your Customer (KYC) requirements, which is mandatory to every client currently using its platform. 

Specifically, Binance has reportedly been under a significant amount of pressure, regulation-wise, throughout jurisdictions around the world, as claims of its running operations without proper license surfaced, and the freshly rolled out KYC requirements is an effort to handle the situation. 

“Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals,” Details of the update as revealed by the firm via an announcement. 

Additionally, the current clients that have been able to carry out crypto trading without verification will reportedly have the power to solely process “withdrawals, order cancellation, position close, and redemption.”

Per Binance, the policy adjustment will reportedly be released by-phases for current clients, in an attempt to minimize the disruption to customer experience. 

Nonetheless, immediate KYC verifications will reportedly equip users with the full access to Binance offerings. 

“Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access.”

The crypto exchange giant further shared that the KYC and Anti-Money Laundering measures implementation are included in its effort to amp up the protection level for its investors, against financial crimes.

Existing estimation reportedly suggests that the basic verification on the Binance portal will take up one day to complete its processing. However, document verification, including government ID, facial verification and proof of residential address will take up a 20-day time frame for the review stage.