Binance news kyc9/12/2023 ![]() ![]() Reactions, as expected, were mixed, with many undecided on whether this development is actually bullish or bearish. Is there an end to Binance’s woes? Well, it’ll be an interesting one to follow over the coming days. On a separate note, hundreds of Binance users have sought damages for the money they lost during major service outages on the platform. One of the reasons why Binance collaborated with CipherTrace Traveler is to achieve compliance with the Financial Crimes Enforcement Network’s (FinCEN) and the Financial Action Task Force’s (FATF) travel rule regulations. Meanwhile, Binance has been censured for its lack of KYC and financial reporting rules in the past. ![]() The lowering of the limit for basic verification made it more difficult for unknown users to abuse the previous daily limit. A regulatory historyĪ few weeks ago, Binance implemented a restriction on daily withdrawal limits to 0.06 BTC (Previously, 2 BTC) for accounts with basic KYC verification. “Once users complete the Intermediate Verification, they will be able to resume full access to Binance products and services,” the exchange concluded. These measures will be carried out in a phased manner to minimize disruption. All existing users who have not completed the Intermediate Verification, their account access will be limited to “withdrawal only”.Effective immediately, all new users now must complete Intermediate Verification to access Binance’s services.
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