Binance Implements Mandatory User Verification

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Cryptocurrency exchange Binance has just announced that the platform’s new users must undergo an identity verification process before they are able to access the products and services of the Bitcoin exchange, including crypto deposits, trading and withdrawals.

The company recommends all existing users to complete the verification to avoid any restrictions when accessing the platform. Users not completing the verification will only be able to withdraw funds, cancel orders and close open positions.

The platform has said it has made this decision to protect users from all the risks associated to the crypto industry.

We should remember that the exchange CEO Changpeng Zhao published an open letter in which he talked about the company’s plans to ensure compliance and protect customers.

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