The world’s largest cryptocurrency exchange announced the adoption of a more stringent user verification rules, according to which new customers will not be able to access the products and services of the trading platform without confirmation of the person. Such measures will be taken to combat money laundering. Reports about it Reuters.
In 2021, the BINANCE cryptobirus faced the pressure of regulatory financial bodies around the world, concerned about the weak protection of users, as well as the use of cryptocurrency for money laundering. The Central Bank of the Netherlands on August 16 stated that the playground does not comply with the laws on the fight against money laundering and the financing of terrorism. On August 20, Binance has published an application on its website that users will have to undergo a mandatory personality confirmation process to access the products and services of the exchange.
binance will prohibit anonymous users to use most of their services. Including access to deposits, transactions and conclusion of funds will be limited. Previously not verified users, these features were available. Such measures are taken as to improve the attitude of the trading platform with financial regulators.
For some BINANCE parameters is the largest cryptocurrency platform in the world. According to Cryptocompare, it ranks first in the world in terms of trading volumes, which amounted to $ 455 million in July.
World Crypto Industry is largely unregulated. The main problems associated with cryptography is the lack of consumer protection, the risk of money laundering and other illegal activities. For this reason, Binance, as one of the largest cryptocrium, attracts the attention of the authorities in many countries, which later leads to certain restrictions in its activities. Previously, the trading platform reported that residents of South Korea and Malaysia due to the requirements of local authorities are no longer available to some products of the company. BINANCE banned customers to use South Korean Won and Malaysian ringgit in operations on their platform. Restrictions apply to trade, P2P transactions and deposit payments. In addition, Binance warned that stops trading in cryptocurrency derivatives in Europe, the inhabitants of which will not be able to open new accounts for trading futures or derivative products.