Binance to expand Global KYC requirements in the wake of regulatory pressure

Binance, blockchain ecosystem and cryptocurrency infrastructure provider, today announced the global rollout of its Intermediate Verification requirement for all users.

Changpeng Zhao (CZ), Founder and CEO of Binance, said: “User protection is an integral part of our DNA and core values. Our vision is to create a sustainable ecosystem that is safe for all participants.

In the last four years we have laid the groundwork by investing heavily in security and user protection, supporting law enforcement from around the world with high-profile investigations and helping cybercrime victims recover millions of dollars worth of stolen funds.”

The cryptocurrency infra platform has been facing regulatory heat. Reuters reported that the exchange has scaled back its product offerings, including leveraged trading and tokens linked to equities. More recently, the Dutch central bank too voiced concern that Binance wasn’t in compliance with its anti-money laundering laws, along with its anti-terrorist funding laws.

Changpeng Zhao also tweeted about the new KYC requirements with a caption “actions speak louder than words.”

Mandatory KYC for ALL services @Binance.

Action speaks louder than words. https://t.co/EJupmQvStm

— CZ 🔶 Binance (@cz_binance) August 20, 2021

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