The leading cryptocurrency exchange, Binance, is stepping up its customer verification requirements due to increased scrutiny and regulations in recent months.
Now Indirect Verification Procedures are required to gain access to Binance’s network. The changes come in response to concerns that fraudulent accounts may have been created. This will ensure that no malicious actors are operating outside of safety control while also protecting investors and traders from scams like phishing or unauthorized logins that could result in financial loss as well.
Binance is taking a proactive approach to its security measures after receiving pressure from international regulatory authorities. In response to this increased attention, they have stepped up on-site verifications and strengthened withdrawal rules for suspicious accounts as well as imposed restrictions against new registrations with IP addresses coming out of high-risk countries.
The recent changes do not affect existing Binance users. Existing clients who are still at the Basic verification level can withdraw funds, cancel orders, and close positions.
This procedure will be carried out in stages to ensure that the user experience is not disrupted. The procedures will be followed from now until October 19, 2021, at 00:00 AM (UTC). Existing Binance customers can regain full access to Binance’s services and products, such as trading and deposits, after passing at least the Indirect Verification.