HomeNewsKYC Alert: Binance Rolls Out Stricter Rules for Sub-Account Holders

KYC Alert: Binance Rolls Out Stricter Rules for Sub-Account Holders

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  • Binance will impose tighter KYC criteria on users of the Binance Link program, including thorough verification of the funds’ origins.
  • The price of BNB Coin, which has slightly increased to $587.94 following a weekly decline, demonstrates how volatile the market is in response to changes in regulations.

World’s largest cryptocurrency exchange, Binance, has implemented strict KYC requirements. The exchange is adapting to worldwide regulations and providing a secure trading environment for its consumers.

Binance Link Program KYC Improvements

Binance will implement stricter KYC protocols on April 20, especially for Binance Link users. In September 2019, Binance introduced a “plug and play API” for exchanges, asset managers, and cryptocurrency wallet providers to empower them with its superior technology.

The new restrictions require Exchange Link account holders to undergo KYC verification to continue using the services. Provide complete details, including funding source and address.

KYC restrictions will be most detrimental to unverified users. Those who have not completed KYC will lose access to their Binance Link sub-accounts, even if they were only for depositing cryptocurrencies.

Sub-accounts without KYC information cannot deposit, order, or trade futures or margins. Binance warns that assets in these sub-accounts may be banned in severe instances, blocking deposits.

Handling Regulatory Review

Binance is responding to global regulatory pressure with these moves. The exchange mandated KYC verification for all users in August 2021 to emphasize compliance and user security, echoing earlier coverage by ETHNews.

A coincidence with changing market conditions is the announcement. Binance’s native token, BNB Coin, rose 0.79% to $587.94. However, the token’s value has dropped about 2.50% in the past week. This market performance shows the volatility of the cryptocurrency market and the need for strict regulation to ensure trade stability.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628