Cryptocurrency exchange platform Binance is integrating an intermediate verification stipulation for all users, adding to the startup’s know your customer (KYC) and anti-money laundering (AML) protocols.
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“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,” Binance Founder and CEO Changpeng Zhao said in a press release on Friday (Aug. 20).
“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,” Zhao added.
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User protection has been top of mind for Binance and over the past month, the company has invested heavily in senior compliance talent, compliance technology, updates to API services and more, according to the release.
“We aim to work more collaboratively with policy-makers to improve global standards and discourage bad actors,” Zhao said.
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Binance provides blockchain and cryptocurrency infrastructure with an integrated array of crypto products and services that includes the largest digital asset exchange by volume, according to the release.
In a blog post on Friday (Aug. 20), Binance said it regularly reviews its suite of products in alignment with changing regulatory parameters in the U.S. and around the globe. The new security measures are intended to “enhance user protections and provide a safe crypto environment for everyone,” the company said.
“Binance strongly advises users to complete their Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access,” according to the blog.
Existing customers with only basic verification in place will have their services limited to withdrawal, order cancellation, position close and redemption.
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