Bullish? Binance Implements Mandatory KYC for All Services, Effective Immediately


The leading cryptocurrency exchange Binance has announced KYC (know-your-customer) for all its services, effective immediately.

“Mandatory KYC for ALL services Binance. Action speaks louder than words,” said Binance CEO Changpeng Zhao.

To enhance user protection and provide a safe crypto environment, all new users are required to complete intermediate verification to access the exchange, Binance said. Those who do not complete the verification will have their account permissions changed to “Withdraw Only,” with services limited to withdrawal, order cancellation, position close, and redemption.

According to the exchange, these measures will support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML) to enhance user protection and combat financial crime.

“Binance KYC is bullish, means they will be looked upon much more favorably by regulators globally,” said Su Zhu, co-founder, and CEO of Three Arrows Capital.

This could also result in people turning to DEXs, especially those who don’t want to share their information. More importantly, companies including Binance have been victims of data breaches.

“This all ends with CZ stepping down tho. Pretty sure at this point he can't wait to himself. With Mex/Arthur there were alternatives for non-KYC, but only a matter of time before mandatory KYC becomes normalized across the space. Nance futs trading engine still #1,” said trader Hsaka.

Just last month, CZ said in an interview that he is looking for his replacement, saying,

“I don’t think I’m the best person to lead that effort. I think having somebody with a very strong regulatory background is actually better.”

But later, he took to Twitter to clarify that the company is always looking to hire CEOs but that “there are no immediate plans” to do so.

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