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Binance Tightens Customer Verification Requirements

New customers will have to supply a government ID and pass facial verification to meet Binance's "Intermediate" verification.

By Jamie Crawley
AccessTimeIconAug 20, 2021 at 7:37 a.m. UTC
Updated Sep 14, 2021 at 1:42 p.m. UTC
Binance CEO Changpeng Zhao
Binance CEO Changpeng Zhao
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Binance has tightened the customer verification requirements on its platforms as it expands its response to the heightened regulatory scrutiny it has faced in recent months.

  • New customers must now supply a government-issued ID and pass facial verification to meet "Intermediate" verification for access to services such as crypto deposits, trades and withdrawals, Binance announced Friday.
  • Existing customers who have met only the "Basic" verification standard – by simply providing personal information – will have their services limited to withdrawal, order cancellation, position close and redemption.
  • Binance said the move is intended to strengthen its know-your-customer (KYC) and anti-money laundering (AML) position, enhance user protection and combat financial crime.
  • The move is the latest by Binance to appear proactive in its regulatory and compliance stance following intense scrutiny from regulators and other bodies around the world in recent months.

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