Binance Australia has updated its security requirements for local residents looking to access crypto on the platform as part of its “compliance efforts,” the exchange said Wednesday.
All new users must complete a verification process to access its products and services. Existing users who have not yet done so will have their account restricted to “withdrawal only” whereby services will be limited to withdrawal and order cancellation.
Binance Australia said the measures are intended to bolster its Know Your Customer and Anti-Money Laundering (KYC/AML) efforts. In a bid to minimize disruption to its users, the exchange said its efforts will be carried out in phases from Wednesday through Oct. 19.
“We would like to contribute in forming a safer trading environment for all users,” Binance Australia CEO Leigh Travers told CoinDesk. “We have other initiatives to come to meet our core values.”
Binance’s global platform this week announced it would be ending its derivatives offerings to Australian crypto traders by year’s end. Binance is a separate entity from Binance Australia, which, in turn, is operated by InvestbyBit. The latest moves can be viewed as an attempt to stymie the fallout from regulatory ire that has recently focused on the Binance brand worldwide, in a bid to bring the exchange in line with other crypto providers.
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