Binance Australia Updates User Security Requirements in Line With ‘Compliance Efforts’

Existing users who haven’t completed the process will be limited to “withdrawal only” services.

AccessTimeIconSep 23, 2021 at 3:07 p.m. UTC
Updated May 11, 2023 at 6:10 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sebastian Sinclair

Sebastian Sinclair is a CoinDesk news reporter based in Australia.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.