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Binance Implements Stricter KYC Measures, Restricting Access to Sub-Accounts

2024/04/05 15:39

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Binance, the leading cryptocurrency exchange, has announced enhanced know-your-customer (KYC) requirements, resulting in tighter restrictions on sub-accounts.

Binance Link Program Implements KYC Requirement for Unverified Users

Effective April 20, unverified users lacking the requisite KYC information will lose access to their sub-accounts created under the Binance Link program. This policy extends to sub-accounts established solely for cryptocurrency deposits. The Binance Link program, launched in September 2019, facilitates business scalability through Binance's technology, offering a "plug and play API" to entities such as exchanges, asset managers, trading bots, and cryptocurrency wallet providers.

Binance Link Program Enforces KYC Verification Requirement for Account Access

Henceforth, Exchange Link account holders must complete KYC verification to retain access to services. Required information may include the source of funds and proof of address. Sub-accounts lacking complete KYC details will face restrictions on deposits, new orders, and existing orders. Futures and margin trading functionalities will also be unavailable for users with incomplete KYC information. Additionally, Binance warns that assets may be blocked in certain cases, and affected accounts will be unable to receive deposits.

This development follows Binance's imposition of mandatory KYC verification for all existing users in August 2021. These measures coincide with increased regulatory scrutiny faced by the exchange worldwide.

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