Binance, a major cryptocurrency exchange, has revealed stricter Know Your Customer (KYC) rules for its business clients. This is to ensure that the company follows all the rules set by regulators.
Starting March 20, the site has put steps to limit subaccount access until KYC verification is complete. If people don’t follow the new rules, their accounts will be frozen, and they have until May 20 to send in the necessary paperwork.
Binance Implements Stricter Guidelines
Also, clients who don’t follow the rules will lose access to Binance Link, a program that helps businesses grow using the exchange’s technologies and trade commissions.
Under the new rules, people with an Exchange Link account and in charge of subaccounts must ensure that the Link-KYC feature works fully with their accounts. Users will also have to give BTC extra information when asked, such as proof of address and information about where the funding is coming from.
Anti-money laundering (AML) rules say that BTC can ask sub-account users to complete a Potentially Politically Exposed Person (PEP) form. This form asks for details about your PEP status, job title, job function, and company.
To say it again, this comes after Binance made a deal with U.S. authorities at the end of 2023. Binance recently joined the Global Travel Rule (GTR) group to show it is ready to monitor and send transactions worth more than $1,000. This fits with its promise to follow the rules set by lawmakers.
For the first time since it started in 2017, BTC has made public the names of its board of directors. This is a big step forward. Three top managers have been with Binance since the beginning, and three people were hired from outside the company to be on the board.
With these steps, Binance seems set on following through on its plan to raise legal standards and offer more information about the cryptocurrency market.
