REGULATION

Binance accelerates KYC progress for all users, trading not allowed without completing intermediate verification.

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Binance accelerates KYC progress for all users, trading not allowed without completing intermediate verification.

In response to regulatory requirements, Binance previously announced a reduction in the daily withdrawal limit from 2 BTC to 0.06 BTC for unverified accounts. Today, they have further accelerated their actions by requiring all new users and unverified accounts to complete intermediate verification to access Binance, effective immediately. There are also anonymous reports indicating that Binance US is actively seeking to raise $100 million to facilitate its upcoming IPO listing.

Binance Requires Intermediate KYC Verification

According to an announcement by Binance, in response to the constantly changing global compliance standards, the following changes will be implemented:

  • New Users: All new users must complete intermediate verification to access Binance's services, including cryptocurrency deposits, withdrawals, and trading.
  • Existing Users: Existing users who have not completed intermediate verification will only be able to "withdraw," "cancel orders," and "redeem."

Currently, users who have only completed basic verification still have a daily withdrawal limit of 2 BTC. The new regulations will be fully implemented on October 19th, Taiwan time.

Complete Basic Verification

Binance US Seeks to Raise $100 Million in Funding

According to reports by the media outlet "The Block," former CEO of Binance.US, Brian Brooks, who resigned earlier due to "strategic differences," actually left because he failed to secure $100 million in funding from venture capital institutions.

It is alleged that both GreatPoint Ventures and SoftBank were approached by Brian Brooks, but the funding fell through due to the regulatory intensification faced by Binance. Despite Binance.US being independent from the main Binance platform, CEO Changpeng Zhao still holds 90% ownership of Binance.US, leading to the funding deal falling apart.

However, in an interview with Bloomberg on August 20th, Zhao emphasized:

The funding will be completed soon, and Binance.US will have a governance mechanism with an independent board composed of reputable investors, external investors, and some independent members.