What is KYC verification in Binance?
Intermediate Verification supports the company's Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts, according to the Binance blog. These are part of the company's efforts “to further enhance user protection and risk management protocols.” yahoo.comBinance Requiring ‘Intermediate Verification’ for All Users
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21 August, 2021 - 10:00pm
The new requirements entail that, from now on, all Binance users be required to endure a more extensive identity verification process, called "Intermediate Verification," on the platform. The starter verification status, "Basic Verification," which required a user's full name, nationality, date of birth, and home address, has gone defunct. Now, to trade BTC or other cryptocurrencies on Binance, users have to go beyond the basic verification and upload photos of a government-issued identification card and a selfie, as well as undergo live face verification. All data will be sent to the exchange's servers and staff, who will personally review and either approve or deny it.
"Binance is announcing these measures to help support its efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML)," the statement said, citing "enhanced user protection" and the need to "combat financial crime" as motives underlying the changes.
Even though some of the alleged reasons behind KYC seem legit – to prevent criminal financial activity and terrorism – the long-term effectiveness and downstream consequences of these tactics are rarely discussed. Instead, proponents of offensive tactics worldwide hold KYC/AML as the holy grail to combat crimes, even though it often doesn't deliver and end up increasing the attack surface for every single individual.
Mainstream narratives don't allow the downsides of KYC to be discussed, leaving an open floor to any regulation that could supposedly benefit society at large at the expense of individual rights. However, that often fails to be achieved and can harm the individual and their commonly neglected right to privacy. In a regulatory environment that is hardly ever openly discussed, those who value individual human rights are seen as "the screeching voice of the minority." And as the individual gets obliged to pay ever more expensive personal costs to the alleged welfare of the whole, both the person and the people lose.
21 August, 2021 - 04:53am
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Binance removes futures trading for Brazilian customers.
The move comes a day after the exchange announced a push to verify all its users immediately.
Binance recently also hired a former treasury investigator as its new Global AML Chief.
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The latest move comes off the back of regulatory pressure from Brazil. Binance has moved to suspend trading of futures contracts on its Brazilian platform from Friday in order to comply with local regulations in the country.
According to a spokesperson at Binance, the move comes directly from an order related to the Brazilian regulators, “To respect the Brazilian order, Binance implemented restrictions on our website and stopped marketing on the derivatives products. If there are new changes, we will evaluate and proactively engage with the relevant stakeholders to find the optimal solutions for the local users. We will share more information if and when we have a decision and are ready to announce,” the spokesperson said.
Most recently, the Brazilian Central Bank President, Roberto Campos Neto, commented on the crypto industry, stating that local regulations should facilitate investors’ demand for cryptocurrencies. Neto believes that cryptocurrencies will play a large role in payment platforms. The Central Bank President believes that the industry is key to the growth of digital payments within the country, saying “This comes out of a need that people have for payments to be very fast, open, secure, and have transparency in every sense,”
The latest move in Brazil comes as no surprise. Binance has been actively reducing its product offering following backlash from global regulatory bodies across the globe. The crypto exchange most recently announced that all users will be required to verify themselves through the exchange in order to make use of its services. The announcement stated that the move was to “further enhance user protection.” The latest move is a clear indication that the exchange is pushing for global adoption and regulatory-friendly conditions in order to continue operating on a global scale.
Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.
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