Binance issues warning to unverified users about potential account deletion

Binance Implements Mandatory KYC Requirements for Exchange Link Sub-Accounts

Binance, one of the world’s largest cryptocurrency exchanges, has announced the implementation of mandatory Know Your Customer (KYC) requirements for holders of Exchange Link accounts under its Binance Link Program. This new policy will come into effect on April 5, requiring users to complete the verification process to access sub-accounts within the program.

Enforcement of Compliance Standards

Since March 20, Binance has been enforcing restrictions on sub-accounts that do not meet the compliance standards. Users who have not completed the KYC verification process have been issued warnings to submit the required information. A deadline of May 20 has been set, after which sub-accounts without the necessary documentation will be fully restricted from accessing services within the Binance Link Program.

Limited Deposit Capabilities and Trading Restrictions

Accounts that have not completed their KYC details will have limited deposit capabilities, but withdrawals will still be allowed. In terms of trading restrictions, affected accounts will not be able to open new orders in spot trading and will have their existing orders canceled. In futures and margin trading, these accounts will not be able to open new positions but can reduce their current ones.

Additional Information Requirements

Exchange Link account holders are responsible for providing additional information for their sub-account users, including source of funds, proof of address, and wealth verification. Binance has also introduced measures to identify sub-account users with political exposure, requiring disclosure of their position, employer, and any relationship to politically exposed persons (PEPs).

Legal and Compliance Measures

Binance reserves the right to freeze funds and restrict access to sub-accounts for legal and compliance reasons without providing explanations to the account holders. The exchange also warned that it may downgrade or delete sub-accounts of unresponsive or uncooperative Exchange Link account holders.

NFT Marketplace Changes

This announcement comes shortly after Binance’s decision to cease support for Bitcoin Ordinals trades and deposits on its NFT marketplace by April 18. The exchange continues to make changes to its platform to ensure compliance with regulations and enhance security for its users.

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