In an effort to better align itself with the policies of regulators around the world, Binance has been beefing up its transaction standards to protect its millions of platform users.
With this, the crypto exchange platform has recently announced that it is planning to strengthen its KYC (know your customer) policies to increase transparency and discourage criminal activities in the platform.
According to Binance, an intermediate verification step will now be required before platform users can access products and services such as deposits, trades, and withdrawal.
This is certainly a big step for Binance and would certainly benefit, especially the big institutions that are managing assets on behalf of their users.
The intermediate verification process would make way for increased transparency and would enable both sides to trust each other better.
Strengthening its reputation
Binance has been dealing with regulatory headaches in various parts of the world which have marred its reputable image.
The company’s latest move is its latest attempt to strengthen its global image as a legitimate and highly-trusted crypto exchange platform after being bruised by a series of charges which are all related to its regulatory non-compliance.
It also aims to strengthen its relationship with banks and financial institutions and prove that it is a safe platform to do business with.
Binance’s added security feature now requires users to present their ID document and country of origin, which would discourage money-launderers from using the platform for their illegal activities.
Protecting the platform
The Binance platform was previously known for its loose security features that encouraged criminals to use it for their illegal transactions, which earned the ire of regulators from various parts of the world.
But it is clear that the crypto exchange platform has learned its lessons by now. To further protect its platform from criminals, it has appointed Greg Monahan, a former Treasury Investigator, to combat money-laundering activities inside the platform.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/binance-finally-strengthens-its-kyc-policy/
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