Binance is imposing new stringent Know Your Customer (KYC) rules as part of its efforts to improve users’ protection and risk management protocols.
The cryptocurrency exchange said in a blog post that it will introduce compulsory intermediate verification for all users which will complement the current KYC requirements and Anti-Money Laundering efforts.
CEO Changpeng Zhao says the exchange is committed to creating a safe investing environment for its customers.
While sharing the link to the story on Twitter, Zhao explained that action hold more weight than words.
“User protection is an integral part of our DNA and core values. Our vision is to create a sustainable ecosystem that is safe for all participants.
“In the last four years we have laid the groundwork by investing heavily in security and user protection, supporting law enforcement from around the world with high-profile investigations and helping cybercrime victims recover millions of dollars worth of stolen funds.”
He added: “We aim to work more collaboratively with policy-makers to improve global standards and discourage bad actors.”
In recent times, Binance has taken additional measures towards improving the safety of its platform and repairing its relationship with regulatory bodies amidst various clampdowns.
Experienced criminal investigator Greg Monahan who worked with the US Inland Revenue Service was appointed as Binance’s Global Money Laundering Reporting Officer.
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