Binance users who don’t supply photo identification will soon have their daily withdrawal limits slashed to the equivalent of 0.06 BTC ($2,000), the embattled crypto exchange said Tuesday.
Binance offers accounts with three levels of verification (Basic, Intermediate, and Advanced).
Each has their own deposit and withdrawal limits, and Basic previously allowed withdrawals up to 2 BTC ($80,000 at current prices).
- Basic requires only name, nationality, date of birth, and address (the latter without proof).
- Intermediate demands a video of user faces to remove 100 BTC ($400,000) or more per day from the platform.
- Advanced (photo ID and proof of address) allows withdrawals up to 100 BTC ($4 million) per day.
Chief exec Changpeng Zhao confirmed the news on Twitter. Zhao explained the new limits will apply to all new and existing accounts by late August — part of the exchange’s ongoing regulatory compliance efforts.
Watchdogs pressure flagship Binance
Binance has copped considerable heat in recent months as regulators clamp down on digital assets and derivatives that could be considered securities.
Until now, most of the fury has been directed at the Binance’s localized subsidiaries.
- The UK’s Financial Conduct Authority banned Binance Markets Limited in June from “regulated activity” in the country.
- Also in June, Binance shuttered in Ontario after the local markets regulator accused it of skirting securities laws.
- Financial watchdogs in Japan and Thailand recently issued warnings and complaints for Binance.
But now binance[dot]com has battened down its hatches by slashing withdrawal limits, it sure looks like the pressure is finally getting to Binance’s flagship platform.
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