In several previous articles on Arab Bitcoin, we dealt with the Binance platform for many regulatory harassment.

This made Binance abandon the wildness with which it was sweeping global markets and return to organizing and seeking to abide by it.

Binance today announced the introduction of mandatory identity verification (KYC) for all users of its services.

The latest announcement from Binance demonstrates the company’s pledge to repair its relationships with regulators around the world.

According to what is stated in statement Binance:

Every new user on the platform will be required to complete identity verification and provide the necessary KYC information and data first, and existing users should complete their KYC information as soon as possible.

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For existing users who have not yet completed the procedures for providing identification information, their account status will be changed to withdraw only.

The new procedures will work gradually.

For those who have not verified their accounts, Binance will gradually begin to limit the options and services offered.

In a statement, Binance also stated:

Actions will be implemented in phases to minimize disruption to users’ experiences, from now until October 19, 2021 at 00:00 AM (UTC).

Existing users will be notified directly with more details.

Once users complete the intermediate verification, they will be able to resume full access to Binnas’ products and services.

The bottom line is that those who have not verified their accounts on the Binance platform have until October 19, 2021 to do so.

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