Binance, the leading cryptocurrency exchange, has revealed stricter know-your-customer (KYC) measures.
Starting April 20, unverified users without the required KYC information will no longer have access to their sub-accounts created under the Binance Link program.
This measure will also affect sub-accounts created solely for depositing cryptocurrencies.
The Binance Link program, launched in September 2019, allows businesses to grow their businesses using Binance technology. It offers a “plug and play API” to various clients such as exchanges, asset managers, trading robots, cryptocurrency wallet providers, etc.
Now, Exchange Link account holders must submit KYC to continue using the services. Information they may be required to provide includes source of funds, proof of address, etc.
Sub-accounts without complete KYC information will have their deposits restricted. These users will not be able to place new orders or keep their existing orders. Futures and margin trading will also not be available to those with incomplete KYC information.
Binance further noted that sub-account assets may be blocked in certain cases and these accounts will also not be able to receive deposits.
In August 2021, Binance introduced mandatory KYC verification for all its existing users. These restrictions came after the exchange began facing increasing regulatory scrutiny around the world.