Binance warns unverified users of account deletion

abdelaziz Fathi

Binance has implemented mandatory Know Your Customer (KYC) requirements for holders of Exchange Link accounts under its Binance Link Program.

Binance

Starting from April 5, the exchange will grant access to sub-accounts only to users who have completed the verification process and are in compliance with the new guidelines. This policy extends to sub-accounts created solely for deposit purposes, even if they are not used for trading activities.

Since March 20, Binance has been enforcing restrictions on sub-accounts that fail to meet the compliance standards, issuing warnings to unverified account holders to submit the required KYC information. The exchange has set a deadline of May 20, after which sub-accounts lacking the necessary KYC documentation will be fully restricted from accessing services within the Binance Link Program.

The exchange further explains that deposit capabilities will be limited for accounts that have not completed their KYC details, but withdrawals will remain permissible. In terms of trading restrictions, affected accounts will be unable to open new orders in spot trading and will have their existing orders canceled. In the futures and margin trading segments, these accounts will not be able to open new positions but may reduce their current ones.

Binance said that Exchange Link account holders are responsible for providing additional information for their sub-account users, including source of funds, proof of address, and wealth verification. Furthermore, the exchange introduced measures to identify sub-account users with political exposure, requiring such individuals to disclose their position, employer, and, if applicable, their relationship to any politically exposed persons (PEPs).

Binance also reserves the right to freeze funds and restrict access to sub-accounts for legal and compliance reasons without providing explanations to the account holders. Additionally, the exchange warned that it might downgrade or even delete sub-accounts of unresponsive or uncooperative Exchange Link account holders.

The move comes hot on heels of Binance’s decision to cease support for Bitcoin Ordinals trades and deposits on its NFT marketplace by April 18.

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