- Binance has announced new restrictions.
- All sub-accounts created under the Binance Link affiliate program must pass KYC.
- Otherwise, access to them will be restricted.
- Owners have until May 20 to verify.
Cryptocurrency exchange Binance has announced that all sub-accounts created by Exchange Link account holders under the Binance Link program must undergo KYC. Otherwise, users risk losing access to them.
The new rules came into effect on March 20, 2024. Sub-account holders have until May 20, 2024, to complete the verification.
Otherwise, they will lose access to both their accounts and the services of the Binance Link program. Exchange Link account holders must provide the required data.
This includes, among other things:
- source of funds (salary, self-employment income, dividends, distributions, etc.);
- source of wealth;
- proof of residence (bank statement, management company, utility bills, etc.);
- declaration of politically exposed persons (PEP).
The press release states that sub-account holders who fail to be verified by May 20 will be able to withdraw funds but not deposit. They will also be restricted access to trading.
It is also noteworthy that the exchange has announced the possibility of freezing funds without explanation. Also, Exchange Link account holders can unilaterally close sub-accounts.
Note that Binance Link is an affiliate program of the exchange, which allows you to trade crypto-assets through the API of the platform. Its participants are actually brokers. Learn more directly about the product itself and the requirements can be found at the link.
Recall, earlier, the exchange has pledged to pay $4.3 billion in fines on charges of the Ministry of Justice and the US Commodity Futures Trading Commission. In addition, Binance must eliminate all shortcomings related to customer verification and anti-money laundering measures.
A trusted manager will be appointed by the authorities to oversee this process.
