Ezra Reguerra14 hours agoBinance restricts unverified sub-accounts on Exchange Link programSub-accounts without the necessary KYC information will be fully restricted by May 20.1188 Total views12 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto exchange Binance announced mandatory Know Your Customer (KYC) requirements for its Exchange Link account holders under the Binance Link Program.
On April 5, Binance said that only verified and compliant users will be given access to their sub-accounts. The rule also applies to subaccounts created for deposit purposes and are not used in trading.
The exchange said it had been applying restrictions to noncompliant sub-accounts since March 20 and giving an ultimatum to unverified sub-account holders.
The exchange noted that by May 20, sub-accounts that have not submitted the necessary KYC information will be “fully restricted” from accessing the Binance Link Program services.Binance restrictions on unverified sub-accounts. Source:Binance
Accounts with incomplete KYC information will have their deposits restricted. However, they will be allowed to withdraw their funds.
When it comes to trading, the restricted accounts will not be able to place new orders in spot trading and will have all of their existing orders canceled.
In futures and margin trading, the restricted accounts will not be able to place new orders but will be allowed to reduce their existing positions.
Binance said that the Exchange Link account holders should be the ones to provide any additional information on behalf of their sub-account holders. This includes their source of funds, wealth and proof of address.
Binance also added measures to determine whether a sub-account user is involved in politics. If the user is politically exposed, Binance requires them to provide their position and employer details.
Those related to politically exposed persons (PEP) must also provide details of their relationship with the PEP.
The exchange also noted that they could freeze the funds in a sub-account and restrict access for legal and compliance reasons. The exchange wrote:“In such cases, Binance may sometimes not be able to provide the Exchange Link account holder or their sub-account users with a detailed explanation for legal and compliance reasons.”
The exchange also highlighted that it could restrict access to Exchange Link account holders who are unresponsive or uncooperative. This could lead to accounts being downgraded and their sub-accounts fully deleted.
Related:Binance exec’s legal case in Nigeria adjourned until April 19
Meanwhile, Binance’s nonfungible token (NFT) arm announced that it will cease support for Bitcoin Ordinals trades and deposits on April 18.
The exchange said this is part of its efforts to streamline its offerings on the Binance NFT marketplace. Binance will also cease to offer Bitcoin NFT-related airdrops, benefits and utilities after April 10.
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