Key Points:

• Binance tightens KYC standards for users under its Binance Link Program, effective March 20, 2024.
• Sub-account holders failing to meet Binance KYC requirements risk full account restrictions by May 20, 2024.
• Exchange Link account holders must ensure compliance and provide necessary user information, with Binance communicating solely through them.

Binance, one of the world’s leading cryptocurrency exchanges, has announced a reinforcement of its Know Your Customer (KYC) standards, impacting users under its Binance Link Program.

Sub-Account Holders Must Comply with Enhanced Binance KYC Requirements

Effective March 20, 2024, stringent compliance measures have been implemented, affecting sub-accounts lacking proper KYC documentation.

Sub-account holders failing to comply with Binance KYC requirements by May 20, 2024, risk full restrictions on their accounts and losing access to Binance Link Program services. To ensure compliance, Exchange Link account holders must integrate fully with the Link-KYC module, providing necessary user information upon request.

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Users must furnish details, including Source of Funds, Source of Wealth, and Proof of Address, facilitated by Exchange Link account holders. Failure to furnish complete information results in sub-account onboarding failure, with Binance solely communicating with Exchange Link account holders.

Exchange Link Account Holders Key to Compliance as Binance Tightens Regulations

Legal and compliance reasons may prompt the freezing of funds and sub-account access, occasionally without detailed explanations. Restricted sub-accounts are unable to receive deposits, with refund processes taking up to 45 days and subject to a $200 administrative fee per appeal.

It’s imperative for Exchange Link account holders to inform their sub-account users of these changes. Binance KYC requirements aim to enhance security and compliance within its ecosystem, ensuring a safer trading environment for its users worldwide. The exchange has recently been facing legal issues related to its exevutives detained in Nigeria.