2021-09-15 09:00
Fellow Binancians,
Binance reviews its products and services on an ongoing basis to determine changes and improvements in light of evolving global compliance standards. As part of our compliance efforts to prioritize user protection and provide a safe crypto environment for all, Binance is updating the following terminologies in relation to user account verification status, beginning 2021-09-17 00:00 (UTC).
Former Verification Tiers | New Verification Tiers |
| Basic Verification | >> No longer applicable. Unverified accounts that have not fulfilled KYC requirements will not be able to trade. |
| Intermediate Verification | >> Will be reflected as “Verified” |
| Advanced Verification | >> Will be reflected as “Verified Plus” |
All new users are required to verify their accounts (i.e. Verified or Verified Plus) in order to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals. This requirement took effect on 2021-08-20.
Existing users who have not yet been verified will have their account permissions changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption. These restrictions are being implemented in phases to minimise user-experience disruption. Once the restrictions are implemented, unverified accounts will not be able to trade. Existing users will be informed directly with more details. After existing users have their accounts verified, they will be able to resume full access to Binance products and services.
Binance strongly advises users to
verify their accounts promptly to avoid delays in the verification process and restrictions placed on their account access.
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. You are advised that Binance is not responsible for your trading losses.
Thanks for your support!
Binance Team
2021-09-15
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
As a seasoned cryptocurrency enthusiast and expert in the field, I bring a wealth of knowledge and hands-on experience to the discussion of the recent Binance announcement dated September 15, 2021. My deep understanding of the cryptocurrency landscape and compliance standards positions me to shed light on the intricacies of Binance's updates to its terminologies and user account verification status.
Firstly, it's crucial to recognize the proactive nature of Binance in regularly reviewing its products and services. This ongoing evaluation is a testament to Binance's commitment to adapting to the evolving global compliance standards, demonstrating a forward-thinking approach to regulatory requirements in the cryptocurrency space.
Now, let's delve into the key concepts outlined in the announcement:
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Terminology Updates: Binance is implementing changes to its user account verification status terminology effective September 17, 2021, at 00:00 (UTC). The former verification tiers are being revamped as follows:
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Basic Verification: No longer applicable. Unverified accounts that have not fulfilled KYC (Know Your Customer) requirements will not be able to trade.
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Intermediate Verification: Will now be reflected as "Verified."
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Advanced Verification: Will now be reflected as "Verified Plus."
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Mandatory Verification for New Users: Starting from August 20, 2021, all new users are required to verify their accounts as either "Verified" or "Verified Plus" to access Binance products and services. This verification requirement is in line with Binance's commitment to user protection and creating a secure crypto environment.
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Changes for Existing Unverified Users: Existing users who have not completed the verification process will have their account permissions changed to "Withdraw Only." This means that services will be limited to withdrawal, order cancellation, position close, and redemption. The phased implementation of these restrictions aims to minimize disruption to user experience.
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Encouragement for Prompt Verification: Binance strongly advises users to promptly verify their accounts to avoid delays in the verification process and restrictions on account access. This proactive approach aligns with industry best practices and underscores Binance's commitment to user security.
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Risk Warning: The announcement includes a risk warning, emphasizing that cryptocurrency trading carries high market risk. Users are urged to exercise caution in their trades, with a clear disclaimer that Binance is not responsible for trading losses.
In conclusion, Binance's proactive compliance efforts, coupled with these terminology updates and verification requirements, reflect the platform's dedication to maintaining a secure and compliant cryptocurrency environment. Users are encouraged to stay informed, adhere to the provided guidelines, and take necessary actions to ensure seamless access to Binance products and services while managing associated risks responsibly.
