Crypto Exchange Binance Now Requires Passport Data and ‘Selfies’

Crypto exchange Binance announced last week that all users are now required to complete the Know Your Customer (KYC) verification.

The update also includes existing users who have not yet completed the KYC verification. Until this verification is completed, those accounts will only be able to withdraw cryptocurrencies, Binance stated in a release. 

Although users are required to enter their name and date of birth to complete the basic level of verification, the latest announcement now requires all users to complete the intermediate level. This level means that users must provide passport data and upload a selfie image to the site.

– We are announcing these measures to double our efforts related to Know Your Customer (KYC) and Anti-Money Laundering (AML), which will further enhance user protection and combat financial crime – tweeted Binance.

Binance states that the aim of this move was to align the exchange with the growing global compliance standards, with which it has recently become very well known.

Last Thursday, Dutch Central Bank joined the growing list of countries that have warned Binance that it is operating without the necessary licenses. The bank stated that the exchange is not in compliance with anti-money laundering (AML) or counter-terrorism financing legislation in the Netherlands.

Malaysia, Singapore, United Kingdom, Italy, Cayman Islands, and Japan have taken similar positions in recent weeks.

Although not explicitly stated, Binance’s new KYC requirements appear to be a direct response to increasing regulatory concerns. 

Binance is the largest crypto exchange in the industry, boasting a 24-hour volume of over $26 billion, according to CoinGecko. Coinbase, for context, reported a 24-hour volume of just over $4 billion.

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