The exchange claims that the verification is intended to protect users and provide a safe crypto environment. “

Binance has announced new measures aimed at aligning the world’s largest crypto exchange by volume with regulatory requirements demanded across the globe.

The cryptocurrency exchange announced Friday that it had instituted mandatory Know Your Customer (KYC), processes for all customers.

The exchange informed potential customers and users that they must complete the Intermediate Verification process in order to gain access to all services on the platform. Binance stated that the changes were “effective immediately” for new customers.

New users can only access services like crypto deposits, withdrawals, and trading after they verify their identity.

Existing Binance users will also need to complete the Intermediate Verification. These users will see their accounts change to “Withdrawals Only”, which restricts access to all services and products, except withdrawals, cancellations of orders, or closing trade positions.

The platform has asked its users to “promptly” complete the verification process in order to avoid any delays or potential restrictions.

Binance says that a review of its KYC policies was necessary to ensure user safety in light of changes in the global compliance landscape. This review comes after a more severe regulatory crackdown has placed the exchange under significant pressure in recent months.

Binance has been the focus of attention in many countries, including the United States, Germany, Spain, and the Cayman Islands.

Financial watchdogs from these and other countries have forced the top crypto platform to rethink their strategy and implement measures that not only ensure KYC implementation but also aid in anti-money laundering (AML).