Today updates to the Binance Services were brought out, by the platform. Normally this doesn’t mean anything special, but today something was announced that is quite important. Namely, Binance announced that, effective immediately, KYC will be required on all customers.
What is KYC?
KYC means Know Your Customer, but that may not tell you much yet. Know Your Customer literally means what it says: Binance wants to know who the customer is.
So when you are going to create an account on Binance, you will have to start filling in all kinds of things about yourself. For example, you will have to fill in who you are, where you live, etc. It is therefore no longer anonymous.
This actually takes away one of the most beautiful aspects of crypto: the fact that you can make transactions anonymous. After all, your data is linked to your account.
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KYC at Binance
So from now on, new users must fulfill a KYC on Binance before they can start trading. However, not only new users have to do this, but also current users.
This is because their accounts have been set to ‘Withdraw Only’ mode. So at the moment they can only withdraw money from Binance. Do they want to unlock the other features again? Then they need to complete a KYC.
The reason Binance has chosen to make KYC mandatory is because they are trying very hard to prevent fraud and things like money laundering. With this they want to make the platform safer and prevent the wrong people from using it.
What will change for you?
The only thing that actually changes is that Binance can see exactly which person is carrying out which transactions. So for your experience, not much will change, only from now on it will be known what kind of transactions you are executing and therefore you won’t be anonymous anymore.
Trading through Binance
Do you want to trade via Binance? Then of course you still can! Click here for a complete explanation.
Use this link to sign up immediately.
