Binance Restriction on Sub Accounts Without KYC?

10 months ago

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More strict Know Your Customer (KYC) measures have been unveiled by the leading crypto exchange, Binance.

Users who are unverified without the required KYC information will no longer have access to their sub accounts that were created as part of the Binance link program, starting from April 20th.

The sub accounts that were made onlly for the purpose of depositing cryptocurrencies will also be effected by this measure.

Launched in September 2019, the Binance Link program, allows companies to use Binance's technologies to grow their businesses. It offers plug and play API to different customers like exchanges, asset managers, crypto wallet providers and so on.

In order to continue using the services, from now on, Exchange Link account holders are required to pass KYC. They may be asked to provide details such as their proof of address, the source of funds, and other information.

Those sub accounts not having complete KYC information, their deposits will be restricted. These type of users will not be able to place new orders or or keep their existing orders.

The leading crypto exchange has also mentioned that sub-accounts may have their assets blocked in specific circumstances and would not be able to receive deposits.

Mandatory KYC verification was introduced by Binance for all of its existing users in August 2021. These restrictions according to a report came after Binance started facing increasing regulatory scrutiny around the world.

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10 months ago

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