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Binance reduces withdrawal limits if you don't verify your identity

Binance has decided to reduce the maximum daily withdrawal amounts from 2 BTC to 0.06 BTC, for those users who do not have identity verification. This, apparently, as a measure of the regulations required by several of the countries in which the bitcoin and cryptocurrency exchange operates.

The announcement was published directly from the official Binance blog on July 27, communicating that this new policy would have immediate effect on newly created accounts. For their part, existing users will have until August 28 of this year to perform the identity verification before they see the withdrawal limit reduced .

The measure, according to Binance itself, although it is for regulatory purposes, is established for security reasons and, in this way, to adhere to the standards of the cryptocurrency exchange industry.

Regarding the daily limit of 100 BTC for withdrawals, established for those users who complete the basic identity verification, it will remain intact. This type of verification includes uploading a photo of an identity document with a selfie of the user.

Users can complete identity verification from the “Identification” option in the Binance portal menu. Source: Binance.

Binance tries to be liked by regulators and seeks new CEO

The measures imposed on the reduction in withdrawal limits take place on the same day that the news, reported by CriptoNoticias, that the current CEO Changpeng Zhao (“CZ”) would be looking for a replacement for his position. CZ points out that the new CEO must have greater knowledge and experience in the regulatory area , in order to be able to work alongside the regulatory entities of the different countries.

In this sense, although the measure of reducing the amount to be withdrawn daily to about USD 2,200 seems to be in favor of the anti-money laundering regulations imposed by the regulators of different countries, there are currently exchanges that do not allow withdrawals until you complete a basic identity verification. This could mean an open window so that, in the future, due to the willingness that Binance has declared to collaborate with regulators, the withdrawal limit is reduced to 0 if you do not have a verified account .

Binance closes markets in regulations pro

In addition to the measures on limits on withdrawals, Binance has also decided close some markets that are not to the liking of European regulators such as equity tokens. As reported by the company, the move was taken to shift Binance’s business focus to other product offerings in the cryptocurrency arena.

Other products that have apparently been affected by the new measures to In favor of regulations, it has been cryptocurrency futures. Originally Binance offered cryptocurrency futures trades with leveraged credit limits that reached 125x, or 125 times the original investment. As of July 25 of this year, a progressive change began, reducing leverage to a maximum of 20x.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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