Binance working on verifications for users

Binance platform

International crypto exchange Binance is upping the ante on verification.

Jamie Crawley at Coindesk reveals that the company is going to require an identification document and facial recognition passes for many different types of investor activity.

In some cases, unverified users will be limited to withdrawals and certain other entropic activity.

Binance says it’s doing this to tighten up its know your customer/anti-money laundering (KYC/AML) rules, which makes sense in today’s current context. A few months ago, we reported on confusing guidance by U.S. agencies suggesting that while Binance has a green light to operate, certain subsidiary arms may not.

Binance positions in U.S. states are laid out much more clearly on the exchanges website where Binance puts forward its licenses in the majority of U.S. states. There are a number of states, however, in which the exchange doesn’t operate:

  • Connecticut
  • Hawaii
  • Idaho
  • Louisiana
  • New York
  • Texas
  • Vermont

As more proof that Binance is among the most conscientious exchanges out there, Markets Insider reports Binance head Changpeng Zhao said he spends 80% of his time thinking about regulation and not running day to day operations.

Binance is pivoting from a technology innovator into a financial services company, he said in the interview Tuesday. “These types of pivots are very difficult to do, so I’m spending almost all my time on it,” Zhao said, according to reporting by Harry Robertson. Binance, Zhao said, is pivoting from being a “technology innovator” and turning to a financial services company model, which, he said, takes some work.

In other news, Coinbase opens in Japan. Keep an eye on this exchange activity and how it will change the crypto landscape. What exchanges will win those top spots as the best places for traders to do business?