![]() Later, in November, in an interview, Binance CEO Changpeng Zhao revealed that they lost about 3% of the users after making KYC obligatory. As an important step forward, we’re updating our global KYC requirements for all users.- Binance August 20, 2021 Following that in Mid-August, Binance made KYC an obligation for all of its existing and new users to access its products and services, such as cryptocurrency deposits, trades, and withdrawals.īinance constantly reviews its products and services to enhance user protection, provide a safe crypto environment and to align with the evolving global compliance standards. In July 2021, Binance decided to lower the controversial 2-BTC withdrawal limit for non-KYC accounts to 0.06 BTC. “ To gain full access and increase higher deposits and withdrawal limits, customers will need to complete the KYC verification process,” Binance’s blog post from April 2021 reads. Last year, Binance adopted a compliance-friendly approach to its business by making it mandatory for users to complete the KYC verification process. Leading crypto exchange Binance is always known for its wait-and-see policy with respect to implementing regulations. Binance’s CEO CZ has denied the claim calling it a ‘mis-quote’. ![]() In 2021, the same year Binance implemented KYC, the exchange earned 69% of the estimated revenue, amounting to $14.6 billion in trading fees.Reportedly Binance’s compliance head Tigran Gambaryan in an interview said, “We have lost 90% of customers after implementing KYC, losing billions in revenue”. ![]()
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