Crypto exchange Binance seems to be preparing for DNB registration with additional verifications

Yesterday, crypto exchange Binance informed a lot of (Dutch) customers about stricter verification rules.

https://twitter.com/CryptoJournaal/status/1556913186238070784

Extra verification

The exchange has been in grey area regarding regulation since its inception in 2017. Since the exchange has grown rapidly and is even thinking about an IPO, it has to comply with more and more rules.

This is why Binance asks some of its (Dutch) customers to go through a verification process.

"The vast majority of your fellow Binancians have already fully verified their accounts to comply with these new regulations. We know that you have already completed the first part of this verification process and that you now only need to complete the last part. As a token of our appreciation for your time, we have a 10 BUSD cashback voucher ready for you."

The email looks a lot like a spam or phishing message, but if you log into the exchange you will also see this message (as a Dutchman).

Additional KYC

The email further states:

"Please follow the additional steps for identity and address verification! Have your passport (or identity card) and your smile ready. The process is quick and easy and only takes a few minutes."

If you, as a user, have not completed the verification by Friday 7 October 2022, you will be locked out of Binance services. You will then no longer be able to access the platform for deposits, withdrawals and trading. There are some additional rules:

- If you do not verify your account within 10 days, you will no longer be able to deposit money there.


- Your Binance Card will then no longer be usable in 20 days.


- After 60 days the account can only be used for withdrawals.

As an explanation for the rules, Binance blames the AMLD5, the Anti Money Laundering Directives of the European Union.

The DNB, the Dutch regulator of the crypto market, recently issued a fine of 3 million euros to the exchange. They would offer their services to Dutch people without registration. Perhaps this has woken up CZ's company, which is why these verification measures are being taken.
https://www.indexuniverse.eu/crypto-exchange-binance-seems-to-be-preparing-for-dnb-registration-with-additional-verifications/