It’s so amazing to know that a lot of activities are going on with technologies that have not even achieved mainstream status. Since the inception of cryptocurrencies, it’s been one type of crypto news another about the technology. As the crypto community keeps striving to make cryptocurrency an accepted mainstream means of payment, as an alternative to fiat currencies and other traditional payment methods, some companies within the community are making plans to lock erring crypto members out of their network for failing to abide by their operational policies.
Binance Website
In a recent development, one of the largest crypto exchanges in the world, Binance has decided to review its internal policies, revamp it, and use it to deal with erring users of the platform. The exchange that is based in Malta made the announcement on June 14, 2019, revealing that it was carrying out adept reviews of the accounts of Binance users, in order to ensure that they are compliant with Binance’s know-your-customer (KYC) procedures, as well as the exchange’s terms of use. According to the exchange, they will waste no time in removing trading and deposit permissions from users who violate the crypto exchange’s policies.
The revision which took place on June 14, 2019, had the site updated to say the exchange would be unable to provide crypto exchange services to people from the U.S. It is quite interesting to know that Binance had announced earlier that they were spreading their tentacles to deliver full services to the U.S., and they also said they were going to strengthen the security and compliance practices on the platform through its partnership with IdentityMind, a KYC/AML solutions provider, and popular software provider Chainalysis.
According to Binance, they constantly check the accounts of users to help bring some improvement to the platform, and also to ensure that the user accounts are adhering to requirements for global compliance. Furthermore, there is the possibility of some of the users being requested to present evidence indicating that their registered accounts are really consistent and compliant with the terms of use of the exchange. The platform has said it cannot continue to be beneficial to users who do nothing but violate the exchange’s terms of use.
It does not look like Binance is easing the reinsa bit, because they have also stated that from September 12, 2019, those who have failed to comply with the platform’s terms of use will only be able to use their wallets and the funds contained within the wallet, but they will not be able to perform deposits or trades on the exchange. At some point the restricted countries page of the exchange indicated that 6 states in the U.S., as well as 15 countries, were restricted from using the platform to perform trade transactions.
We are hopeful that Binance will come out to give some more info about the restrictions, and perhaps enlighten the crypto community about the ways their policies were flouted by users of the platform.
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