Binance enforces mandatory identity verification (KYC) requirements.

Binance has informed users that all sub-accounts created under the Binance Link program must adhere to enhanced compliance standards. This includes non-trading subaccounts created solely for asset deposit purposes.

Starting March 20, 2024, Binance has been imposing restrictions on sub-accounts that have not completed the required Know Your Customer (KYC) documents. Sub-account holders who do not provide the required KYC information by May 20, 2024 will have their accounts completely restricted and will not be able to access Binance Link Program services.

Exchange Link account holders responsible for creating and managing sub-accounts must ensure that their sub-accounts are fully integrated with the Link-KYC module. You will also be required to provide additional user information on behalf of the sub-account holder upon request. This may include details about your sources of funds, sources of wealth, and proof of address.

Binance only communicates directly with Exchange Link account holders and is not responsible for communications with sub-account users. Therefore, it is important for account owners to communicate the necessary information to sub-account users.

To comply with Anti-Money Laundering (AML) regulations, Binance may require sub-account holders to complete a questionnaire regarding Potential Politically Exposed Persons (PEPs). The questionnaire includes questions about PEP status, occupation/position, employer details and relationship with PEP.

Sub-accounts with incomplete KYC information will be subject to various restrictions on trading activities. Spot trading is restricted. This means users will not be able to place new orders and existing spot orders will be cancelled. Futures trading is also restricted, allowing users to reduce existing positions but not place new orders. Likewise, margin trading is limited to reducing existing positions only.

Restricted subaccounts cannot receive deposits, and incorrectly deposited deposits may take up to 45 days to be refunded. An administration fee of $200 or equivalent will be charged per appeal, regardless of the amount deposited. Binance advises all Exchange Link account holders to notify their sub-account users of these changes.

Binance emphasizes the importance of compliance with these identity verification requirements to ensure a safe, transparent, and user-friendly trading environment. Users are reminded that they should consider their investment decisions carefully and consult a financial advisor before making any investments.

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