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Binance Requiring ‘Intermediate Verification’ for All Users

2 mins
Updated by Kyle Baird
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In Brief

  • To “further enhance user protection,” Binance will now require Intermediate Verification for all users.
  • Binance’s blog described the policy change as part of a product and service review, “in light of evolving global compliance standards.”
  • Binance CEO Changpeng Zhao recently admitted that he is spending almost all his time on compliance.
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To “further enhance user protection,” in light of recent scrutiny, Binance will now require Intermediate Verification for all users.

Intermediate Verification supports the company’s Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts, according to the Binance blog. These are part of the company’s efforts “to further enhance user protection and risk management protocols.” The statement described the policy change as part of a product and service review, “in light of evolving global compliance standards.”

Compliance to secure investments

In the statement, Binance CEO Changpeng Zhao extolled the efforts the company had made in order to meet compliance standards. “In the last four years we have laid the groundwork by investing heavily in security and user protection, supporting law enforcement from around the world with high-profile investigations and helping cybercrime victims recover millions of dollars worth of stolen funds,” Zhao elaborated. He added that he hopes to collaborate with policymakers to improve global standards.

On Aug 19, Zhao spoke of expecting an upcoming funding round with “reputable investors.” The Binance CEO detailed how the company would be working to further legitimize itself through developing its investor base. Some features he hopes they would bring include a diverse capitalization table and an independent board with proper governance.

Binance new hires

Zhao recently admitted spending almost all his time on compliance, and is “not really involved in the day-to-day operations of the exchange.” Apart from changes in policy and investment in compliance, Binance has been devoting considerable resources to acquiring employees with regulatory experience. Earlier this week, Zhao named his top priority as hiring people with compliance experience. 

These hires include former executives from the Financial Action Task Force, Max Baucus, a former Democratic Senator, and former US Treasury investigator Greg Monahan as its global head of money laundering. Additionally, Binance is courting Singapore Exchange’s former chief regulatory officer Richard Teng as its chief in the Asian financial hub. 

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Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.