<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Binance revealed a new announcement highlighting the need for more robust mandatory identity verification requirements.</li> 
 <li>Sub-accounts created by Exchange Link account holders under the Binance Link Program have to adhere to the enhanced compliance standards.</li> 
</ul> 
<p>In an <a href="https://www.binance.com/en/support/announcement/binance-exchange-link-mandatory-identity-verification-kyc-requirements-801c97aa0b07474387487149b13cc8bf" rel="nofollow noopener" target="_blank">official announcement</a> Binance addressed the necessity to strengthen mandatory identity verification requirements for enhanced compliance standards for Binance Link Program.</p> 
<p><a href="https://www.binance.com/en/link" rel="nofollow noopener" target="_blank">Binance Link Program</a> enables enterprise clients to build their business with Binance technology while earning commission from trading fees by leveraging the exchange’s liquidity and market depth.</p> 
<p>The program can basically supercharge businesses with tailored crypto solutions.</p> 
<h2 id="binance-exchange-link-boosting-id-verification-kyc-requirements">Binance Exchange Link – boosting ID verification (KYC) requirements</h2> 
<p>The crypto exchange has just announced that all sub-accounts created by the Exchange Link account holders under the Binance Link Program have to adhere to the Binance boosted compliance standards. This reportedly includes non-trading sub-accounts created only for asset deposit purposes.</p> 
<p>According to the announcement, only verified and compliant users will be granted access to their sub-accounts.</p> 
<p>Starting with March 20, Binance has been applying restrictions to sub-accounts that have been not compliant with the KYC documentation in place.</p> 
<p>By May 20, sub-account holders who have not provided the necessary KYC info will have their accounts fully restricted and will no longer have access to the Binance Link Program services.</p> 
<p>Exchange Link account holders should make sure that they have fully integrated with the Link-KYC module.</p> 
<p>This may include info regarding the Source of Funds, Source of Wealth, and Proof of Address.</p> 
<p>Exchange Link account holders should also be able to offer information on their sub-account users. The exchange highlighted that incomplete user information would trigger a failure to onboard a sub-account user.</p> 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://www.binance.com/en/blog/open-platform/binance-link-program-together-we-grow-421499824684900507" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" src="https://public.bnbstatic.com/image/cms/blog/20220809/33a28b0c-1697-40e2-a747-41408a22a7ad.png" alt="Binance Link Program" width="1600" height="900" title="Binance Announces Strengthened KYC Standards For Binance Link Program 5"></a>
 <figcaption class="wp-caption-text">
  Binance Link Program
 </figcaption>
</figure> 
<h2 id="details-on-rfi-request-for-information">Details on RFI (Request for Information)</h2> 
<p>Binance’s announcement also addresses the details of RFI.</p> 
<h3 id="source-of-funds">Source of Funds</h3> 
<p>The info includes the following: salary, self-employment income, savings, allowance, pension, dividends, payments/profits from a company, day trading, gambling, passive income, loans/mortgages, sale of financial assets, sale of real estate or other assets, inheritance, and donations.</p> 
<h3 id="source-of-wealth">Source of Wealth</h3> 
<p>The info includes the following: salary, self-employed income, inheritance, donation, mortgages/loans, company profits (shares/dividends), financial investment, and crypto investments.</p> 
<h3 id="proof-of-address">Proof of Address</h3> 
<p>The info includes: utility bills, body corporate disclosure statements, building management statements, home insurance statements, mortgage statements, bank or credit card statements, student rental agreements from university residences or university housing/halls, and more.</p> 
<h3 id="politically-exposed-persons-pep-declaration">Politically Exposed Persons (PEP) Declaration</h3> 
<p>The announcement notes that the exchange could require the sub-account holders to complete a questionnaire for potential Politically Exposed Persons (PEPs).</p> 
<p>Exchange Link account holders can download the questionnaire for their sub-account holder(s) to complete via the Link-KYC integration document.</p> 
<p><a href="https://crypto.ro/en/news/binance-decides-to-terminate-bitcoin-nft-backing-amid-rising-demand/">Binance</a>‘s announcement also notes that in certain cases, the funds in a sub-account could be frozen, and access could be restricted for legal and compliance reasons.</p>

Binance Announces Strengthened KYC Standards For Binance Link Program

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