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As the cryptocurrency industry continues to grow, efforts to prevent fraud and comply with regulations are also expanding, with decentralized exchanges contributing to making the marketplace more secure. On April 5, 2024, the world’s biggest cryptocurrency exchange, Binance, made an important announcement regarding the KYC standard, tightening up its rules. Binance KYC update for Crypto users 
According to arecent post, Binance is stepping up its game with a stronger KYC standard. They are introducing stricter rules for their sub-accounts, which are like secondary accounts within a main one. To comply with regulations and prevent shady activities, users of these sub-accounts need to provide certain documents to prove their identity. 
However, if users are unable to complete this KYC by May 20, 2024, then they won’t be able to use their account or access their Link Program services anymore. It’s a deadline for getting your paperwork in order, or you lose access.
This is not the first time a cryptocurrency exchange has made such a decision. Earlier, to adhere to global Anti-Money Laundering regulations, KuCoin, a prominent cryptocurrency exchange, announced on June 28, 2023, that it is strengthening its Know Your Customer (KYC) system. Additionally, they also set a deadline of July 15, 2023, when all KuCoin users were required to undergo mandatory KYC checks to access KuCoin’s services. Why is Binance strengthening its KYC? 
Looking at these actions by cryptocurrency exchanges indicates that they are also aiming to prevent actions like <a href="https://news.todayq.com/crypto-exchanges-register-with-indian-anti-money-laundering-laws/" rel="noopener noreferrer nofollow">money laundering</a> and fraud to safeguard millions of crypto users.
Besides, Binance’s strong KYC update, the overall cryptocurrency market is currently up by 2.44%, with some top cryptocurrencies experiencing upside while some experiencing downside momentum. In the last 24 hours, the world’s biggest cryptocurrency, Bitcoin, experienced a 1.5% upside momentum. At the same time, Ethereum, Solana, and Binance Coin experienced downside momentum of over 1%, 5.5%, and 1.4%, respectively.
As crypto communities are heading towards the biggest event of 2024, the Bitcoin halving, it is expected that despite the current bearish market sentiment, after this event, market sentiment will completely change, and the market will once again see bullish action.

Binance strengthens KYC Standards, users’ accounts may restrict

Todayq News

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