Binance now requires strict identification checks for sub-accounts to ensure compliance. Sub-accounts that are not verified risk losing access to the Binance Link Program. Binance emphasizes that users are solely responsible for communicating with Exchange Link holders.<h2 id="header-0">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" />In a recent announcement, Binance has implemented strict identity verification rules for all its sub-accounts enrolled in the Binance Link Program to improve compliance. As of March 20, 2024, sub-accounts without the required Know Your Customer (KYC) documentation face limitations.<blockquote>Binance Exchange Link: Mandatory Identity Verification (KYC) Requirements<a href="https://t.co/dtZzWa0xhQ" rel="noopener noreferrer nofollow">https://t.co/dtZzWa0xhQ</a>— Binance Announcement (&#64;BNAnnouncement) <a href="https://twitter.com/BNAnnouncement/status/1776123110527533333?ref_src&#61;twsrc%5Etfw" rel="noopener noreferrer nofollow">April 5, 2024</a></blockquote><h3 id="strong-binance-tightens-restrictions-on-unverified-sub-accounts-strong">Binance Tightens Restrictions on Unverified Sub-Accounts</h3>Binance has further <a href="https://cryptosheadlines.com/japan-tightens-crypto-exchange-regulations-amid-growing-concerns/" rel="noopener noreferrer nofollow">tightened its regulations concerning</a> unverified sub-accounts. Starting May 20, 2024, unverified sub-account holders will experience complete access restrictions and lose access to <a href="https://cryptosheadlines.com/binance-suspends-aussie-deposits-and-withdrawals-amid-payment-service-provider-disruption/" rel="noopener noreferrer nofollow">services provided by the Binance</a> Link Program.Additionally, the updated policy requires Exchange Link <a href="https://cryptosheadlines.com/bank-shuts-down-30-year-bitcoin-holders-account-without-explanation/" rel="noopener noreferrer nofollow">account holders</a> to integrate with the Link-KYC module by providing detailed information on behalf of their sub-account holders. This includes details such as Source of Funds, Source of Wealth, and Proof of Address, aiming to ensure compliance with enhanced standards.Emphasizing the importance of accurate <a href="https://cryptosheadlines.com/binance-japan-begins-user-onboarding/" rel="noopener noreferrer nofollow">user information for successful onboarding</a>, Binance clarified that it will exclusively communicate with Exchange Link account holders and will not be responsible for communicating with sub-account users.<h3 id="binance-enhances-sub-account-compliance">Binance Enhances Sub-Account Compliance</h3>In a bid to enhance compliance, <a href="https://cryptosheadlines.com/attention-required-from-shiba-inu-and-xrp-holders-due-to-recent-binance-announcement/" rel="noopener noreferrer nofollow">Binance may require sub-account holders</a> to submit a Politically Exposed Persons (PEP) Declaration. Sub-accounts with incomplete KYC information will face various restrictions, including limitations on deposits, spot trading, futures trading, and margin trading.<a href="https://cryptosheadlines.com/kucoin-announces-10m-airdrop-amid-legal-issues/" rel="noopener noreferrer nofollow">Also Read: KuCoin Announces $10M Airdrop Amid Legal Issues</a>Furthermore, funds may be frozen, and access to sub-accounts restricted in some cases due to legal and compliance reasons. Binance has also introduced an administrative fee for the appeal process concerning misplaced deposits, underscoring the importance of Exchange Link account holders keeping their sub-account users informed.<blockquote>The announcement concludes by highlighting that access restrictions could be imposed if <a href="https://cryptosheadlines.com/israel-seizes-190-binance-accounts-linked-to-terrorism-since-2021/" rel="noopener noreferrer nofollow">Binance Exchange Link account</a> holders are unreachable, unresponsive, or uncooperative. Consequently, Exchange Link account holders may have their accounts downgraded to corporate status, with any unused sub-accounts being removed.</blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/90a5a0bea2d849a3be1992a2b253c8c0.gif" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Binance Enforces Mandatory KYC for Sub-Accounts

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