Binance, the cryptocurrency exchange, has announced new measures aimed at users with accounts on its Exchange Link program. The company has mandated that users of sub-accounts must complete their mandatory Know Your Customer (KYC) process in a timely manner. Only users who comply with this directive will be able to access their accounts.
Since March 20, Binance has been taking action against unverified users, and it has issued an ultimatum to those affected. By May 20, any users who have not complied with the order will be restricted from using the Binance Link Program Services.
While users will still be able to withdraw funds from their accounts, they will be unable to make deposits. If any deposits are mistakenly made, it will take up to 45 days for them to be refunded, and an administrative fee of $200 will be charged for any appeals, regardless of the deposit amount.
In addition, the restricted accounts will be unable to make trades in spot trading, and any open orders will be automatically canceled. In futures and margin trading, restricted users will not be able to open new positions but will be allowed to reduce their existing positions.
Binance clarified that only the Exchange Link account holders can provide any additional information on behalf of their sub-account users, such as proof of address and source of funds. Sub-account users also have the option to declare if they are involved in politics, and if so, they must provide details of their position and employer.
The exchange also stated that users who are related to individuals holding political positions must disclose their relationship. Binance explained that it has the right to restrict access and freeze funds in a sub-account due to legal and compliance rules.
If such an incident occurs, Binance will not be able to provide a detailed explanation to the Exchange Link account holders or their sub-account users due to legal restrictions. Furthermore, the exchange reserves the right to restrict access to an Exchange Link holder’s account if they fail to respond or cooperate. This could result in the downgrade or deletion of their accounts and sub-accounts.
