Cryptocurrency exchange Binance is implementing stricter KYC requirements for its business clients, effective March 20. Subaccounts that have not completed KYC verification will have restricted access and risk being frozen if relevant documentation is not submitted by May 20. Additionally, non-compliant clients will no longer have access to Binance Link.

Binance Link is a program that enables corporate clients to utilize the platform’s technologies and benefit from trading commissions. Account holders managing sub-accounts through Exchange Link must ensure full integration with the Link-KYC module. Users may be asked to provide additional information, such as the source of funds and proof of address, upon request.

To adhere to anti-money laundering (AML) regulations, Binance may request sub-account holders to fill out a Potential Politically Exposed Person (PEP) questionnaire. This questionnaire includes inquiries about PEP status, occupation, job title, and employer details.

As part of its commitment to regulatory compliance, Binance recently joined the Global Travel Rule (GTR) organization. The platform will monitor and transmit transactions exceeding $1,000 in accordance with this rule.

In a significant move, Binance disclosed the composition of its board of directors for the first time since its establishment in 2017. The board includes seven members, three of whom are top managers from Binance’s inception, and three external members.

Post Views: 3