Binance Implements AML And KYC Regulations To Protect Users

Binance (CRYPTO: BNB) announced it will be taking firm measures to optimize the company’s security and protect users.

What Happened: As per Binance’s recent announcement, users must undertake a three-step verification process to be considered verified Binance customers.

The first step includes basic customer information and the second involves assessing potential risk by carrying out a customer background check. The final step involves ensuring the customer’s background and KYC (know your customer) details are up-to-date.

Binance’s policies on AML (anti-money laundering) look to employ intricate tools and techniques to detect and prevent money laundering across the crypto sector.

Binance’s recent move to optimize security can be attributed to its goal of being in global compliance with rules surrounding crypto regulation in order to further crypto adoption globally and to improve its regulation.