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Binance announces Intermediate Verification necessary for all users.

CTFC investigates Binance over US trading activity.


Crypto exchange giant Binance today announced in a blog that it will now require Intermediate Verification for all users. Intermediate Verification supports the crypto exchange’s Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts. According to Binance, these are part of the company’s efforts “to further enhance user protection and risk management protocols.” The statement described the policy change as part of a product and service review “in light of evolving global compliance standards.”

 

Binance is making efforts to meet global compliance on AML. 

Binance CEO Changpeng Zhao extolled the efforts the crypto exchange had made in order to meet compliance standards. “In the last four years, we have laid the groundwork by investing heavily in security and user protection, supporting law enforcement from around the world with high-profile investigations, and helping cybercrime victims recover millions of dollars worth of stolen funds,” Binance CEO elaborated. He added that he hopes to collaborate with policymakers to improve global standards. This week, Zhao spoke of expecting upcoming funding round with “reputable investors.”

 

Crypto exchange hired a former IRS official to lead its global money laundering reporting efforts.  

As reported earlier, Binance hired Greg Monahan, a former U.S. government official at the Internal Revenue Service (IRS), to lead its global money laundering reporting efforts. Monahan is based in Washington and spent over 20 years at the IRS, leading cybercrime criminal investigations at the agency. According to his LinkedIn profile, he joins Binance from Deloitte, where he spent less than five months in a compliance role. Binance is also reportedly under investigation by the IRS and the U.S. Department of Justice for any potential illicit activities. The crypto exchange has been facing regulatory scrutiny from different countries. 



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