Binance Requires Prime Brokers to Strengthen KYC Procedures Following U.S. Nationals Concerns

Tuesday, 19 March 2024, 08:08

Binance has reportedly urged prime brokers to heighten their Know Your Customer (KYC) processes in an effort to prevent U.S. nationals from accessing the platform, a move prompted by regulatory concerns. The presence of U.S. citizens on Binance has raised regulatory eyebrows, as they are prohibited, yet still manage to use the services.
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Binance Requires Prime Brokers to Strengthen KYC Procedures Following U.S. Nationals Concerns

Binance Urges KYC Enhancements to Block U.S. Nationals

The recent move by Binance to request prime brokers to enhance their KYC processes is in response to concerns over the presence of U.S. nationals on the platform.

Contentious Issue for Authorities

The ongoing presence of U.S. nationals on the platform has raised regulatory concerns as they are banned officially but still manage to access the services offered by Binance.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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