Binance Australia updates its security requirements

As per the exchange, Binance Australia has updated its security requirements for local residents seeing to access cryptocurrency on the platform as part of its “compliance efforts,”.

All new users need to complete a process of verification to access its products and services. Present users who have not until now done, will have their account limited to “withdrawal only” whereby services will be partial to withdrawal and order annulment.

Binance Australia stated that the measures are planning to boost its ‘Know Your Customer’ and Anti-Money Laundering (KYC/AML) efforts. In a bid to lessen trouble to its users, the exchange stated that its hard work will be carried out in stages from Wednesday through Oct. 19.

“We would like to contribute in forming a safer trading environment for all users,” Binance Australia CEO Leigh Travers said. “We have other initiatives to come to meet our core values.”