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The world's biggest cryptocurrency exchange Binance would begin demanding stricter background checks on customers to bolster efforts against money laundering in response to global pressure by regulators.
Binance users will now have to complete a verification process to access its products and services, otherwise, they would only be allowed to withdraw funds, cancel orders, and close positions.
Users must provide an ID card, driver's license, or passport, it said.
Until now, Binance only asked users seeking higher limits on trading for ID checks.
Binance CEO Changpeng Zhao said they aim to collaborate more with policy-makers to improve global standards and discourage bad actors.
Binance, which processed spot trades worth $455 million in July, has faced warnings and curbs from financial watchdogs from the UK and Germany to Japan.
European Central Bank President Christine Lagarde and US Treasury Secretary Janet Yellen were among those voicing concerns over crypto money laundering, with other regulators particularly concerned with Binance.
The Dutch central bank said Binance was not in compliance with its anti-terrorist financing and anti-money laundering laws.
The exchange, whose holding company is registered in the Cayman Islands, has scaled back its product offerings and said it wants to improve relations with regulators.
