Important KYC Requirements for Binance Sub-Accounts
Attention all Binance users! Binance has implemented KYC requirements for all sub-accounts created under its Link Program. Failure to comply with these requirements may result in restrictions and eventual account suspension. Here’s what you need to know:
Enhanced Compliance Standards for Sub-Accounts
- All sub-accounts under the Binance Link Program must adhere to enhanced compliance standards, including non-trading sub-accounts created solely for asset deposit purposes.
- Starting from March 20, 2024, restrictions have been applied to sub-accounts without completed KYC documentation.
Link Account Holder Responsibilities
- Exchange Link account holders must ensure that their sub-accounts are fully integrated with the Link-KYC module.
- Additional user information, such as source of funds and proof of address, may be required upon request.
Communication and Compliance
- Binance will communicate directly with Exchange Link account holders, not sub-account users. Account holders are responsible for relaying information to their sub-account users.
- To comply with AML regulations, sub-account holders may need to complete a questionnaire for potential Politically Exposed Persons (PEPs).
Restrictions on Incomplete KYC Sub-Accounts
- Sub-accounts with incomplete KYC information will face restrictions on spot, futures, and margin trading activities.
- Restricted sub-accounts may not receive deposits, and any misplaced deposits could take up to 45 days to be refunded.
Compliance is Key
- It is crucial to comply with identity verification requirements to maintain a secure and transparent trading environment.
- Users are advised to consult with a financial advisor before making any investment decisions.
Hot Take: Stay Compliant to Avoid Account Restrictions
Ensure that your Binance sub-accounts comply with the KYC requirements to avoid restrictions and account suspension. Compliance is key to maintaining a secure trading environment and protecting your investments. Stay informed and keep your sub-account users updated on the necessary compliance measures.
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