Binance announced changes regarding KYC and withdrawal limits.
Users who only completed Basic Account Verification won’t be able to withdraw more than 0.06 BTC (roughly $2400). The previous withdrawal maximum was 2 BTC (roughly $80,000). Still, users who have completed full identity verification can still withdraw up to 100 BTC per day.
Freedom for the fully verified users and restrictions for the partially verified users
But there are even more changes. Binance also introduced a new Tax Reporting Tool!
The Tax Reporting Tool is an API tool and helps users to keep track of their crypto activities. It ensures users that they are fulfilling the reporting requirements laid out by their regulatory bodies.
So, Binance announced many changes. The reason: regulatory pressure!
Binance introduced the Tax Reporting Tool and announced to adjust the withdrawal limits because of regulations. The exchange is talking to regulators worldwide and introduces new restrictions on its platform to prevent any further problems with them.
That could have something to do with the drama in the UK, which took place recently. Recently, many banks in the UK stopped their customers from purchasing cryptocurrencies on Binance.
Indeed, the new withdrawal restrictions make life harder for many Binance users. But Binance still allows large withdrawals unless the user has completed full identity verification. In addition, the new tax reporting tool could make users’ lives easier when declaring crypto gains in their tax declaration.
Regulations are coming – and mass adoption as well!