The post Binance’s Response to Regulatory Pressures: Instructs Brokers on Rigorous Client Verification appeared first on Coinpedia Fintech News
Binance has been in the news recently owing to its regulatory and compliance issues, and it has been pleading guilty. According to the reports, Binance has recently instructed prime brokers like FalconX and Hidden Road, which serve institutional traders, to get detailed information on its clients to amplify its compliance and regulatory measures.
Binance has reportedly instructed prime brokers to implement stringent verification procedures to prevent having US investors in the cryptocurrency exchange. The checks include office location inquiries, locations of employees and founders, and the information attested by respondents to verify the accuracy levels.
Binance’s past violations
Binance, under its former CEO, had violated the Bank Secrecy Act last year. The U.S. Department of Justice had charged Binance of US anti-money la
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