Why does Binance require passport ID and what does it mean for cryptocurrency users?

3 answers

• Nov 27, 2021 · 3 years ago
  Binance requires users to provide their passport ID as part of their Know Your Customer (KYC) process. This is done to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. By verifying the identity of its users, Binance aims to create a safer and more secure trading environment for cryptocurrency users.
  353177
• Nov 27, 2021 · 3 years ago
  Providing passport ID to Binance is a standard practice in the cryptocurrency industry. It helps prevent fraud, identity theft, and money laundering. While some users may find it inconvenient, it ultimately benefits the entire community by reducing the risk of illegal activities and maintaining the integrity of the platform.
  326109
• Nov 27, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I can assure you that providing passport ID to Binance is a necessary step to ensure the legitimacy and security of the platform. Binance takes user privacy and data protection seriously, and they have implemented strict measures to safeguard user information. By requiring passport ID, Binance demonstrates its commitment to creating a trusted and compliant ecosystem for cryptocurrency users.
  439110