Thursday, September 16, 2021
Home Crypto News Market Binance Updates: Binance Hires Richard Teng As Singapore CEO, Binance Impose Mandatory...

Binance Updates: Binance Hires Richard Teng As Singapore CEO, Binance Impose Mandatory KYC For All New Users And Halts Future Trading For Brazil

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Binance Singapore today announced Richard Teng appointment as its new Chief Executive Officer (CEO).


Teng has extensive financial industry experience. Teng played a crucial role in making sure that the Abu Dhabi Global Market (ADGM) was internationally recognized by regulators and industry bodies. Forbes calls him “one of the most innovative regulators in the world.”

This announcement comes only a week after Greg Monahan, a former US Treasury Department Crime Investigator, was appointed as the Global Money Laundering Reporting Officer (GMLRO). The move is intended to address Binance ongoing money laundering issues.

 

 

After Regulatory issues, Binance stops futures trading for Brazil customers.

Binance has removed its futures trading activities once more for another country. Brazilian clients will no longer have access to Binance derivative trading functions.

To comply with Brazilian regulations, Binance decided to suspend futures trading services from Friday on its Brazilian platform.





Mandatory KYC

Binance has introduces mandatory Know your customer (KYC) policy for all new users.

Binance states that new users must undergo Intermediate KYC verification before they can access Binance services.

Binance claims that the changes are intended to improve user protection and fight financial crime.

Binance Announced:

“Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.”

 

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Ammarahttps://thecryptobasic.com/
I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.

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