Binance to step up anti-money laundering checks

[Olivia Smith]

Binance, the world's largest cryptocurrency exchange, said on Friday that it was bringing in stricter customer checks for anti-money laundering requirements with immediate effect. It has been under pressure in recent months from regulators across the world, concerned over the use of crypto to launder money and lax consumer protection. Binance said on its website that users would, with immediate effect, have to complete a verification process to access its products and services. Those who have not done so will only be able to withdraw funds, cancel orders and close positions.

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