As Cointelegraph reported, the company on Tuesday officially announced a major update to its ‘Know Your Customer’ policies, which significantly lowers the maximum withdrawal amount for users who have opted for Full Identity. Verification not completed.
Effective immediately for new Binance accounts, users who have just completed basic account verification will not be able to withdraw more than 0.06 Bitcoin (BTC) per day. Binance CEO Changpeng Zhao explained on Twitter that previously, the maximum daily withdrawal amount was limited to 2 BTC, or about $80,000.
According to the announcement, Binance will continue to implement the new withdrawal limit for existing users in phases from August 4. The exchange expects the new withdrawal restrictions to be adopted entirely by August 23. Binance users who complete full identity verification will still be able to withdraw up to 100 BTC in a day.
Binance also launched its new tax reporting tool on Wednesday. The reporting system is an application programming interface that enables Binance users to track their crypto transactions, transfer their transaction history to third party sellers and get a quick overview of their local tax liabilities. These new initiatives are part of the exchange’s broader strategy to expand user safety and risk management protocols.
According to Binance’s tax reporting instructions page, users can now select third party tax tools to transfer their transaction history. “Binance is not endorsing any particular Third Party Tax Tool Software. Please exercise your discretion and/or consult your Personal Tax Advisor based on your individual tax circumstances and requirements when selecting Third Party Tax Tool, The exchange warned.