Bainance Exchange reduced the daily withdrawal limit for unidentified users from 2 bitcoins to 0.06 bitcoins. This 97% reduction in the withdrawal ceiling follows an increase in the pressure of regulatory bodies on this exchange.
to the Report Crypto Briefing, Bainance said that users who have created an account in this exchange and have not gone through the authentication process, can now only withdraw up to 0.06 bitcoins per day. Until now, the daily withdrawal limit for unidentified accounts was 2 bitcoins.
Bainance, the world’s largest digital currency exchange in terms of trading volume, has reduced the daily withdrawal limit for its uncertified users by 97%.
Bainance announced today that accounts that have only passed the initial verification steps (email address verification, phone number, etc.) of this exchange can now only be up to 0.06 bitcoins per day, equivalent to $ 2,200 at current prices. , Withdraw digital currency from your account. Previously, the withdrawal cap from Bainance was set at 2 bitcoins for anonymous accounts, allowing users to withdraw the equivalent of $ 75,000 per day in digital currency.
Bainance announced in a post on its website:
Daily withdrawal limit for users who have only passed the initial steps of account verification [و فقط ایمیل و یا شماره تلفن خود را تأیید کردهاند] From now on, it will be reduced to 0.06 bitcoins.
These changes are now applied to new users and are scheduled to be implemented for other users of this exchange between August 2 and 23 (August 13 to September 1).
In the early stages of authentication, Bainance asks its users to verify their name, address and personal email. However, these details do not include the identity information and official documents expected by governments.
Restricting daily withdrawals is a common practice among digital currency exchanges to prevent illegal activities such as money laundering.
Fully authenticated users can withdraw $ 100 million worth of 100 bitcoins per 24 hours. It should be noted that the withdrawal limit for certified users has not changed.
Reducing the withdrawal limit of unidentified users indicates that Bainance is making it harder to exploit the withdrawal limit of its previous 2 bitcoins per day and wants to reduce the potential for illegal activities. In addition, the law makes it more difficult for Binance users to trade digital currencies without going through the Customer Authentication (KYC) process.
The move comes as regulators around the world warn Bainance of a lack of financial reporting and customer authentication legislation. Recent reports indicate that Bainance has been monitored by regulators for non-compliance with anti-money laundering laws around the world.
Chang Peng Zhao, CEO of Bainance, recently reacted to scrutiny by regulators, saying the exchange was planning to increase compliance with its regulations and wanted to change its mindset from a “startup to a financial service provider.” Bainance also announced this month that it would suspend trading in stock tokens for several more months, saying the move was aimed at “allocating its business focus to other products.”