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Updates to Terminologies

Updates to Terminologies

2021-09-15 09:00
Fellow Binancians,
Binance reviews its products and services on an ongoing basis to determine changes and improvements in light of evolving global compliance standards. As part of our compliance efforts to prioritize user protection and provide a safe crypto environment for all, Binance is updating the following terminologies in relation to user account verification status, beginning 2021-09-17 00:00 (UTC).
Former Verification Tiers
New Verification Tiers
Basic Verification>> No longer applicable. Unverified accounts that have not fulfilled KYC requirements will not be able to trade.
Intermediate Verification >> Will be reflected as “Verified
Advanced Verification>> Will be reflected as “Verified Plus
All new users are required to verify their accounts (i.e. Verified or Verified Plus) in order to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals. This requirement took effect on 2021-08-20.
Existing users who have not yet been verified will have their account permissions changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption. These restrictions are being implemented in phases to minimise user-experience disruption. Once the restrictions are implemented, unverified accounts will not be able to trade. Existing users will be informed directly with more details. After existing users have their accounts verified, they will be able to resume full access to Binance products and services.
Binance strongly advises users to verify their accounts promptly to avoid delays in the verification process and restrictions placed on their account access.
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. You are advised that Binance is not responsible for your trading losses.

Thanks for your support!
Binance Team
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.