Binance, one of the world’s largest cryptocurrency exchanges, is making significant strides in both technology and regulatory compliance.
Firstly, Binance’s Web3 wallet has expanded its support for decentralized applications (dApps), integrating a whopping 35 new platforms into its ecosystem. From Aevo to Ambient Finance to BAC Games, users now have access to a diverse array of dApps directly through the wallet interface.
Simultaneously, Binance is raising the bar on Know Your Customer (KYC) requirements, particularly for its business clients. The exchange recently announced tighter restrictions on subaccounts, mandating KYC verification by May 20. Failure to comply will result in frozen accounts and loss of access to Binance Link, a program enabling corporate clients to leverage Binance’s technologies and trading commissions.
#Binance Completes Integration of 35 New dApps on Binance Web3 Wallet (March 2024)#Web3 #cryptocurrency #Crypto #Bitcoin #BTC $BTC pic.twitter.com/ufoEGqtICl
— Avinash ab Roy (@Ab2020Roy) April 5, 2024
In addition to the KYC overhaul, Binance is shedding light on its corporate governance. For the first time since its inception in 2017, the exchange has revealed the composition of its board of directors. The board comprises seven members, including three longstanding Binance executives and three external appointees.
[BINANCE] Binance Exchange Link: Mandatory Identity Verification (KYC) Requirementshttps://t.co/gTUgIpNZVz
— PhoenixNews.io (@PhoenixNews_io) April 5, 2024
These developments come as Binance doubles down on regulatory compliance efforts, aiming to align more closely with global standards following recent legal challenges in the United States and potential bans in other jurisdictions like Nigeria and the Philippines. By joining the Global Travel Rule organization and implementing stricter AML measures, Binance is signaling its commitment to operating within regulatory frameworks while continuing to innovate in the cryptocurrency space.
