Binance cuts withdrawal limit and launches tax reporting tool

Binance is the world’s largest cryptocurrency exchange by trading volume, and continues to work hard to maintain dialogue with global regulators by introducing withdrawal limits and a new tax reporting system.

Company formal Announce A major update to its Know Your Customer (KYC) policy was made on Tuesday, which significantly reduced the maximum withdrawal amount for users who have not yet completed full identity verification.

For the new Binance account to take effect immediately, users who only complete the basic account verification will not be able to withdraw more than 0.06 bitcoins (Bitcoin) Every day, it is worth approximately US$2,400 at the time of writing. Binance CEO previously, the maximum daily withdrawal amount was capped at 2 BTC, which is approximately US$80,000 Changpeng Zhao Point out on Twitter.

According to the announcement, Binance will implement new withdrawal restrictions on existing users in phases starting from August 4. The exchange expects to fully adopt the new withdrawal restrictions before August 23. Binance users who have completed full identity verification can still withdraw up to 100 BTC per day, or nearly $4 million in BTC prices at the time of writing. “The withdrawal limit is refreshed every day at 00:00 AM,” the announcement stated.

Binance also roll out Its new tax reporting tool on Wednesday. The reporting system is an application programming interface (API) that enables Binance users to track their encrypted transactions, transfer their transaction history to third-party vendors, and get an instant overview of their local tax obligations. The new move is part of a broader strategy for the exchange to expand user protection and risk management agreements.

related: As the exchange expands, Binance CEO hopes to “cooperate with regulators”

According to Binance’s tax declaration instructions page, users can now choose a third-party tax tool to transfer their transaction history. “Binance does not endorse any specific third-party tax tool software. When choosing a third-party tax tool, please make your own decision based on your personal tax situation and requirements and/or consult your personal tax advisor,” the exchange warned.

Binance did not immediately respond to requests for information about the use of new tools by Binance US users.

When the news was released, Binance was actively adopting new trading restrictions, apparently in response to the continued crackdown on the exchange by global regulators.This week, the exchange Delisting margin trading pairs of three legal currencies, Including Euros, Australian Dollars and British Pounds.Binance’s futures trading platform also Start to reduce the maximum leverage position From 125 times to 20 times.

Binance CEO CZ also hinted on Tuesday that if someone with a “strong regulatory background” is available, he may be willing to resign as CEO. “There are currently no plans to replace me as CEO,” he pointed out.