Cryptocurrency exchange Binance bows to anti-money laundering pressure. However, it is strengthening its controls against money laundering by launching an identity verification device to access its services.

Binance released a statement on Friday saying it made changes to its operation “to strengthen user protection and provide a safe crypto environment for all.” The cryptocurrency exchange, which saw its trading volumes drop 30% month-on-month in July to $455 million (€390 million) according to CryptoCompare, said new users should complete an 'interim check' to have access to its offers and services. Existing users who have not already taken this step will have access to “limited withdrawal, order cancellation, position closure and buyback services”. Concretely, this “intermediate verification” is renamed identity verification from the first links. Different levels of verification are then proposed, corresponding to respective deposit and withdrawal limits depending on the country. This evolution, which will take place in phases until October 19, 2021, echoes the many criticisms and decisions taken by regulators against Binance.