In today's era of booming digital currency, currency security has become a crucial issue. Recently, a blockbuster news has once again attracted widespread attention from the market: all users must complete the intermediate KYC certification, otherwise they will be banned from trading. The meaning behind this decision is far-reaching, not only related to the financial security of individual users, but also to the stability and development of the entire digital currency ecosystem. Let us explore this important issue in depth to reveal its connotation and impact.

At present, currency trading is no longer a simple buying and selling behavior, but involves more complex financial and security issues. The implementation of the intermediate KYC certification aims to strengthen the control of user identity and source of funds to cope with the increasingly rampant illegal activities such as money laundering and terrorist financing. This move will effectively improve the transparency and compliance of transactions and create a safer and more reliable trading environment for users. Therefore, users must take this requirement seriously to avoid unnecessary risks and losses due to ignoring KYC certification.

As an important system in the financial industry, KYC certification aims to ensure the legality and transparency of financial transactions. Through KYC certification, trading platforms can better understand users' identity information, source of funds and transaction purposes, thereby effectively preventing various financial crimes. The mandatory implementation of intermediate KYC certification is not only a necessary means of user identity verification, but also an effective maintenance of the order of the digital currency market. Only by passing the KYC certification can users truly enjoy the convenience and security brought by digital currency transactions.

For users, completing the intermediate KYC certification is not a tedious task, but a key measure to protect their own interests. Today, when information security is increasingly threatened, personal privacy leakage and financial risks have become real challenges faced by users. Therefore, conscientiously fulfilling the KYC certification procedures is not only a trust in the trading platform, but also a responsibility for the safety of one's own property. Only by passing the KYC certification can users truly "take risks at their own risk" and be protected from illegal activities.

The full implementation of the intermediate KYC certification marks the further strengthening and standardization of digital currency market governance. Through KYC certification, the trading platform will establish a more complete user information management system to effectively monitor and prevent various risk events. At the same time, users' trading behaviors will be more standardized and transparent, which will help combat illegal activities such as money laundering and fraud. Therefore, the implementation of the intermediate KYC certification will inject new norms and vitality into the digital currency market and create a safer and more reliable trading environment for users.

In summary, the full implementation of intermediate KYC certification is of great significance to the digital currency market and users. Users should fully realize the importance of KYC certification and actively cooperate to complete relevant procedures to ensure the safety of their own rights and funds. Only with the joint efforts of all users can the digital currency market continue to develop healthily and bring more opportunities and guarantees to the majority of investors. Let us work together to build a safe and transparent digital currency trading environment so that every participant can trade with confidence and share the dividends of digital currency development.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

At 3 pm on the 20th, an announcement was suddenly issued stating that in order to better protect the rights and interests of users and create a safe digital currency trading environment for everyone, from now on, all new users must complete intermediate certification before they can use various products and services on the Binance platform, including digital currency recharge, trading and withdrawal.

In addition, for old users who have not yet completed intermediate certification, their accounts will be temporarily switched to a withdrawal-only mode, and users will only be able to withdraw, withdraw orders, redeem, and close positions.

Binance said that in order to minimize the impact on users, the adjustment will be carried out in batches from now on. The last batch of users will be adjusted at 8:00 on October 19, 2021, Beijing time, and users will also receive reminders in batches. After completing the intermediate certification, users will be able to resume using the services of the Binance platform.

Binance emphasized that the exchange has always attached great importance to KYC review and AML (anti-money laundering) work. This adjustment is based on this principle, and these measures will be able to better protect users and combat financial crimes.

Binance's current identity authentication levels are divided into basic authentication, intermediate authentication, and advanced authentication. Basic authentication only requires entering simple personal information, such as name, birthday, and address consistent with ID; intermediate authentication requires uploading ID photos and self-portraits; advanced authentication requires address verification through bills.

Binance CEO Zhao Changpeng (CZ) shared Binance's latest announcement on Twitter and said: "All Binance services must be subject to mandatory KYC certification. It is better to act than to talk."

In response to Binance's announcement, the crypto community discussed Zhao Changpeng's tweet. Some netizens praised Binance, saying that Binance is taking very good actions, I like it, without supervision and such actions, large-scale adoption (of cryptocurrency) will not happen.

However, many netizens are quite dissatisfied with this announcement. User Hasbulla
Magomedov said goodbye CZ, I wish you and the Binance team good luck, I will leave your platform, but Zhao Changpeng still showed his demeanor and replied to him saying I wish you good luck.

Binance is facing regulatory encirclement in various countries

Binance is facing encirclement by regulators in various countries when it released this platform service adjustment announcement. On the 18th, the Dutch Central Bank warned Binance that Binance was illegally providing services in the local area and was not in compliance with local anti-money laundering and anti-terrorist financing laws.

Previously, regulators in Japan, Hong Kong, Italy, the United Kingdom, Canada, Singapore and other countries have successively taken action to warn it of illegal operations, and many hedge fund partners have also withdrawn some funds, forcing Binance to accelerate its compliance progress.

Earlier this week, Binance CEO Zhao Changpeng (CZ) said in an interview with Bloomberg that most of his attention is currently focused on ensuring that Binance complies with the requirements of local regulators when it transforms into a financial institution, rather than Binance's daily operations.

Zhao Changpeng said in late July that Binance will transform into a well-regulated financial institution and will look for a successor CEO with strong regulatory and compliance experience with an open mind to demonstrate the company's commitment to compliance.