Increasing protective measures for vulnerable consumers, says Binance Australia CEO
In an effort to safeguard customers who have been identified as being particularly vulnerable to financial cryptocurrency crime, Binance Australia has tightened up its onboarding procedure for new members, as reported by Cointelegraph.
According to Cointelegraph, the new measures were stated in Binance Australia’s Economic, Social, and Governance (ESG) report for the June quarter on Monday. The report also mentioned that the exchange was developing a “stringent and user-focused onboarding experience” for groups where financial crime is more common.
Leigh Travers, CEO of Binance Australia, and Zachary Lu, a member of the exchange’s Financial Crime, Risk and Compliance section, said in a conversation with Cointelegraph that the firm has been actively looking into ways to protect “vulnerable consumers,” beginning with the onboarding procedure.
As part of the user onboarding process, Binance Australia will begin implementing more severe identification requirements on September 1. As a result, the company will no longer require the card number when registering new users; instead, they must submit a photo of their driver’s licence, Cointelegraph noted.
This will be implemented so that Binance can detect susceptible users, quickly validate the integrity of ID papers as part of the on-boarding process, and help flag potential ID theft.
(With insights from Cointelegraph)