The restrictions will not affect other decentralized products and services

​SafePal crypto wallet imposed mandatory verification of Binance Trading dApp users

09.05.2022 - 13:40

247

1 min

What’s new? On May 9, SafePal, a decentralized cryptocurrency wallet, obliged Binance Trading dApp users to comply with anti-money laundering (AML) and know your customer (KYC) procedures. Starting May 12, new users of the app must be verified. Only withdrawals will be available to all existing users who fail verification by May 12. . This is reported on the SafePal blog.

SafePal’s blog

What is known about SafePal? It is the first decentralized cryptocurrency wallet that implements the trading capabilities of the Binance cryptocurrency exchange in the SafePal mobile app. Through the Binance Trading dApp, one can use the exchange’s trading products and services within the wallet app. SafePal was founded in 2018.

What events happened before? In late 2021, Binance CEO Changpeng Zhao revealed that the exchange had lost around 3% of customers after the introduction of mandatory identification. The platform made the KYC procedure mandatory for users to meet regulatory requirements.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy