Cryptocurrency exchange Binance today announced the introduction of mandatory basic verification (KYC) for all new users amid growing pressure from regulators around the world and the CZ exchange to comply with legal regulations in various countries.

From now on, new exchange customers must pass an intermediate verification to access Binance’s services, including deposits, transactions and withdrawals.

In its announcement, Binance stresses that this step has simply become necessary as the company constantly reviews its products and services to “identify changes and improvements in light of evolving global compliance standards.”

Intermediate verification involves sending a user identification document (such as a passport or driver’s license) as well as the customer’s own photo.

For existing users who have not completed the intermediate verification, restrictions will be introduced – they will only be able to withdraw assets, cancel orders or close trading positions.

Restrictions will be introduced in stages – from now until October 19 this year.

Recall, earlier Binance reduced daily withdrawal limit for unconfirmed accounts from 2 to 0.06 BTC.