Binance Ramps Up Developments with Tax Tool Launch; New Withdrawal Limits in Place
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Binance Ramps Up Developments with Tax Tool Launch; New Withdrawal Limits in Place

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Binance Ramps Up Developments with Tax Tool Launch; New Withdrawal Limits in Place

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Binance has been present in the news multiple times recently, be it related to regulatory scrutiny or new developments from the company. The Changpeng Zhao founded exchange assured its users that the steps taken by the company will only benefit all its users in the long run. On Tuesday, Binance announced that they would be cutting withdrawal limits while launching a new tax reporting system simultaneously.

Binance claimed that strengthening the Know-Your-Customer checks would be an efficient step in improving transactional security. Those users who do not comply with the new KYC policies will also have their trade limits cut short by a large percentage. The latest release from the crypto exchange said:

“Daily withdrawal limits will be adjusted to 0.06 BTC for accounts that have completed only Basic Account Verification. This change is effective immediately for new account registrations and will be made effective for existing users in phases starting from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).”

The exchange added that users who complete the latest KYC conditions will be eligible for withdrawals of upto 100 BTC a day. According to the exchange, the withdrawal limits will refresh daily at midnight. The move is expected to remove bad actors from trading, thereby bettering Binance’s standing in the cryptocurrency world.

Binance’s Regulatory Hurdles

The exchange had come under fire recently when the CFTC and regulatory bodies in the US accused Binance of fraud. Since then, the officials of the Seychelles-based platform have reiterated that the company focuses on privacy and security as top priorities. The launch of the new API-based reporting system was a step in this direction.

Binance’s tax tool would enable users to track personal transactions and even transfer history to other vendors. The move is an addition to the company’s risk management protocol, which also includes features that let users obtain information about cryptocurrency transaction liabilities.

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