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Binance Australia adopts strict onboarding process to safeguard vulnerable investors

Binance Australia, one of the well-known crypto exchange platforms, on August 30, published a blog of ESG (Environmental, Social and Governance) report for the June quarter.

However, one important lesson from the blog is the exchange commitment to protect weak investors. As per the blog, customer protection and crypto adoption were two important subjects for study and development.

As indicated by the site, the exchange is making a rigid and user-focused onboarding experience. In this new development, the approach of the action is to take advantage of the demographics.

Leigh Travers, CEO of Binance Australia, stated that the organisation is working continuously to help vulnerable investors. As soon as the new users start the onboarding process, the procedure to assist the investors will start.

From September 1, in the user onboarding process, Binance Australia will start implementing strict criteria for identity requirements. At the time of registration itself, Binance will need a photo and number and later on, after registration, it does not allow users to submit their driving license.

The following process will allow Binance to recognize a vulnerable user, immediately confirm the authenticity of ID papers as part of the onboarding process and assist with recognising potential ID theft.

Moreover, recently Binance has started a know-your-customer (KYC) process to identify and better understand questionable customers. 

The Treasury has also gotten a thoroughly examined proposal on licensing and custody norms for digital currency exchange from Binance Australia. The activity shows the exchange’s commitment to working with lawmakers and regulators.

After the “initial seven-day window,” when the user is onboarded on the platform, that is the time when most of the users got scammed, claims Travers. As a part of the user onboarding process, Binance Australia will begin implementing strict authentication check-ups. As a result, the new users will no longer be able to submit their driving licenses and photos afterward.

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