Binance reduces the payment limit and introduces a tax report system

• Binance reduced the daily payment limit of 2 BTC for users with basic account verification to 0.06 BTC.

• Binance will also implement a tax registration system from August.

Binance has been confronted with regulatory hurdles in several countries in the past few months, including Great Britain. As part of their efforts to get things in order, the stock exchange recently announced its decision to reduce the maximum leverage limit to 20 times in order to enforce the Safe Trading campaign. The latest development is the enforcement of Know-Your Customer (KYC) requirements that were the focus for international regulatory authorities.

binance has introduced A new payout limit of 0.06 BTC per day, which corresponds to around $ 2400. This applies to users who have not completed the full account check. This is a massive reduction in the previous payment limit of 2 BTC per day, which corresponds to $ 80,000. The newly imposed limit becomes effective if new users are asked to complete their KYC with the basic account check.

We strengthen our KYC efforts to expand our management position in this area.

The daily payment limits are adapted from 2 BTC to 0.06 BTC (approx. 2,000 USD) for accounts that have only existed the basic account verification. href = "https://t.co/gdim6hdlhu"> https://t.co/gdim6hdlhu

- cz 🔶 binance (@cz_binance) 27. July 2021

According to the stock market manager Changpeng Zhao, Binance will gradually introduce new payout limits with the existing users. The procedure is expected to come into force until August 23. The announcement also announces that the payment limit will be updated daily at 00:00. In addition, those who go through the full identity examination have the option of lifting up to 100 BTC per day worth $ 4 million.

Binance introduces the tax registration system

As part of your efforts to fulfill the regulatory demand perfectly, Binance will also implement a tax registration system from Wednesday. According to reports, users will be able to "pursue their crypto transactions, to transfer the transaction course to third -party providers and to get an immediate overview of their immediate tax liabilities".

Binance does not support any certain third-party control tools from third-party providers. When choosing the control tools of third -party providers, please practice at your own discretion and/or contact your personal tax advisor based on your personal tax circumstances and requirements.

According to the latest raids on the stock exchange, Zhao said that he was ready to withdraw from his office if a credible replacement with a regulatory background appears. For the time being, the stock exchange has taken several measures, including the setting of its trading services for stocks of stocks and delisting margin trading pairs for euros, Australian dollars and British pounds. The largest crypto exchange worldwide after trading volume has intended to work together with the regulatory authorities.