Binance now requires Know Your Customer (KYC) compliance for all sub-accounts in its Link Program, demanding further user verification. Starting March 20, 2024, sub-accounts without KYC paperwork will experience incremental restrictions, ending in full suspension by May 20, 2024.
Exchange Link account holders must connect with the Link-KYC module and supply extra user information as requested, including Source of Funds, Source of Wealth, and Proof of Address.
Sub-account holders may be required to fill out a Politically Exposed Persons (PEP) questionnaire. Deposit and trading services are restricted due to missing KYC information. In circumstances of legal or regulatory difficulties, detailed explanations may not be provided.
Deposits cannot be made to restricted sub-accounts, and refunds may take up to 45 days with an administrative cost of $200 per appeal. Access limitations may apply to unresponsive Exchange Link account users, potentially leading to account downgrades and the deletion of unneeded sub-accounts.
