Cryptocurrency exchange Binance lost 3 percent of its customers due to mandatory KYC requirements

The Chief Executive officer (CEO) of the cryptocurrency exchange Binance, said at least 3 percent of the company’s users left the exchange after know your customer (KYC) processes were made mandatory.

Like other financial institutions, major cryptocurrency exchanges across the globe make KYC, or identity verification mandatory in order for users to receive uninterrupted access to their services. “Binance allows customers to create accounts, use basic functions and perform limited transactions without submitting KYC information. In order to gain full access and increase higher deposits and withdrawal limits, customers will need to complete the KYC verification process,” the company said in a blog post.