Cryptocurrency exchange Binance has reduced the daily withdrawal limit from 2 BTC to 0.06 BTC for new users who are yet to pass basic account verification.
For existing Binance users, the changes will go into effect gradually, from 8th to 23rd August.
Identity verification will increase the daily withdrawal limit to 100 BTC.
In addition, Binance CEO Changpeng Zhao tweeted that his company is looking for a strong compliance professional.
He expressed the view that “I feel CEOs should not stay for more than 10 years, ideally around 5 years. We live in a dynamic world. We need new thinking. Presidents only serve for 4 years.”
“I do not need to be CEO, and I am not leaving. I will always find ways to contribute to the community behind the logo tattooed to my forearm. I am proud to be a member of the Binance ecosystem. Let us keep growing it.” Zhao stressed.
In May, Changpeng Zhao expressed the view that a CEO who has been running a company for 10 years should give way to another person. Otherwise, the dynamics of the organisation will slow down.
He said at the time that he was contemplating transit and handing over the role of CEO, and that he intended to focus on developing the Binance Smart Chain ecosystem in the future.
As you may remember, Binance has recently reduced the maximum leverage on its futures platform to 20x. Shortly before that, the company announced it would end support for stock tokens.
Earlier, Changpeng Zhao did not rule out more regulatory pressure. He also reported on ongoing efforts in the transition from the start-up stage to a financial service.
With Basic Account Verification, Binance asks users to submit their official name, address, and personal email. However, those details do not get checked against any official government-issued identity or documents.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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