- Binance has reduced daily withdrawal limits for unverified accounts from 2 BTC to 0.06 BTC
- Binance has also reduced leverage on new futures accounts to 20x
- There is also a new tax reporting tool on Binance for users who are obligated to report their capital gains
- The exchange has implemented the new changes as it works towards complying with regulators globally
The popular crypto exchange of Binance has lowered the daily withdrawal limits for accounts that are not fully verified, from 2 BTC to 0.06 BTC.
The team at the exchange made the announcement of the new changes earlier today further explaining that they will take effect immediately for new accounts, and be implemented gradually for existing ones.
Existing users who have not verified their accounts will see their daily withdrawal limits adjusted to 0.06 BTC starting ‘ from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).’ Furthermore, verification was encouraged by the team at Binance for it would increase the daily withdrawal limits to 100 Bitcoin.
Leverage on Binance Futures Reduced to 20x For New Users
Hours ago, the exchange had also announced new limits on the amount of leverage available for new futures accounts. According to the official announcement, futures accounts that are less than 60 days old will have a maximum leverage limit of 20x.
Existing accounts that fall under this category will see their leverage reduce effective immediately. Existing trading positions will maintain their leverage until closed after which leverage will drop to 20x.
The leverage limits for new accounts will begin to increase gradually after 60 days.
Binance Introduces a New Tax Reporting Tool
Also today, Binance announced the launch of a new tax reporting tool that will assist traders in declaring capital gains or losses to their respective regulatory bodies. The new tax reporting tool is available via the ‘Account > API Management‘ feature on both the Binance website and mobile application.
Binance Implements Changes to Adhere to Various Regulatory Bodies
The aforementioned changes at Binance come in the wake of the exchange being pressured by various global regulatory bodies, to abide by existing rules in the various jurisdictions. Chances are, that Binance will continue to add new changes and policies in the days to follow.