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The Binance Exchange lowers the limits on BTC withdrawals, “CZ” will end up as its CEO

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The largest cryptocurrency exchange Binance, which has been facing increasing pressure from regulators in recent months, has taken another unpopular step, which is a significant reduction in the daily limit for the selection of BTC by unauthenticated users.

Binance lowers the limits on BTC withdrawals

Binance announced yesterday that exchange customers who do not have a verified account (or have undergone only the basic level of its verification) will be able to choose only 0.06 BTC from Binance in 24 hours, which is approximately 2400 USD at the time of writing.

This move seems to be related to Binance’s efforts to get customers to provide personal information about themselves, because with a complete account verification, the daily withdrawal limit will automatically increase to 100 BTC.

Binance’s reputation in recent weeks has been shaken by warnings about its use by several regulators in Japan, Germany and the United Kingdom. At the same time, the exchange temporarily suspended the possibilities of depositing EUR with SEPA transfers or canceled trading in tokenized shares, which was a novelty that came up with only in April.

So it seems that Binance is trying to take many steps to improve its position with regulators. The decision to restrict the collection of BTCs for unverified accounts may contribute to this, as regulators require exchanges to collect information about its customers (justified by the fight against money laundering and terrorist financing), but may be very unpopular from the point of view of ordinary users seeking to protect their privacy. step.

CZ is looking for a replacement

The fact that Binance is trying to resolve inconsistencies with regulators is underlined by another recent report, according to which the founder and current CEO of Changpeng Zhao decided to find a replacement for the position of CEO. The charismatic leader Binance, also known by the acronym “CZ”, stated that the new CEO should have extensive experience with the regulatory background.

“There is always a large group of candidates who can replace me. We are looking for someone with a strong regulatory background to take office and become the new CEO, ” stated at Tuesday’s press conference.

Zhao also said he would be part of Binance even if he was no longer its CEO. “I will always help Binance and the ecosystem around Binance Coin. I don’t have to be the CEO for that, “he told the community.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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