Binance lowers withdrawal limits and launches tax reporting tool
Binance, the world's largest cryptocurrency exchange by trading volumes, continues its efforts to maintain dialogue with global regulators by introducing withdrawal limits and a new tax reporting system.The company officially Announced On Tuesday, a major update to its Know Your Customer policies, significantly lowering maximum withdrawal amounts for users who have not completed full identity verification.Effective immediately for new Binance accounts, users who have completed only basic account verifications will not be able to withdraw more than 0.06 Bitcoin (BTC) per day, worth approximately $ 2,400 at the time of writing. Previously, the maximum daily withdrawal amount was capped at 2 BTC, or around $ 80,000, Binance CEO Changpeng Zhao noted on Twitter.According to the announcement...