Important Changes About Binance DApp Identity Verification
Dear SafePal users,
SafePal is the first decentralized cryptocurrency wallet that implements the Binance trading experience in the SafePal mobile App. Through the Binance Trading DApp, users can access and utilize Binance trading products and services within the SafePal App.
As one of the biggest trading platforms in the industry, Binance reviews its products and services on an ongoing basis to determine changes and improvements in light of evolving global compliance standards. According to the latest Binance terms of service, to enhance user protections and provide a safe crypto environment for everyone, SafePal is making the following changes upon the Binance Trading DApp within the SafePal App:
· Effective from 00:00AM UTC on May 12, 2022, all new users are required to complete Intermediate Verification to access the Binance Trading DApp within the SafePal App, including cryptocurrency deposits, trades, and withdrawals.
· Effective from 00:00AM UTC on May 12, 2022, existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption. Once users complete the Intermediate Verification, they will be able to resume full access to the Binance trading DApp within the SafePal App.
· These changes only apply to the Binance Trading DApp within the SafePal App. All other decentralized products and services, including send/receive, Swap, Bridge, Earn, DAppstore and more, are not impacted.
SafePal strongly advises users to complete their Binance Intermediate Verification promptly to avoid delays in the verification process and restrictions on their access. For detailed instructions, please refer to the tutorial here.
SafePal is announcing these measures to help support Binance’s efforts in Know Your Customer (KYC) and Anti-Money Laundering (AML). This will further enhance user protection and combat financial crime. To learn more about KYC, please click here.
Thanks for your support!
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SafePal reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
The following are frequently asked questions for the Binance KYC launch, please review them to learn more.
Is this KYC policy optional or mandatory?
A: This is a mandatory policy subject to the requirements of the Binance team.
If I have different SafePal wallet accounts in the App, can I authenticate all of them under the same Binance KYC account?
A: Yes you can.
Is SafePal accessing/storing my KYC information?
A: No. SafePal cannot access or store your KYC information in any manner. From the authentication, SafePal is only verifying your KYC status from the Binance platform. Once verified, you will have full access to the Binance DApp services and products.
My region/country is restricted by Binance, what should I do?
A: Unfortunately, if you are located in a region/country that is restricted from using Binance, we are sorry to inform you that you will not be able to proceed with the use of the Binance DApp. Please note that your funds are safe and you can choose to withdraw the funds from the account.
How do I do the authentication?
Please refer to the tutorial here: https://safepalsupport.zendesk.com/hc/en-us/articles/5814536883867
I am holding a position in Futures at the moment. What happens if I don’t complete the authentication before May 12?
A: Your positions will not be closed if the authentication is not completed by May 12. But since all deposits are closed to un-authenticated accounts after May 12, you will not be able to add additional deposits to the futures orders anymore. You can either internal transfer from your spot account, or close the position in time.
Will SafePal remain 100% decentralized?
Yes, SafePal is a fully decentralized non-custodial wallet solution where user assets are permanently held and owned by the users. However, SafePal offers 3rd party solutions such as fiat onramp and exchange services that belong to the jurisdiction of 3rd party providers. The Binance DApp KYC process only impacts those users using the 3rd party solution from Binance and is subject to the jurisdiction and governance of the Binance team.