The presence of U.S. nationals on the platform has been a contentious issue for authorities as, officially, they are banned but continue to pop up.
The biggest and most established global hub for everything crypto, blockchain and Web3.Binance is now requiring prime brokers to enhance their KYC to block U.S. nationals, according to a Bloomberg report.
Binance is asking its prime brokers to do enhanced Know Your Customer work on clients to ensure that they aren’t serving U.S. nationals,Prime Brokers act as intermediaries between institutional investors and the market, offering services such as custody, trade execution, risk management, and lending with the aim of attracting institutional investors by providing a comprehensive end-to-end service model similar to their counterparts in traditional finance.settling the case for $4.
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