Binance, the world'southward biggest 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 Tuesday a major update to its Know Your Customer policies, significantly reducing maximum withdrawal amounts for users who take non completed full identity verification.

Effective immediately for new Binance accounts, users who accept completed but bones account verifications will be unable to withdraw more than 0.06 Bitcoin (BTC) per twenty-four hours, worth roughly $2,400 at the time of writing. Previously, the maximum daily withdrawal amount was capped at 2 BTC, or well-nigh $80,000, Binance CEO Changpeng Zhao noted on Twitter.

Co-ordinate to the announcement, Binance will keep applying new withdrawal limits for existing users in phases starting from Aug. 4. The exchange expects to have adopted new withdrawal restrictions entirely by Aug. 23. Binance users who accept completed full identity verification will be withal able to withdraw up to 100 BTC in a day, or nearly $4 million at BTC prices at the time of writing. "Withdrawal limits refresh daily at 00:00 AM," the annunciation notes.

Binance too rolled out its new taxation reporting tool on Wednesday. The reporting organisation is an Application Programming Interface that enables Binance users to track their crypto transactions, transfer their transaction history to third-party vendors, and obtain instant overviews of their local tax liabilities. The new initiative is function of the commutation'south broader strategy to aggrandize user protection and hazard management protocols.

Related: Binance CEO wants to 'work with regulators' as the commutation expands

Co-ordinate to Binance'south revenue enhancement reporting instruction page, users can at present select a third-party tax tool to transfer their transaction history. "Binance is non endorsing any particular third-party tax tool software. Delight exercise your ain discretion and/or consult your personal taxation adviser based on your personal tax circumstances and requirements when selecting the tertiary-political party tax tools," the exchange warned.

Binance did not immediately respond to a request for information on the usage of the new tool for Binance US users.

The news comes among Binance aggressively adopting new trading restrictions in an credible effort to answer to the ongoing global regulatory crackdown on the substitution. This calendar week, the substitution delisted margin trading pairs for three fiat currencies, including the euro, the Australian dollar and the British pound sterling. Binance'southward futures trading platform has besides started reducing maximum leverage positions from 125x to 20x.

Zhao also hinted Tuesday that he might be willing to step downwardly equally CEO should someone "with a potent regulatory groundwork" be bachelor. "There are no immediate plans to supersede me as CEO," he noted.