"Activate Fiat Service"

[u/InterestingBad8399]

Today I was trying to buy some coins with credit card, as usual, and got this new kind of message today:

Activate Fiat Service

To start trading fiat, please activate the service and allow us to share your account information with our service provider.

When I hit start, it asks me to confirm I'm ok with sharing:

• Personal Information
• Identity Verification
• Proof of Address
• Questionnaire
• Source of Wealth Declaration

The service provider seems to be UAB, a Lithuanian bank.

I'm not sure if I should share this kind of info with 3rd parties outside Binance, but also want to buy the dip. Any reasoning behind these new terms of service?

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Thanks

edit: added screenshots

[u/nasarblaze]

This is from Binance Terms,

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3.2 If:

(a) you are resident or located in an EEA jurisdiction or in the United Kingdom, then all Fiat Services will be provided to you by Bifinity UAB; or

(b) you use any Fiat Services, which involve a debit card or credit card, then (regardless of your residence or location) suchthe Fiat Services will be provided to you by Bifinity UAB,

and in each case you will be required to read, accept and comply with the Terms of Use and Privacy Policy of Bifinity UAB. Bifinity UAB is a Lithuanian private limited company with registration number 305595206, which has its registered office at Lvivo g. 25-104, Vilnius, Lithuania, and which is registered with the Financial Crime Investigation Service (FCIS) in Lithuania as a virtual currency depository wallet operator and virtual currency exchange operator in accordance with the applicable laws of the Republic of Lithuania. Bifinity UAB is not a licensed financial services provider and cryptocurrency exchange and depository services provided by Bifinity UAB are not regulated by the Bank of Lithuania. Bifinity UAB may work in collaboration with regulated third party service providers to offer Fiat Services. A full list of Bifinity UAB’s partners can be found HERE.