Binance Australia Makes Care Commitment to Vulnerable Users Using WEF Framework

Binance Australia has offered a long list of Environmental, Social, and Governance (ESG) commitments under a universal framework developed by the World Economic Forum (WEF).

As part of its commitment to ESG, Binance will seek to alleviate many of society’s ills while protecting vulnerable users.

Preventing financial crime

As part of its efforts, Binance is expected to toughen up its onboarding process for the disabled and the elderly, as well as anyone who happens to live in a rural area. These key groups of concern were identified with the input of the Australian government and research agencies focused on financial crime.

It is expected that by raising the barriers to entry, vulnerable people will enjoy a far greater degree of safety and security in the future than they are able to enjoy at present. Binance stated that their plans would be guided by statistical analysis.

“Research into user groups that saw a higher statistical occurrence of financial crime will see the implementation of a stringent and user-focused onboarding experience for those users in the coming quarter,” said Binance on Tuesday.

Part of the tougher onboarding experience, which is expected to be implemented by Sept. 1, will include a quiz on financial crime. Further measures will demand that users provide user identification upon signing up. Currently, this is not a requirement.

ESG and WEF

The new vulnerable person test is part of a wider course of measures that Binance is adopting in order to meet Environmental, Social, and Governance concerns. These standards are laid out by the World Economic Forum (WEF).

ESG standards cover a more comprehensive range of areas, from environmental impact to gender equality. Further matters of concern are anti-corruption policies, ethical practices, biodiversity, water consumption, and health and safety.

The WEF is a foundation of around 1,000 member companies. These are typically global firms with a turnover in excess of $5 billion. The stated aims of the WEF are “improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas”

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