All Binance users are now subject to immediate KYC verification

Abiky

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Quote from: Slow death on August 20, 2021, 06:00:02 PM

All Binance users are now subject to immediate KYC verification

those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

That sucks. Forcing KYC makes crypto exchanges no different than traditional brokers in the stocks world. This defeats the whole purpose of crypto/Blockchain tech. There's nothing we can do about this, since governments want a piece of the pie. Centralized exchanges will be forced to play the game, or face serious consequences in the long run. This is going to be a pain in the head for newcomers into Binance. The only ones able to trade on Binance without KYC would be old customers (although there are some limits you'd have to deal with). People that are new and want to preserve their anonymity might want to look elsewhere.

As long as decentralized exchanges exist, we won't have to worry about dealing with KYC. There are plenty of options available to make your life easier. I guess atomic swaps and decentralized exchanges will gain traction the more centralized exchanges force KYC. It'll be a win for crypto/Blockchain tech, as it puts governments' efforts in vain. Just my thoughts Grin

omone1

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This is where DEX will play a major role in safeguarding identities. It's good we can offchain trade bitcoin, ethereum, USDT, USDC and other many coins. This way we can limit our usage of CEX. 80% of my crypto asset are in my private wallet. I hope the government don't come hard on some DEx like what they did to Idex, today Idex gets less users when compared to Uniswap, Sushi, pancakeswap and other leading DEX.

Rigon

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Pass your KYC verification when setting up your account on any exchange. Because if you have a problem later, you can solve both problems quickly. KYC will pass Google verification.If you pass the intermediate verification, your account will be saved fairly. Moreover, if you do not pass the KYC, your ID may be damaged later. So keep passing as far as you can.

SquirrelJulietGarden

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Quote from: Oasisman on August 21, 2021, 06:35:00 AM

I have been KYC verified in Binance btw. So, I don't really bugged by this sudden announcement.
I don't think they'll sell any info unless their system get infiltrated by the cyber criminals.

You can not say they will never do anything. Any staff, former staff from Binance can sell data to other companies. It is not strange in life. The best way to not lose your private information is not to do KYC.

However, with more regulations from governments, like what we see with Binance, they can not ignore pressure from many nations. At the end, they take care of the company first, not customer first.

Quote from: ultrloa on August 21, 2021, 07:29:45 AM

Crypto is now on the limelight so expect that government will interfere since for sure they see the potential to gain millions or even billions if they can regulate it, so expect that this scenario will happen since this is part of legalizing of their platform. And I don't feel worried about that since knowing binance is a good platform that's why I didn't think twice to do it compare to other exchange which I really don't know if they are still good for more longer years.

It happens when Binance become bigger and dominates the market. It happens when big social media like Facebook or Twitter, or Amazon dominates market and have huge impact in society. Governments will make more pressure to control those companies as much as they can.

ultrloa

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Quote from: Oasisman on August 21, 2021, 06:35:00 AM

Quote from: Slow death on August 20, 2021, 06:00:02 PM

those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

Well, that will eventually happen and I already expected that after I've read enough news about government after government cracking down crypto related activities.
Binance is already in trouble. So, I guess they have left with no choice but to comply what the authorities wants them to do.
Exchanges will become an outlet for the government to put taxes and regulate Bitcoin and other crypto.

I have been KYC verified in Binance btw. So, I don't really bugged by this sudden announcement.
I don't think they'll sell any info unless their system get infiltrated by the cyber criminals.

Crypto is now on the limelight so expect that government will interfere since for sure they see the potential to gain millions or even billions if they can regulate it, so expect that this scenario will happen since this is part of legalizing of their platform. And I don't feel worried about that since knowing binance is a good platform that's why I didn't think twice to do it compare to other exchange which I really don't know if they are still good for more longer years.

Oasisman

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Rollbit

Quote from: Slow death on August 20, 2021, 06:00:02 PM

those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

Well, that will eventually happen and I already expected that after I've read enough news about government after government cracking down crypto related activities.
Binance is already in trouble. So, I guess they have left with no choice but to comply what the authorities wants them to do.
Exchanges will become an outlet for the government to put taxes and regulate Bitcoin and other crypto.

I have been KYC verified in Binance btw. So, I don't really bugged by this sudden announcement.
I don't think they'll sell any info unless their system get infiltrated by the cyber criminals.

Tumanggor

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1xBit.. recovered their reputation

Quote from: hatshepsut93 on August 20, 2021, 06:26:34 PM

Quote from: Slow death on August 20, 2021, 06:00:02 PM

~

There already is a crypto casino that does KYC, it's called crypto-games, though I don't think it's mandatory for everyone yet. The era of anonymous crypto services has been disappearing for a long time already, the governments were never going to ignore crypto completely. So you can't really blame Binance here for spying on you, they have no choice, it's either they do KYC or they get banned in most countries in the world.

That's right, I see Binance was forced to enforce KYC because the government still has the authority after all
for those who don't want to use a service that enforces KYC it's their right

I have followed the procedures required by binance for KYC and I hope my data is safe there
I like to use Binance because for me Binance is the number 1 crypto exchange in the world

Kong Hey Pakboy

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Quote from: Mr.sprin on August 21, 2021, 05:34:23 AM

It's true that right now the biggest market in the crypto world is Binance, so it's only natural that they ask each member of the KYC to increase security.

It's not natural, it's the right thing to do, you're servicing millions of users and having them each known is the best way so you can protect them and your business model. I don't really mind their KYC because it's not like their going to directly sell those information to other companies to make money when what Binance makes is already towering what they can get from selling those information.

jamkesmas

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$CYBERCASH METAVERSE

Quote from: CLS63 on August 20, 2021, 06:54:33 PM

Crypto exchanges will have to demand KYC from all their users in the future. Because they are audited by governments. They can't hide anything and I can't say that they even care about it. They just want to make sure that every account is real and belongs to a unique person. This helps them find the people who are laundering money etc. easily. But it also changes the important things about Bitcoin which is anonymity. But people don't have another choice if they really want to trade with cryptocurrencies.

Although the main reason for doing KYC is to protect the crypto industry from criminal acts, not everyone will feel comfortable with the concept of KYC which must involve our privacy data, because each of our personal data can be directly controlled by the exchange manager, and the data stored on the exchange it will of course be a target for hackers, as happened to the Binannce exchange in the past when their exchange was hacked.

Semar Mesem

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Quote from: Slow death on August 20, 2021, 06:00:02 PM

All Binance users are now subject to immediate KYC verification

those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

This is of course sad because the era of anonymity is over, KYC verification is something we are wary of because there is no guarantee that they will not provide data to the country if it is needed, I found out these days because Binance is still a trending topic on Twitter, https://twitter.com/cz_binance/status/1428614958846148609

jossiel

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Well, the new users probably won't feel what we've felt before that there's no mandatory KYC that's needed to fill.

Here it goes binance, they're just doing their job as they grow. The government is eyeing them and want them to be subjected with their rules and standards.

Mr.sprin

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It's true that right now the biggest market in the crypto world is Binance, so it's only natural that they ask each member of the KYC to increase security.

buwaytress

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Verified myself some time back already. My policy has always been that if the site requires KYC, might as well do it or be ready to do it. Hate the idea of being blindsided with KYC and risk getting funds withheld if not able to complete. Just checked and the old limits are still in place, though I wonder also how they'd be doing withdrawals for the EU now that they're clamped down on old routes.

Chato1977

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Quote from: TimeTeller on August 20, 2021, 06:08:42 PM

Not all users but new users will be subjected to KYC verification.
Updates to Binance Services - https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

But old users can still use the platform but with reduced daily withdrawal limit to 0.06btc (for basic verification).

Updates to Daily Withdrawal Limits - https://www.binance.com/en/support/announcement/9df8225c061b455da5c7cc293cd08a70

So for old traders, they can still use binance but with reduced limits.
If you are just a small timer, this is still good because not many traders can max out their daily limit.

Damn i thought the title says it all , but now that you clarified at least i can breath again.

i am a small trader and i only trade with little amount from time to time so i think there will never an issue on my part as this 0.06 daily limit is cool for me.

i wont even withdraw 0.01 per transaction lol.

kryptqnick

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I'm surprised with this decision, to be honest, as it seems a little too much to me. I've processed deposits and withdrawals on Binance with no KYC before, and I have 1 Polkadot on Binance right now. What's interesting is that the mandatory KYC applies to new users, but withdrawals will be allowed without verification for them, if I understand correctly. And they still have a daily limit of 0.06 BTC (which is $3k now) of verification-free withdrawals. So for now, it sounds okay to me. But if I want to sell my one DOT for BTC, does it mean that now I'll need to go through KYC for something worth $30? I think it's a little ridiculous if that's the case, and I don't understand why they need to make KYC mandatory for all new users, regardless of the sums of money involved. Money is laundered in big chunks, so it's not justified to violate the privacy of those who trade small amounts.

famososMuertos

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That was already sounding and the theme was developing like a novel or the classic phrase "the winner is ...." and you don't finish saying the name.

This was announced loudly, whoever did not withdraw on Binance the money from him when he could, without passing the process, was delusional.

The traditional system continues to impose itself slowly and penetrates more to the idea (Bitcoin) of no KYC.

goinmerry

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Quote from: Bitcoin_Arena on August 20, 2021, 08:17:07 PM

Quote from: goinmerry on August 20, 2021, 07:55:35 PM

I don't see it as a problem. For average users, BTC0.06 daily limit is still high. Still better than those exchanges that are asking for KYC even for small withdrawals.

Have you read the announcement carefully, or you are just replying because you feel like you need to?

It's very clear that after a certain period, no one is going to be left out. Old or new users. If you want to continue trading on Binance. You have to first pass KYC verification just like Bitmex is doing right now.

Chillax.

Then just think of it later. Why being affected. Accept the fact that all centralized exchanges will soon implement KYC especially on the top crypto exchange today which is Binance. Do you really think Binance will not force a mandatory KYC soon? It's been years since they give that no KYC opportunity to non-basic accounts. It's even good that they still implement first the BTC0.06 for non-verified accounts rather than completely removing their perks as non-verified. If you are using Binance regularly then why do overreact for that privacy leak or something. I also said I'm already KYC verified there because of P2P.

Quote from: Bitcoin_Arena on August 20, 2021, 08:17:07 PM

I am being a realist here. It's up to you if you trust them 100%. That doesn't stop me from point out their flaws and saying the truth.

And just to be clear I also said that just ignore it if you are not using the platform. Why overreact to something that you are not using in the first place. Don't be a representative to those who are not using it. You don't understand the advantages of using the platform. Just to be clear, I'm not defending or promoting Binance here. JI just like their service compare using our local crypto exchange.

I am also not here to change your views. Who am I to do that. So be it if that's your stand. I truly respect it.

harizen

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As a long-time Binance verified user, I don't see that as a big deal to me because I always used the exchange (obviously). My bank account was also linked there for faster payout and small fees. Privacy concern? Nah I already complied with lots of KYC on big platforms so be it if that will violate my privacy policy. I'm kind of used to it.

Quote from: ethereumhunter on August 21, 2021, 02:25:43 AM

But we have an option to use the other exchanges which do not require KYC.

Like what centralized exchanges are these that can withdraw without KYC? Binance so far, at least in my own knowledge, still has the best limits for basic accounts. It will take time before a mandatory KYC will be implemented there, I guess.

Quote from: ethereumhunter on August 21, 2021, 02:25:43 AM

But maybe we will see some exchanges that do not have strict rules like Binance so we do not have to worry about KYC.

Yes, I agree with you there but I doubt they have the same trust and reputation closer to Binance. In other words, risky to try those exchanges.

pooya87

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Quote from: Slow death on August 20, 2021, 06:00:02 PM

those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone,

To be fair these days were gone for a very long time. I think last time we could trade without KYC was some time back in 2016.

Quote

now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document.

It makes sense for fully regulated and non-shady exchanges to need KYC specially if they want to work with fiat but an exchange that doesn't even have a clear headquarters, is shady and doesn't work in any legal jurisdictions asking for KYC documents is just a big red flag.
At the very least Binance didn't scam its users like Bittrex did. I think the days of Binance is also over like its predecessors that did the same thing. We should soon see another shitty altcoin exchange like Binance replace Binance and be the #1 for a couple of years before it too is replaced.

DapanasFruit

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Binance #Smart World Global Token

Well, this is the big reason why we have DEX but still I am not really sure how long can this thing can go without the required KYC which the government can be imposing to crypto exchanges operating in countries like USA. Of course, we know that the biggest reason for this regulatory move is to make sure that everyone is paying their taxes up to the last cents. Binance has no choice to bow down to regulatory pressures otherwise it is the very business it has that will be affected. Either you do the KYC or what you can do with your account can be limited to some aspects.

Topic: All Binance users are now subject to immediate KYC verification (Read 319 times)