Topic: All Binance users are now subject to immediate KYC verification - page 2. (Read 325 times)
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August 21, 2021, 02:25:43 AM
We can not do anything instead follow what Binance wants. But we have an option to use the other exchanges which do not require KYC. But the members can still withdraw their funds with limitations and that was 0.06 btc, that still big money with the bitcoin price now. As long as we do not have a problem using Binance, we can continue trading on that exchanges. But maybe we will see some exchanges that do not have strict rules like Binance so we do not have to worry about KYC.
August 21, 2021, 02:22:44 AM
I was expecting to see Binance doing such a thing. Since many governments are attacking the cryptocurrencies and bitcoin because of the money laundry stuff and fraudulent, all the exchanges such as Binance and the other exchanges are forced to obey some rules and do some steps for money laundry systems and obey the FATF stuff or they will be known as an illegal company and soon the government will raid their companies and put them and their funds in danger, so Binance had to do such thing and I expect more exchanges forcing users for KYC soon. Here the decentralized exchanges such as Unisawp will be more useful.
August 21, 2021, 01:23:37 AM
So this is really happening now? According to my prediction, all services that have government intervention will slowly become a centralized system.
For now, only a handful of law-friendly countries allow users to spend their crypto directly, the rest still rely on centralized exchanges (where KYC is a mandatory requirement) as they need to exchange fiat instantly in order to spend their crypto. I don't think most of the binance users will really abandon it as far as the assumption that KYC requests are common for them.
For now, only a handful of law-friendly countries allow users to spend their crypto directly, the rest still rely on centralized exchanges (where KYC is a mandatory requirement) as they need to exchange fiat instantly in order to spend their crypto. I don't think most of the binance users will really abandon it as far as the assumption that KYC requests are common for them.
I share your thoughts on this. That Government has so much power to regulate and implement rules and laws in their favor. What they want to achieve is to ultimately identy and tax everyone, this is not democracy from my eyes. The
obvious agenda is to own and centralized everything as usual. We can't dip in their pot, they gave themselves the right to dip in ours.
August 20, 2021, 11:57:31 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
I am not trying to try a new account on binance entirely. 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
But if all this becomes forced, it is quite certain that the majority of the community will leave CEX, it is no longer a strong front, Binance begins to be completely controlled after the related incidents to their legislation. We need DeX/Defi to be perfected quickly.
August 20, 2021, 11:45:14 PM
I was expecting this for quite some time. Binance was the only major exchange that held out for so long, and now they have also fallen in line. And I urge the cryptocurrency users not to have a false sense of security. This is not going to be the end of it. Next, the government will try to destroy the DEX and P2P platforms. And after that, they are going to take on the online wallets. Imagine going through facial recognition to set up a cryptocurrency wallet. The ultimate target is to identify all the cryptocurrency users, before imposing a blanket ban on Bitcoin and other cryptos.
August 20, 2021, 10:18:25 PM
So this is really happening now? According to my prediction, all services that have government intervention will slowly become a centralized system.
For now, only a handful of law-friendly countries allow users to spend their crypto directly, the rest still rely on centralized exchanges (where KYC is a mandatory requirement) as they need to exchange fiat instantly in order to spend their crypto. I don't think most of the binance users will really abandon it as far as the assumption that KYC requests are common for them.
For now, only a handful of law-friendly countries allow users to spend their crypto directly, the rest still rely on centralized exchanges (where KYC is a mandatory requirement) as they need to exchange fiat instantly in order to spend their crypto. I don't think most of the binance users will really abandon it as far as the assumption that KYC requests are common for them.
August 20, 2021, 08:17:07 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.
Are you willing to bet on binance keeping your data safe after an ugly past? I certainly wouldn't even have any hope.
Overreacting for me. 100% I will trust Binance for that since I always used them especially the P2P part. If you don't use Binance regularly, then just ignore the KYC, simple as that. And besides in general, our identity is not always private.
August 20, 2021, 08:13:39 PM
i know this gonna be happen sooner or later, because in the past bittrex.com is one biggest exchange do the same to all his member need to do kyc because security reason or i would say government reason 
August 20, 2021, 08:13:29 PM
Exchanges selling information I am not worried about. Regulated financial business such as banks, trading institutions, etc are not allowed to do that in most of the countries they operate in. Hacks into their databases - yes that IS a concern same as say the recent T-Mobile hack in the US where pretty much ALL of the 'secure' customer data for over 40 million of their customers was gotten by hackers. Just google T-mobile hack.
Casinos and such, ja a good chance some data will be sold 'for Marketing' purposes...
Casinos and such, ja a good chance some data will be sold 'for Marketing' purposes...
August 20, 2021, 07:59:50 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 is the consequences of being popular, you will be seen by everyone especially those bureaucrat bastards... i know this time will coming.. and i hate it.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
any option than binance now? i guess no.
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.
All users who are dealing with large money in Binance have surely verified already.
Overreacting for me. 100% I will trust Binance for that since I always used them especially the P2P part. If you don't use Binance regularly, then just ignore the KYC, simple as that. And besides in general, our identity is not always private.
All users who are dealing with large money in Binance have surely verified already.
Are you willing to bet on binance keeping your data safe after an ugly past? I certainly wouldn't even have any hope.
Overreacting for me. 100% I will trust Binance for that since I always used them especially the P2P part. If you don't use Binance regularly, then just ignore the KYC, simple as that. And besides in general, our identity is not always private.
August 20, 2021, 07:52:13 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
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
For now, it's not a really big issue because old customers can still use the full service of Binance (with a limited withdrawal of course), though the question is, how long will this last? There's no doubt that Binance will eventually require even old users to pass their KYC due to government requiring legal documents and some compliance.
August 20, 2021, 07:45:01 PM
Is it not for new users only? My account can still withdraw bitcoins and other crypto from the platform, though I'm not exactly sure how much is the new limit imposed. I haven't received any email asking me to submit KYC documents in order to continue trading with Binance, and there isn't any account notifications on my end regarding the change being mandatory.
Perhaps I still need to submit something in order to continue trading. It's just weird that I haven't received anything on my end in this big of a change.
Perhaps I still need to submit something in order to continue trading. It's just weird that I haven't received anything on my end in this big of a change.
August 20, 2021, 07:37:23 PM
Hopefully, Binance will also concern about this and ensure their users about the security of the users' data.
Well, don't just hope. In fact, don't have any, because It turns out, one of the biggest exchange's customer KYC data was leaked about two years ago and Binance even confirmed it; Binance Confirms Hacker Obtained Its Users' KYC Data from 3rd-Party VendorLike the old saying goes, "No, system is perfect"
Are you willing to bet on binance keeping your data safe after an ugly past? I certainly wouldn't even have any hope.
August 20, 2021, 07:34:58 PM
Sooner or later, all exchanges that look bigger than else will have KYC. It already happened a long ago. Once Poloniex started bigger, they require KYC for their members and so do with Bittrex. And now, when Binance became bigger than other exchanges, it will require KYC to the members. For old members, they will need KYC sooner or later. That will be a matter of time, especially if they open their branch office in another country that does not allow crypto or the government allows crypto as trading or commodity.
It seems crypto takes attention to the government because they see crypto now become famous and someone can earn a million dollars quickly. That will be a huge tax for them if they can know who the members are. DEX will take part for the crypto members who do not like KYC and that will become bigger too and give convenience to the members.
It seems crypto takes attention to the government because they see crypto now become famous and someone can earn a million dollars quickly. That will be a huge tax for them if they can know who the members are. DEX will take part for the crypto members who do not like KYC and that will become bigger too and give convenience to the members.
August 20, 2021, 07:20:32 PM
Well yeah, it is not about like or not, but it seems a must and we have no choice if we still want to use Binance.
Actually, I personally have done that KYC in Binance in order to do some transactions there (especially P2P).
Doing KYC on some platforms will be always a risk. Because we don't really know the security system and also the safety of our data. There are so many negative issues about KYC.
Hopefully, Binance will also concern about this and ensure their users about the security of the users' data.
Actually, I personally have done that KYC in Binance in order to do some transactions there (especially P2P).
Doing KYC on some platforms will be always a risk. Because we don't really know the security system and also the safety of our data. There are so many negative issues about KYC.
Hopefully, Binance will also concern about this and ensure their users about the security of the users' data.
Not all users but new users will be subjected to KYC verification.
Updates to Binance Services - https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca
I think not. It is precisely if not do KYC for old members, they can only do:Updates to Binance Services - https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca
Quote
account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption.
This will really limit us to access Binance and use their products. August 20, 2021, 07:19:58 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.
I suggest you read the whole announcement again and internalize it. You must be mistaken into thinking old users will be left out in the new development. There's no exception. We all know the pressure that Binance has been facing lots of pressure from regulators of late, and it's about time they craved in or get sued and fined. Don't be naive 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.
my problem is that it doesn't make sense to do KYC on a site where we don't know where the physical office is and the anonymous owner
But you did KYC years ago regardless 
Binance isn't yet clear about their HQ. I tried reading about their HQ and almost got my head spinning
August 20, 2021, 07:17:41 PM
Regulated exchanges DO provide it. Case in point, here is the start of information about Coinbase From there you just have to follow the trails on who's-who, where their legal contacts are and DYOR from there.
I for one will never use a site ran by untraceable owners.
I for one will never use a site ran by untraceable owners.
August 20, 2021, 07:10:27 PM
Folks, don't forget that KYC works both ways. By being required to collect your information proving to them (and Government tax authorities) who you are, regulated companies - including the casinos - are required to provide ready access to you the User of their services the same access to their pertinent legally required business information.
I understand this, my problem is that how governments allow anonymous sites and with anonymous owners sin for their customers to do KYC? where part of this can be fair? customers should not be anonymous but sites are anonymous and site owners are anonymous, i can't understand that
August 20, 2021, 07:00:34 PM
Folks, don't forget that KYC works both ways. By being required to collect your information proving to them (and Government tax authorities) who you are, regulated companies - including the casinos - are required to provide ready access to you the User of their services the same access to their pertinent legally required business information.
Frankly, if they refuse to do that or even balk it - to me common sense screams 'don't do business with them!'
Frankly, if they refuse to do that or even balk it - to me common sense screams 'don't do business with them!'
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