Topic: Binance asking for KYC, again - page 3. (Read 765 times)

Yeah?
Are you sure you want to move your fiscal residence from Germany for example to some third country that out of the blue might decide all crypto should be taxed at 30% and decide to emit an international bank freezing order on your name for not paying up?

You realize that once you move everything that is fiance outside the EU while having dual citizenship every perk of you being a citizen is voided as you can't have them both, and this only to pass a KYC thing that might land you in a ton of troubles, triggering red flags from every FCA since suddenly after getting new citizenship you're funneling money to another country where you don't have a  job, not a business not nothing? The days of Pablo Escobar are gone, and it becomes harder and harder even for banks to hide their own dirty business, small fry have no chance.


Told ya and it's nothing new, it's just Binance catching up to regulation slowly.
I know this from the time I worked for 6 months in Denmark dispatched from my company, Betfair refused to accept any document from Denmark and refused to make the transfer to a Danish bank also despite solid proof I was receiving my salary from a multi-billion international company on that account, I had to upload a bill from a house I wasn't living in currently and wire money to my old bank.

It wont help if the country you are based will have its first crypto regulations or make a new one. Every exchange that is based on that country will have to follow it then have ask KYC docs to its users again. Or KYC for yearly update of every exchange.

User's age? I don't think so, but if we're talking about of the age of the KYC docs _{(the expiry)} say ID then a reverification is a must.

Now I truly believe that it's always better to have a dual citizenship, one of them should be Non-EEA from a poor country where there are less and less regulations on things like this.

Time for at least dual citizenships have come

There is a question that I have too. Is there any talk about the correlation of age and verification frequency?

That's a good reference for those EU users that will experience the same. Good sharing your experience here.

As far as my own experience, I never did experience yet a re-verification process in Binance even though I'm actively depositing and withdrawing my money there (thru P2P).

I have also noticed that those users who regularly used bank transactions or credit cards are those who always triggered the re-verification process as far as my colleagues are concerned.

Okay, here's the update I promised. I'm now successfully verified after trying twice. The first time, my proof of address from Revolut was rejected. Binance was asking for either a bank statement, a utility bill, or a few other options. I resubmitted the proof of address using a bank statement from a Greek bank, and my application was accepted.

My best guess is that under the EU's anti-laundering laws, my Revolut proof of address wasn't an acceptable option anymore, and Stompix was right to point this out.

Maybe, they are asking you to verify your identity again due to something else. The following article explains why some users from EEA countries have to do KYC again.
Why Do I Need to Re-verify My Binance Account (EEA Countries)

Probably they seek KYC process to be done once they make any change in their terms and the documents you provided become obsolete from that point which is just my assumption though.

Personally I have been using multiple exchanges and doesn't really remember when was the last time I have been asked for KYC verification but I am using the same devices for logging in which maybe the reason why there isn't any suspicious activities found in my login in these years.

Yes, as surprising as it may sound, I had no issues with Revolut's proof of address on Binance. Unfortunately, I don't see that option on the app anymore; it seems that they removed it for some reason, which is strange since Revolut is now a bank institution. I'm hoping that they'll accept Greek documents because, if I am not mistaken, banks here only generate those in Greek.

Apparently, I have to go through the entire process again from scratch. Not only do I have to upload my ID and any other requested document but also to hold my ID against the camera.

I'll see if I can request a proof of address document from one of my local banks and attempt to verify again tomorrow. I'll update you if it doesn't work out.

Did they accept proof of address from a company that is not based in your country of residence?
Sounds weird to me, bank statements are not accepted here anymore unless the bank that has issued your end of the month statement is from the same area as your address on the id. It might be slip-up from Binance or it's the usual, do the papers, not look too closely at them, and have an excuse that you did something.

But the twice a year verification might make a few guys nervous, if they start with the selfie thing it's going to turn into a pain in the ass for those using a fake identity from a foreign country. We had a topic about a casino requesting this,  now imagine you have to pay a guy twice a year to verify your account!


Speaking for the EU, it's not really an abuse, there are a few countries that still have laws for that, every hotel must keep a copy (12 months here) for all the foreign customers that have stayed overnight, some have banned the practice altogether, and some are allowing this only if you agree with it, this is a thing of national security and it regards foreigners so it's a country level decision that can't be enforced on EU levels.

I believe the mandatory proof of address would depend on where [in EEA] you reside, see:


But yeahhh it's just another possibility. You'd probably need the help from binance to pinpoint the exact reason for your case but I understand the reluctance to speak with their support lol.

That's what Binance is also mentioning. However, the majority of Redditors on the threads you mentioned claim they have never provided proof of address. That's what I understood, at least. I had provided that since day one of my registration, which is the main reason I found it odd. One suspicion is that they simply want to make sure it's valid. Who knows?

Unfortunately, I can't recall why they asked me to reverify the past time, which was about a year ago or so. Could it have something to do with my proof of address being from Revolut?

I take that you're from Greece op, if so, this could be because of the latest EU AML directive, see these recent posts about users being requested to reverify:

https://www.reddit.com/r/binance/comments/yheikl/complete_new_identity_verification_without/
https://www.reddit.com/r/binance/comments/yi4tw8/what_does_the_new_identify_verification_by/
https://www.reddit.com/r/binance/comments/yj5uve/is_providing_proof_of_address_now_mandatory_for_a/

I do wonder if your past attempts also mention "new identity verification process"?

No, I did not contact Binance, but even if I do, I believe that I'll get the usual scripted response from their support. Thus, I think it'd be a complete waste of time. The money deposited on Binance is a couple of thousands, not a huge amount, less than $5,000, without my Bitcoin, which is sitting in my Electrum wallet. I haven't understood how hardware wallets work, though. I want to actively use this money to stake on platforms such as Beefy. How exactly can I do that?

I'm sorry if my question sounds stupid, but I'm literally clueless.

My ID isn't that old, and your friend's ID probably didn't even have Latin characters on it, but it's definitely an issue. I can confirm what your friend has gone through. I got weird looks when I tried to check into my hotel in Poland, and N26 bank wouldn't accept my ID to open an account there. These laminated paper IDs were to be changed years ago, but we're way too corrupt here, and they never got replaced.

Binance certainly doesn't offer a great APY, I can achieve a greater one by staking on my own, but it was a choice made in desperation when UST crashed, and I didn't have the time nor the energy to bother again.
That's true, they want to make money and at the same time comply with the EU's regulations. While they can "guarantee" you that nothing awful is going to happen, you can never be 100% certain that it won't. As for Greece's IDs, it's a complicated story, filled with corruption and useless politicians.

Well, during  the former president period (who lost the election) the passport expiration date was increased to 10y.
The new one is going to his third presidential term , I don't think he plans to change things too much 

I already said that I understand changing your documents when you appearance changes a lot, but now with all biometric scanning crap they don't really need to have even that.
I have a friend who lives in one country with drivers license that is valid for life, that means no expiration date until you become very old and they need to check your eyes and other health for confirmation.
Paying money for prolonging drivers license is clear case of tax extortion.

This is good example of government abuse for money, nobody should change passports every 5 years unless they travel so much that there is no more space in documents for new stamps.
But hey, you just got new president in Brazil and I am ''sure'' things will change now, not sure it will be better for regular people
 

In Brazil issuing new docs, specially passports, is another form of taxes.
Passports were valid only for 5 y (a few years ago it was changed to 10 y)  and they are very expensive here.

Personally,  if it was cheap and fast I would say it is good to have a 10y expiration date. People may lose it, send copies to shade companies (like binance)  etc.

I have seen many hotels (even in europe) which simple want to copy my passport in the check in, a clear abuse. An expiration date will certainly add some security against those bad practices

Getting more money from people is certainly one of the reasons as you gotta get the money for all those government employees who will vote for your party, but another reason is that people's look change over the years, especially if you got ID at young age. Person I mentioned got his ID when he was 14 years old and looks very different now when he is 45 (in the meantime he got new ID, not because of PayPal but some other reasons). Good luck trying to cross the border (and we can travel all around the EU with just our ID) with the ID of a kid who looks nothing like you now.

Don't worry, your documents are ''safu'' until the next hack and exploit, when they will be offered for sale like it happed before.
I think Binance kyc system is semi-automatic and robots probably noticed some issue with documents you send the before, but I would seriously consider stop using any centralized exchange that is doing this.
There are more than enough ways you can exchange your coins without providing any verification, like Bisq or P2P trading in your local area.

They can't reimburse shit if your documents get leaked and end up in same internet dark corners.
Someone could buy them for cheap and use to register everywhere in your name, or even commit crime with your identity (it happened before).
Think about that next time you send your documents to any exchange.

I never understood why government issued documents in some countries would have short or any expiration dates, except in cases of damage or big change in person physical appearance.
Only reason they would do this is taking more money from people or if they are introducing new ''revolutionary'' system that can be hacked and abused easily  

I know a Greek guy who had issues with PayPal due ID (his ID was issued like 25 years ago and as you said it doesn't have expiry date and they couldn't comprehend that) so yeah it could be connected with that in your case as well.



But is the APY they offer (few % I guess) really worth it to keep your stablecoins there when you can easily get hardware wallet and store it there?


Sure, if its some smaller hack I have no doubts that they can easily cover that, but there are so many things that can go wrong with exchange that hack is the least of my worries. No exchange is too big to fail, and Binance is no exception of that, no matter how invincible it may seem to some.

If possible, I would like to know precisely the reason for Binance asking for KYC again. did you contact their support and ask them?
at some point, the document with which I validated my KYC expired, and they only asked me to upload a new valid document. nothing controversial, I could even use the complete service regardless.


I don't know the value of your asset, but it's probably time for you to think about a hardware wallet. (upcoming holidays always bring some discounts, maybe you can catch one of them). look at it as a long-term investment, because I'm assuming you don't plan to get out of cryptocurrencies anytime soon.