Basic level can only deposit and withdraw crypto and not able to even make use of p2p, not also able to deposit or withdraw using fiat, then why are people using it (although, aside trading crypto to crypto), there is nothing better than to use noncustododial wallet instead of the basic account because the account has nothing special that noncustodial wallet can not do (aside flexible trading from crypto to crypto), except that it is even an exchange account that users can not have full control. So, I will also advice people that are using basic account on binance to move their funds, there is no good reason to even use binance for basic level, because neither can basic accounts deposit fiat, also they can not make use of p2p, so people should not use exchanges for this purpose, they should completely use noncustodial wallet and learn about online safety and how to protect oneselves from bitcoin theft.
Topic: Binance decreased withdrawal limits for basic verified users. - page 2. (Read 320 times)
As much as I hate the decision, one can only respect the way they did it, because and unlike some other exchanges out there, they notified the users before applying the changes, and also gave them enough time to withdraw their funds.
That was expected...
Binance is growing faster and faster every day, and they are facing a lot of problems with regulations all over the world (UK, Ontario...)
The 2 BTC limit withdrawal for non verified accounts in a reliable exchange was like living in a dream. That was amazing while it lasted...
As the competitors, AFAIK there isn't a good exchange with such high limits for withdrawal, so I don't see they losing marketshare due to the new changes.
They're talking about the security of their users in relation to this which quietly I don't understand.
Anyway, they're probably pressured to be regulated as financial inst on other countries or maybe in every country they operated.
To support the ongoing security of all Binance users, new withdrawal limits will be established for those who have completed only Basic Account Verification. [...]
Anyway, they're probably pressured to be regulated as financial inst on other countries or maybe in every country they operated.
Is there a particular reason why they decided to do this? It wasn't mentioned in their notice. I can only assume it's because of the regulators but why choose 0.06 BTC?
Maybe because of btc to usd value, though it could be much sense when bitcoin rose $60k.- July 2017 BTC price was around $2K so the 2BTC previous threshold would be $4k
- April 2021 BTC ATH was around $64K so that's $3.8K
As much as I hate the decision, one can only respect the way they did it, because and unlike some other exchanges out there, they notified the users before applying the changes, and also gave them enough time to withdraw their funds.
Is there a particular reason why they decided to do this? It wasn't mentioned in their notice. I can only assume it's because of the regulators but why choose 0.06 BTC?
Maybe because of btc to usd value, though it could be much sense when bitcoin rose $60k. Also, a requirement from regulators is one of the reasons as well.
Is there a particular reason why they decided to do this? It wasn't mentioned in their notice. I can only assume it's because of the regulators but why choose 0.06 BTC?
...I post it here because most newbies likely do not visit the Exchange section.
Maybe the newbies in here have completed their identity verification already hehe. It's the oldies who should probably see this.
As the title says, Binance decreased withdrawal limits for basic verified users.
Here are the article: Updates to Daily Withdrawal Limits
Those users who have big funds in basic verified accounts should withdraw their funds before 2021-08-04 00:00 AM (UTC). Because after that withdrawal limits will be 0.06BTC.
I post it here because most newbies likely do not visit the Exchange section.
Here are the article: Updates to Daily Withdrawal Limits
Those users who have big funds in basic verified accounts should withdraw their funds before 2021-08-04 00:00 AM (UTC). Because after that withdrawal limits will be 0.06BTC.
I post it here because most newbies likely do not visit the Exchange section.
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