Topic: Binance exchange KYC update (Read 271 times)

If you wish to continue using the Binance exchange, you must complete your KYC before the specified date. If you have purchased coins for trading purposes, keep them in your personal wallet for now, as a crackdown on the binance exchange may be imminent and no one knows how it will turn out. Otherwise, you will find out for yourself about your further actions regarding verification on the stock exchange.

Your registration of an account with Binance will be deemed your agreement to provide required personal information for identity verification. Such information will be used to verify Users’ identity, identify traces of money laundering, terrorist financing, fraud and other financial crimes through Binance, or for other lawful purposes stated by Binance. We will collect, use and share such information in accordance with our Privacy Policy. In addition to providing such information, you agree to allow us to keep a record of that information during the period for which your account is active and within five (5) years after your account is closed, in compliance with global industry standards on data storage. You also authorize us to conduct necessary investigations directly or through a third party to verify your identity or protect you and/or us from financial crimes, such as fraud. The information we require to verify your identity may include, but is not limited to, your name, email address, contact information, phone number, username, government-issued ID, date of birth, and other information collected during account registration. When providing the required information, you confirm it is true and accurate.AFTER REGISTRATION, YOU MUST ENSURE THAT THE INFORMATION IS TRUE, COMPLETE, AND TIMELY UPDATED WHEN CHANGED. IF THERE ARE ANY GROUNDS FOR BELIEVING THAT ANY OF THE INFORMATION YOU PROVIDED IS INCORRECT, FALSE, OUTDATED OR INCOMPLETE, BINANCE RESERVES THE RIGHT TO SEND YOU A NOTICE TO DEMAND CORRECTION, DIRECTLY DELETE THE RELEVANT INFORMATION, AND, AS THE CASE MAY BE, TERMINATE ALL OR PART OF BINANCE SERVICES WE PROVIDE FOR YOU. IF WE ARE UNABLE TO REACH YOU WITH THE CONTACT INFORMATION YOU PROVIDED, YOU SHALL BE FULLY LIABLE FOR ANY LOSS OR EXPENSE CAUSED TO BINANCE DURING YOUR USE OF BINANCE SERVICES. YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE THE OBLIGATION TO UPDATE ALL THE INFORMATION IF THERE IS ANY CHANGE.BY REGISTERING AN ACCOUNT, YOU HEREBY AUTHORIZE BINANCE TO CONDUCT INVESTIGATIONS THAT BINANCE CONSIDERS NECESSARY, EITHER DIRECTLY OR THROUGH A THIRD PARTY, TO VERIFY YOUR IDENTITY OR PROTECT YOU, OTHER USERS AND/OR BINANCE FROM FRAUD OR OTHER FINANCIAL CRIMES, AND TO TAKE NECESSARY ACTIONS BASED ON THE RESULTS OF SUCH INVESTIGATIONS. YOU ALSO ACKNOWLEDGE AND AGREE THAT YOUR PERSONAL INFORMATION MAY BE DISCLOSED TO CREDIT BUREAUS AND AGENCIES FOR FRAUD PREVENTION OR FINANCIAL CRIME PREVENTION, WHICH MAY RESPOND TO OUR INVESTIGATIONS IN FULL.

Source https://www.binance.com/en/terms

It appears that the stricter exchanges have become, they have caused a new marketplace for fake identity to open hehe. This marketplace should be very useful for the citizens of China who do not want to stop trading using the centralized exchanges of the cryptospace.



For law-abiding cryptocurrency users, getting verified to trade on an exchange is a painstaking process. They must give out a wealth of personal data, including their home addresses, scans of government-issued ID, and photo or video selfies.

For criminals, it’s easier. They can pay as little as $150 on the black market for a ready-to-use, verified account in someone else’s name at Coinbase Pro, Binance US, Kraken or numerous other exchanges, a CoinDesk investigation found.

To be clear: “verified” in this context does not mean legitimate. Underground vendors create these accounts with other people’s identities or under made-up names, tricking the exchanges into verifying them as valid users. They then advertise these verified accounts for sale on internet forums and on Telegram.

Source https://www.coindesk.com/policy/2021/10/19/for-200-you-can-trade-crypto-with-a-fake-id/

That is the direction we are going, governments are never going to let go of the fact that they cannot control this market and they will use every single point of failure against us, and in this case it is the easiest thing in the world for them to attack centralized exchanges, but just as it is the case of bitcoin now this can be decentralized and once the technology is perfected and the majority of businesses accept bitcoin payments directly then bitcoin will become unstoppable.

I wasn't talking about Binance P2P obviously, but the less centralized versions of P2P trading, and mainly non-custodial. So not even talking about Localbitcoins (which won't let you but a lot without KYC) but Bisq or Localcryptos. I don't know much about Localcryptos these days but Bisq has and never will ask for KYC or custodial wallets because of the way they are built.

Unfortunately, whether you are into classic trading or spot trading or P2P in Binance, you are still required to pass KYC verification. Of course, there are other P2P platforms out there that does not require their users to undergo KYC, but the largest volumes always belong to the likes of Binance, LocalBitcoins, Paxful, and others which ask for KYC as a matter of requirement.

Sign of the times, my friends.

It's not completely gone though. I mean, yeah, most of us will probably just go down the KYC route. It's not like we haven't given away our identity to other centralized services over the years to get something done.

But remember, P2P is still strong and still available. Learn to use them!

Binance started giving pop up alerts on mobile version app every time I opened it to complete KYC immediately. Luckily I have completed the withdrawal of my binance assets to another place.

The purpose of the KYC requirement is to keep the exchange operating in the aimed countries. If KYC can really prevent crime in this space and they care, then centralized exchanges will require their users from the start without waiting for regulations to prosecute them.

Same here, I also did KYC at Binance exchange. It's providing me some privilege also. But most people maybe don't like to do KYC. They want to stay anonymous in the crypto industries. But sooner or later I think all the people need to do KYC for centralized exchange. Almost all of the Centralized exchanges nowadays asking for KYC and sooner it will be mendatory.

I know that according to new rules there are 3 levels of KYC and two of them are compulsory. The aim of KYC is to prevent crimes that are committed with the use of crypto currencies. One of the advantages that you get when you complete the whole procedure of KYC is that you get lower commissions and bigger limits of withdrawing money.

Yep, everyone does as it shows at the top of the page for the announcement too.

Yes, those who wishes to continue trading in Binance, they have no choice but to submit their IDs and get verified. They've became stricter this time but before, they're advocacy of non-kyc with a limit.

After you switch to trading on decentralized exchanges, you will face high commissions on the Ethereum network and realize that this is not the best choice for trading. Of course, in addition to the Ethereum network, there are many other networks that have low commissions, but there is not such a large selection of coins as we see on the Binance and the Ethereum network. In addition, there are many exchanges where verification is not yet mandatory.

Yes finally Binance is asking us to compulsorily verify to continue trading and i reluctantly had to verify them because they asked me to withdraw the coins if i am not willing to verify my account and since i am trading with them for a long time and with the amount of liquidity they have.

The good part is that they verified my account within minutes after filling up the form and submitting my passport, but the sad part is they wanted my selfie which i am not a big fan.

yup you should pass the intermediate verification so that you can enjoy the full features of the exchange, if not then your account will become withdrawal only, actually they already mentioned all the stuff that will work only after the said date of passing kyc, so no need to explain. Lol  and fyi mate there's a bunch of binance user making complaint about that new update, so it means it's happening already.. If I'm not mistaken they start September 19.?

I think everyone who uses binance knows this. Because Binance has sent emails to all users. Those whose accounts are unverified can only withdraw their asset. In order to trade in Binance, at least the account must be intermediate verified.

I just got a mail from binance warning me to completey KYC verification before 4th of October which is tomorrow, only withdrawal will be available I believe, I think it's finally time to move to Dex exchange finally because I'm not ready to keep using cex with full KYC verification

Unfortunately yes, it seems that binance is trying to look to change their business model, they will still remain an exchange but instead of relying on the little guy and defend them and refuse to enforce KYC as they did for many years now those people will need to move to another exchange or begin to use decentralized ones as it is obvious that binance now wants to get a shot at attracting institutional investors to obtain most of its revenue.

After seeing this information I immediately took my coins from Binance and transferred them to another exchange. I have a voter ID, but Binance needs a driver's license due to the country I am in because KYC rules also differ from the laws of the countries they provide their services, so I will use Binance again from December because that is when I will get my driver's license and verify my account.

Everyone trusts the Binance Exchange the most to save small funds.  And for any crypto exchange, binance exchange is used more.  Safe withdrawal of funds and my personal opinion kyc must use exchange for Diposit is the most logical.  And at any time you do not have to lose the fund in the end by getting entangled in the fence of different rules from any direction, in that case it is most reasonable to use exchange by kyc.

The government is tightening screws on the cryptocurrency sector. Binance was one of the last mainstream CEx platforms to offer relaxed KYC norms and now even they have made it mandatory for all the users. Now the next target may be P2P exchanges. Some, like Localbitcoins have already made KYC mandatory. Others like Bisq have resisted so far. Anyway, once they implement KYC, then they will become more like CEx platforms. There is no point in claiming to be P2P, when they ask for all sort of documents.