Binance exchange KYC update - page 2.

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Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

Finally it looks like binance exchange is planning to compulsory KYC verification? ...

I think you don't need the Binance exchange because you use it too rarely. Otherwise, you would have noticed the announcement of the new trading rules on the stock exchange long ago and have already made a decision for yourself about your further actions regarding verification on the stock exchange. You still have time until October 15 to pass KYC or withdraw your funds from the Binance.

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Quote from: Twinkledoe on October 03, 2021, 05:49:16 AM

Quote from: Kusman on October 03, 2021, 05:44:29 AM

I made KYC for Binance exchange already when I started using it at first times. Because it was restricting some features for me to use. And I didn't see it as a problem to make KYC for the exchange. Because this is the most credible cryptocurrency exchange in the market considering its score. I trust it about that they won't use my private information for bad things. And seeing this news didn't make me surprised much. It looks like they want to be more serious in their job.

And I believe the OP is already late. Though I submitted my KYC when I started using their p2p services as it requires KYC verification. But binance has been sending emails also about this new KYC protocol on their site. So hopefully, those who don't want to submit will have enough time to withdraw their funds. They already allotted enough time. But I guess, some will be surprised after this deadline.

It's there responsibility to check there balance regularly since they are leaving there money on a centralized exchange without a KYC verification. Avoiding KYC means user don't to exposed identity to exchange he is very cautious so I believe only few of this guys leaves there money on exchange and also Binance do a proper transition on this matter. Binance needs to comply to AML policy to stay on this business so user don't have a choice to just follow on this new requirements if they still want to use CEX which is the easiest way to trade and convert into fiat which DEX doesn't offer.

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Quote from: Kusman on October 03, 2021, 05:44:29 AM

I made KYC for Binance exchange already when I started using it at first times. Because it was restricting some features for me to use. And I didn't see it as a problem to make KYC for the exchange. Because this is the most credible cryptocurrency exchange in the market considering its score. I trust it about that they won't use my private information for bad things. And seeing this news didn't make me surprised much. It looks like they want to be more serious in their job.

And I believe the OP is already late. Though I submitted my KYC when I started using their p2p services as it requires KYC verification. But binance has been sending emails also about this new KYC protocol on their site. So hopefully, those who don't want to submit will have enough time to withdraw their funds. They already allotted enough time. But I guess, some will be surprised after this deadline.

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I made KYC for Binance exchange already when I started using it at first times. Because it was restricting some features for me to use. And I didn't see it as a problem to make KYC for the exchange. Because this is the most credible cryptocurrency exchange in the market considering its score. I trust it about that they won't use my private information for bad things. And seeing this news didn't make me surprised much. It looks like they want to be more serious in their job.

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Quote from: Farma on October 03, 2021, 03:30:53 AM

is it true that accounts that are not KYC will be banned, or just can't make trades and withdrawals before completing the KYC process?

Indeed. They will just restrict you from using other services like trading.
I installed their application like a week ago and I compared it to my old account on a different smartphone, they are not the same. Only deposits can be done but I think they should also be stricter with that.
No deposits unless they do KYC first if there will also be no withdrawals afterward. It's just unfair if you can keep money in their service but cannot take it out.

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After this issue Binance issue and China's crackdown on cryptocurrency, the decentralized exchange platforms starting to rise.
For me, most of the centralized exchanges will follow what Binance did for KYC policy. This is the most disadvantage of using centralized, so user will force to undergo to KYC or leave then user other exchange.

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Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

Finally it looks like binance exchange is planning to compulsory KYC verification? Shocked

I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

Yes, Binance going to do it. Without KYC no user can able to use Binance exchange. So if anyone wants to trade on Binance he needs to submit a KYC document.
However, I think you missed this news. most people are aware of it. I am using Binance since the beginning of this exchange and submitted my KYC document a long time ago. everything is fine here.

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I think that there is nothing bad that they aim by making this obligatory for all investors in the exchange. The reason would be that the countries are making stricter regulations and Binance doesn't want to make an impression like they don't get things seriously. Exchanges will be like banks I guess. It will be very important for people to share their KYC information with the exchange.

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Binance decision is right in my opinion, although many people don't like it believe me people will miss a lot of binance events, such as louchpads held by dibinance which usually will get a big profit if you follow them, apart from that as one of the binance fans I have verified for a long time kyc and have no problem with it.

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Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

Finally it looks like binance exchange is planning to compulsory KYC verification? Shocked

I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

Binance had being slowly making kyc compulsory for customers who are using there exchange for cryptocurrency transactions. I'm not surprised if they'll decided to force there investors to do compulsory kyc verification. Things are now becoming confusing to me see this any other similar exchanges that do not ask for compulsory kyc are now making it mandatory for all. We gat no choice than to dance to there music.

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Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

Finally it looks like binance exchange is planning to compulsory KYC verification? Shocked

I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

If you are a trader on a centralized exchange, then be ready to go through the KYC procedure at any time. If you have several hundred dollars on the exchange, then you will not be asked for personal data, but if you transfer 10-20 thousand dollars to the exchange, then you will be asked for personal data.
Learn to trade on decentralized exchanges or use this service
https://kycnot.me/
But this will not give you even a 50% guarantee that you will not require the KYC procedure.

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Quote from: HardCore12V on October 03, 2021, 03:07:02 AM

How about my addiction for binance exchange? 😏 Damn that exchange is best over every others I've used since 2017 to be honest, I will definitely pass the KYC verification cos I can't imagine using any other exchanges over binance exchange, this is true definition of a accurate crypto exchange

If that is about your addiction to Binance, that will be up to you. But if you still want to use Binance, just prepare your identity and do the verification process so you will not have a problem while you trade on Binance.

You can still use the other exchange if you do not want to do KYC because we can use any exchange we want.

Many people who do not want to do KYC will move their funds from Binance to other exchange that does not require KYC because they do not want to send their identity to any party services. I wonder if Binance will still have a large number of members because of the KYC update.

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Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

is this the end for those who still trade and withdraw without KYC verification?

Yes, I believe many Binance users would rather comply to their KYC verification procedure, than to stop using the exchange outrightly, I know this decision is going to be somewhat difficult for users who want to uphold their privacy and make sure it is not exposed with a possibility of it ending up in the black market, but to be fair with Binance, they have to follow regulatory bodies instructions and we all know the government wants to try as much as possible to keep track of crypto users, and they can do that through centralized exchanges, at least to an extent. It is what it is, and if you're a Binance user, whether you want to comply with the compulsory KYC requirements or not, remember never to store your funds in an exchange wallet, that's were majority of the risk is.

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Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

Finally it looks like binance exchange is planning to compulsory KYC verification? Shocked

I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

I think they warned about this at least a month ago. All new accounts have to get verified before they can start trading, and all old accounts were given deadlines by which one should submit some ID to continue trading or the account gets restricted to 'withdraw only'. Mine's already restricted, but I'm okay with it because I don't store anything of significant value on Binance, but also because it's probably the most reputable exchange in the world, so if any exchange deserves trust, it's this one. Just try to find an email about your account with the data that is specific to it. Beware of scammers, though, as they often pretend to be Binance.

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Quote from: WalkerIVIV on October 03, 2021, 02:34:32 AM

Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

Finally it looks like binance exchange is planning to compulsory KYC verification?

Yes, it's already planned since last months as so many non verified KYC account must have withdrawn their crypto to their personal wallet otherwise their account will be banned and they will be loosing their account.

is it true that accounts that are not KYC will be banned, or just can't make trades and withdrawals before completing the KYC process?
however, binance is currently in the spotlight as the best exchange, so there are a lot of users, and I think the government will indeed target binance to immediately implement KYC regulations for each user. however, for those who don't want to verify KYC on binance, it may still be possible to try another exchange. well, regulation like this seems to be coming to CEX sooner or later.

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Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

Finally it looks like binance exchange is planning to compulsory KYC verification?

Not looks like, they actually did.

Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

You can only withdraw if you're not going to follow the KYC. That's the option that you can only do if your account isn't verified.

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Quote from: cryptoaddictchie on October 03, 2021, 03:01:20 AM

Quote from: Looper_U on October 03, 2021, 02:42:24 AM

Yes this is a confirmed news from binance, I'm sure you are aware about the accusations on binance exchange? They have no choice but to make KYC verification a must for every users, it's possible that some are using the exchange for illegal stuffs, the truth is the withdrawal limit for non verified users on binance is too high, the accusers have a point here

Specifically thats the point of their new policy. Yes KYC is harsh for the sake of their exhange, anyonr who wanted still to use their platform should follow and comply. If not, then feel free to use non KYC exchange. That is so freakin simple.

Quote from: QueenVera on October 03, 2021, 02:52:45 AM

If you have bought a coin for trading purpose, go store them on your personal wallet for the moment because a serious crackdown on binance exchange might be around the corner and no body knows how it will play out.

I did. I think the suggestion is good, if can shoulder on personal wallet then its better. But I lile binance futures so Im really storing funds there, for this approach. Well, anyone I guess like Binance too.

How about my addiction for binance exchange? 😏 Damn that exchange is best over every others I've used since 2017 to be honest, I will definitely pass the KYC verification cos I can't imagine using any other exchanges over binance exchange, this is true definition of a accurate crypto exchange

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Quote from: Looper_U on October 03, 2021, 02:42:24 AM

Yes this is a confirmed news from binance, I'm sure you are aware about the accusations on binance exchange? They have no choice but to make KYC verification a must for every users, it's possible that some are using the exchange for illegal stuffs, the truth is the withdrawal limit for non verified users on binance is too high, the accusers have a point here

Specifically thats the point of their new policy. Yes KYC is harsh for the sake of their exhange, anyonr who wanted still to use their platform should follow and comply. If not, then feel free to use non KYC exchange. That is so freakin simple.

Quote from: QueenVera on October 03, 2021, 02:52:45 AM

If you have bought a coin for trading purpose, go store them on your personal wallet for the moment because a serious crackdown on binance exchange might be around the corner and no body knows how it will play out.

I did. I think the suggestion is good, if can shoulder on personal wallet then its better. But I lile binance futures so Im really storing funds there, for this approach. Well, anyone I guess like Binance too.

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Quote from: Skinny48 on October 03, 2021, 02:17:08 AM

Finally it looks like binance exchange is planning to compulsory KYC verification? Shocked

I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

Binance exchange is getting attack by regulatory bodies (the government) and as such are required to make verification mandatory to all participants that what to use all the features of the exchange. If you want to continue using Binance exchange you have to complete your KYC before the date they stated although you can still withdraw your coins before then and I will advise all that is what everyone that do not want to submit their KYC to do.

For others too like verified members just withdraw your funds from the exchange because nobody knows what the outcome will be. If you have bought a coin for trading purpose, go store them on your personal wallet for the moment because a serious crackdown on binance exchange might be around the corner and no body knows how it will play out.

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Yes this is a confirmed news from binance, I'm sure you are aware about the accusations on binance exchange? They have no choice but to make KYC verification a must for every users, it's possible that some are using the exchange for illegal stuffs, the truth is the withdrawal limit for non verified users on binance is too high, the accusers have a point here

Topic: Binance exchange KYC update - page 2. (Read 315 times)