Binance introduces KYC for all users

Flep182

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Quote from: Potato Chips on August 23, 2021, 03:49:42 PM

Quote from: UmerIdrees on August 23, 2021, 12:56:21 PM

Nothing new or special for the regular binance users. If you are using binance for a long time, you must have participated in IEO's and P2P dealing. For all this , we need to have KYC and most of the people accounts may already have been KYC approved. I don't think it will create much panic expect for the few who will never want KYC ever.

Binance's attemps to avoid strict regulation says it's not only a few, like moving from one country to another, branching out strict places like US and most recently, trying the .06BTC band-aid solution.

In my opinion, it's not just avoiding stricter regulation on Binance. They are connected with the "real world" of finance and they are regulated.
So in this case the regulations for banks regarding KYC and AML seep into Binance. We've seen this with UK banks blocking payments to Binance, but as long as they're not "trusted" enough for banks, it'll keep happening until they have accepted a similar level.
As long as you will be able to transfer fiat to Binance, they'll be communicating vessels with the banks, also on KYC requirements.

OmegaStarScream

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Quote from: condoras on August 27, 2021, 09:53:08 AM

Today I receive an e-mail from Binance informing me that I have to pass "Intermediate Verification", in order to have complete access to all the Binance services.
If I did it in the next 2 weeks, they will credit me a $5 voucher that can be used for paying their trading fees.
So I'm guessing that time has come, at least for my region/ country...

I've already seen that on Twitter. That's just a way to encourage people to give away their identity and verify their accounts, the restrictions are not going to apply until October as already mentioned.

Quote from: mindrust on August 23, 2021, 02:33:41 PM

Most of these exchanges are either scammers or plain suck. All but Kucoin.

I've been using Kucoin but binance going down like this made me nervous because every other guy that don't want to do KYC will come to Kucoin now and sooner or later Kucoin will have to make KYC mandatory like Binance.

Kucoin might be legit but they can be very strict sometimes. I was asked not a long time ago to verify my identity when I forgot my trading password even though I had access to both my email and 2FA code... They didn't lock my account after I made it clear that I don't want to submit my documents but still, I don't think that's the best way to deal with someone forgetting their password.

condoras

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This is what I do. I drink and I know things.

Today I receive an e-mail from Binance informing me that I have to pass "Intermediate Verification", in order to have complete access to all the Binance services.
If I did it in the next 2 weeks, they will credit me a $5 voucher that can be used for paying their trading fees.
So I'm guessing that time has come, at least for my region/ country...

P.S: It seems that if someone doesn't get fully verified/ "comply", restrictions will be very tight...

Potato Chips

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Quote from: UmerIdrees on August 23, 2021, 12:56:21 PM

Nothing new or special for the regular binance users. If you are using binance for a long time, you must have participated in IEO's and P2P dealing. For all this , we need to have KYC and most of the people accounts may already have been KYC approved. I don't think it will create much panic expect for the few who will never want KYC ever.

Binance's attemps to avoid strict regulation says it's not only a few, like moving from one country to another, branching out strict places like US and most recently, trying the .06BTC band-aid solution.

In addition, I don't think IEO which hype only lasted for a short period of time and is now in a vegetative state hold such power.

P2P's 24H ATH trading volume as of January 2021 was only 54M USD and spot's has like billions (assuming reported numbers are close to accurate at least)

Quote from: https://www.binance.com/en/blog/421499824684901543/All-You-Need-To-Know-About-Binance-P2P-Bitcoin--Crypto-Exchange

Last year, Binance P2P processed $7 billion worth of transactions made through 3.8 million orders, with daily volumes reaching as high as $54 million.

mindrust

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Quote from: Symmetrick on August 23, 2021, 07:00:06 AM

- Huobi Global
- KuCoin
- Poloniex
- OKEx
- Bybit

Most of these exchanges are either scammers or plain suck. All but Kucoin.

I've been using Kucoin but binance going down like this made me nervous because every other guy that don't want to do KYC will come to Kucoin now and sooner or later Kucoin will have to make KYC mandatory like Binance.

UmerIdrees

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Quote from: Symmetrick on August 20, 2021, 03:22:11 AM

Well, as expected, Binance is introducing KYC for all users.

Nothing new or special for the regular binance users. If you are using binance for a long time, you must have participated in IEO's and P2P dealing. For all this , we need to have KYC and most of the people accounts may already have been KYC approved. I don't think it will create much panic expect for the few who will never want KYC ever.

examplens

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Quote from: Symmetrick on August 23, 2021, 07:00:06 AM

Does anyone else doubt that they can also replay with cancellation dates and no KYC withdrawals until the end of October?

it is not the end of October, but it's 19.October. 10+ days less.
Also, if I understand correctly, everyone can withdraw money from there, even without KYC. but unverified accounts are limited to withdrawals and closing trading positions only.

Quote

Existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption. This will be carried out in phases to minimise user-experience disruption, from now through 2021-10-19 00:00 AM (UTC). Existing users will be informed directly with more details. Once users complete the Intermediate Verification, they will be able to resume full access to Binance products and services.

https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

Symmetrick

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Quote from: cafucafucafu on August 23, 2021, 06:52:22 AM

This was obviously an inevitability that any sane person would have seen coming from a mile away. Although the search for alternatives would be interesting - all dominant players in the marketplace right now are regulated and require KYC, and those who don't are simply way too shady.

From more or less well-known exchanges, with large trading volumes, the following exchanges emerge, where you can trade without KYC with a certain limit for withdrawing money:

- Huobi Global
- KuCoin
- Poloniex
- OKEx
- Bybit

It looks like Binance decided to cancel their original idea of reducing the limits and just leave everything as it is until the full introduction of KYC, although some of the limits were still reduced. Today is the deadline they announced in the announcement. The reduction in limits was supposed to affect all users.

Does anyone else doubt that they can also replay with cancellation dates and no KYC withdrawals until the end of October?

cafucafucafu

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Lmao, surprise surprise.

Looks like the golden days of Binance are now over and people are simply going to move over to a better exchange that doesn't force them to take KYC now. CZ's probably going to try to minimise damage by stepping down too.

This was obviously an inevitability that any sane person would have seen coming from a mile away. Although the search for alternatives would be interesting - all dominant players in the marketplace right now are regulated and require KYC, and those who don't are simply way too shady.

ABCbits

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Quote from: OmegaStarScream on August 22, 2021, 08:25:43 AM

What happened to the 0.06 BTC limit exactly, is it canceled since KYC will become mandatory on October? They were supposed to apply it to my account on the 17th of the month but I can still withdraw up to 2 BTC per day.

IMO it's likely they plan to force KYC to all users since the announcement of reducing the limit 0.06BTC. They think it's easier to manage their reputation by announce 2 bad news with some interval compared with announce 1 horrible news (no KYC with 2BTC limit to mandatory KYC).

dkbit98

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Quote from: OmegaStarScream on August 22, 2021, 08:25:43 AM

What happened to the 0.06 BTC limit exactly, is it canceled since KYC will become mandatory on October? They were supposed to apply it to my account on the 17th of the month but I can still withdraw up to 2 BTC per day.

Sneaky behavior from Binance and it looks like they performed some acting performance or stunt for general public and twitter.
Most of the people I know still have same old withdrawal limits and they are clearly not following their own rules that are changing all the time.
I still didn't receive any mail about this changes, and we are way passed UTC time 2021-08-23 00:00 AM and once again they showed that people shouldn't trust them.

OmegaStarScream

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Quote from: Symmetrick on August 22, 2021, 08:31:47 AM

Quote

Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification. This change is effective immediately for new account registrations and will be made effective for existing users in phases starting from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).

I also have a withdrawal limit of 2 BTC.

I'm well aware of that date, however, I have received an email on the 14th of the month saying that the restrictions will apply automatically on the 17th but nothing has happened so I doubt they would do it tomorrow.

Symmetrick

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Quote from: OmegaStarScream on August 22, 2021, 08:25:43 AM

What happened to the 0.06 BTC limit exactly, is it canceled since KYC will become mandatory on October? They were supposed to apply it to my account on the 17th of the month but I can still withdraw up to 2 BTC per day.

It is still too early to say that they may have canceled their established limits, as they announced earlier that for existing users the limits will be introduced in stages, up to 23 August:

Quote

Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification. This change is effective immediately for new account registrations and will be made effective for existing users in phases starting from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).

I also have a withdrawal limit of 2 BTC.

OmegaStarScream

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What happened to the 0.06 BTC limit exactly, is it canceled since KYC will become mandatory on October? They were supposed to apply it to my account on the 17th of the month but I can still withdraw up to 2 BTC per day.

mindrust

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Quote from: Darker45 on August 21, 2021, 09:19:20 PM

Quote from: mindrust on August 21, 2021, 01:24:03 AM

Quote from: Darker45 on August 20, 2021, 09:03:33 PM

Wow! Things escalated rather quickly. From 2 BTC daily limit for unverified users down to just 3% of it at 0.06 BTC all of a sudden, with others even complaining that theirs is 0.05 BTC. From basic verification to intermediate verification compulsory for every single user. It seems Binance is not just complying with government regulations; they are going the extra mile for them.

What other choice they got?

I am not sure which government requires them to decrease the daily withdrawal limit from as high as 2BTC to just a mere 0.06BTC. In my mind, this is just Binance trying to please the powerful regulators in order to keep their business operations in whichever jurisdiction afloat.

I fully agree that there should be a symbiotic relationship between governments and private enterprises. I guess that's the healthy way of doing business. However, there's a lot of conflict and probably unwanted compromises, too, when it comes to certain aspects such as, in this case, privacy.

My point is:

Could they say "no" to the governments if they were the ones that asked binance to lower their withdrawal limits? No. Impossible.

The government can and ask whatever they want from them. If the company don't like the government, they can switch countries.

However, what happens if no government like binance? Then they'll become a company without a partner which means they cannot survive.

Darker45

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Quote from: mindrust on August 21, 2021, 01:24:03 AM

Quote from: Darker45 on August 20, 2021, 09:03:33 PM

Wow! Things escalated rather quickly. From 2 BTC daily limit for unverified users down to just 3% of it at 0.06 BTC all of a sudden, with others even complaining that theirs is 0.05 BTC. From basic verification to intermediate verification compulsory for every single user. It seems Binance is not just complying with government regulations; they are going the extra mile for them.

What other choice they got?

I am not sure which government requires them to decrease the daily withdrawal limit from as high as 2BTC to just a mere 0.06BTC. In my mind, this is just Binance trying to please the powerful regulators in order to keep their business operations in whichever jurisdiction afloat.

I fully agree that there should be a symbiotic relationship between governments and private enterprises. I guess that's the healthy way of doing business. However, there's a lot of conflict and probably unwanted compromises, too, when it comes to certain aspects such as, in this case, privacy.

mindrust

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Quote from: Darker45 on August 20, 2021, 09:03:33 PM

Wow! Things escalated rather quickly. From 2 BTC daily limit for unverified users down to just 3% of it at 0.06 BTC all of a sudden, with others even complaining that theirs is 0.05 BTC. From basic verification to intermediate verification compulsory for every single user. It seems Binance is not just complying with government regulations; they are going the extra mile for them.

What other choice they got?

What choice did Changelly have?

Companies don't have any other choice than complying with the government rules. Warren Buffett explains this very well.

He says there are 3 types of shareholders in Berkshire.

"Holders of the A shares , holders of the B shares and the AA shareholders.

AA shares are not public. They are owned by the government."

These AA shares are what every company in the world issues without knowing. The government is any company's biggest partner. They own 30 to 50% percent of your annual income.

Binance isn't an exception.

And the latest news I've read, Binance is kind of having a hard time finding a government partner which sounds like a good thing but it is not, because a company cannot survive without a government. It is a symbiotic relationship.

Darker45

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Wow! Things escalated rather quickly. From 2 BTC daily limit for unverified users down to just 3% of it at 0.06 BTC all of a sudden, with others even complaining that theirs is 0.05 BTC. From basic verification to intermediate verification compulsory for every single user. It seems Binance is not just complying with government regulations; they are going the extra mile for them.

Quote from: AdolfinWolf on August 20, 2021, 06:04:14 AM

What about their whole P2P saga (https://p2p.binance.com/en)

There's probably not much difference as far as Binance P2P is concerned. In the first place, KYC was already mandatory even before for every Binance user to get access to their P2P platform.

pugman

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dogs are cute.

I like how so many people are surprised like "Oh my god how could binance do this 1!1!1!1!!1111"

Well, didn't we see this happen in 2017-2018 when the best exchanges at the time(bittrex and Poloniex) made KYC compulsory and then became the most shittiest exchanges? Back then, Binance took the opportunity and exploded in popularity. Question is, will there be a binance v2(say FTX for example) take over the spotlight from binance.

Binance is still a very good exchange at what all services they offer and many people are actually now willing to give in their KYC because of it in contrast to before where the fight for anti-kyc was still dominant enough. I want to see a new exchange boom up to the top, and if they are trying to be compliant at least do it properly. Stop pulling an OnlyFans^[1] in the crypto scene.

^[1] Reference: Onlyfans allowed users on their platform to post sexually explicit content and thats only reason they blew up and when they wanted to become more legit they banned sexually explicit content to attract banks and centralized corporateshits. Fun fact: This ban happened 2 days ago.

stompix

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Quote from: AdolfinWolf on August 20, 2021, 06:04:14 AM

What about their whole P2P saga (https://p2p.binance.com/en)
Site is blocked for me but I remember that this was supposed to become a thing undistinguishable from the "normal" binance, no? And not like current P2P exchanges where you have to manually take, but rather functioning like their normal trading engine, no?

Probably it will slowly die a forgotten death, they are taking actions on every currency, removing pairs, removing funding options, then shut it down completely for everyone. The authorities have started to get pissed at CZ's excuse for being global, not needing licenses all that bs, he will have to comply, and the way Binance is accepting every kick in the ass and thanking authorities makes me think he has received some serious warnings.

Quote from: mindrust on August 20, 2021, 06:13:55 AM

And we thought crypto was going to kill the banks.

Yeah right. With 300k transactions, a day which half of them are probably the results of people wiring money or paying with CC cards for their bitcoin purchases the killing was more of a story of banks making millions in fees from all that fiat moving around. But probably the ones laughing the most are Visa and Mastercard when looking at the fees they get from crypto cards..

As for the main story, who didn't see this coming? Well, maybe not this fast but it was clear it will happen. And the rest will take notice, so if you think of moving your coins to an exchange that currently doesn't require KYC, do it with small amounts...I have a feeling every exchange had an urgent meeting after the news broke out, grabbing some extra popcorn for the weekend and Monday morning!!!

Topic: Binance introduces KYC for all users (Read 328 times)