Topic: Binance introduces KYC for all users - page 2. (Read 328 times)

I understand it all. This is not the point. The point is that you should not rely on the terms that the exchange gives users to close positions and withdraw funds. They can shrink easily. Also, do not forget about the forced closure of positions by the Binance exchange. Was that already? Of course. I would boldly divide these terms into 2, or maybe more.

Also, do not forget the user agreement of the exchange:

Maybe, but I doubt it.  One class action lawsuit probably wouldn't cause a global company like Binance to drastically change its policies like this, even if they were getting pressure from one or more countries' regulators.  I have a feeling that this has been in the works for a while, and I'm not surprised that they've made these changes whatsoever.

The good thing is that they're allowing existing customers to make their own decision as to whether to comply with the KYC requirement and allowing them to withdraw their funds without having to go through the KYC process.  I don't remember the names of the other exchanges that didn't go about it this way, i.e., they locked up customer funds pending KYC verification, but I think there were a number of them.  So props to Binance for that at least.  

And I'm sure they're not doing this because they want to.  They're doing this because either they're being forced to, or they can see the writing on the wall as far as regulation goes and want to get ahead of things in order to stay in business.

Try to see it from their point of view.  They can either comply with regulators--who are all going to require KYC from businesses that deal with money--or they can operate outside the law and eventually go out of business altogether.  What would you have them do?

Believe me, I don't like KYC requirements any more than you do and I wouldn't use Binance even if I could (I'm in a restricted state).  But all centralized exchanges are moving toward becoming compliant with government regulations, whether we like it or not.

I wasn't expecting it to happen so quickly but it looks like it did, I'll check my account now to see the status of the new restrictions.
I checked my account and I withdrew the rest of the money, I had about 1% of my total in the past, I withdrew it and kept less than 1k.
Personally, I see that they will do more restricting the account to reach full identity verification.

Up to this point my old limits 0.05 BTC and all services still working fine.

It was announced about a month ago, and it was supposed to take place between the 04th of august and the 23rd (for existing users). Some users also got the limits lowered to 0.05 BTC instead of 0.06 BTC around April or May.

The emails started rolling out just 4 weeks ago. My unverified account had until yesterday (19 Aug) until its limit was decreased.

You still don't need to do KYC or open any centralized account to hold BTC or most crypto, all of that is unrelated. It was always an utopian idea to expect the centralized exchanges to be able to keep doing whatever they wanted without getting hunted by the regulators. The more crypto grows, the more rules will be enforced by the governments.

I'm going to guess what will happen next: They'll lower the limit for the intermediate verified users ^{[probably in a month or two]}, so they would be forced to go through the advance verification process!

Exactly:

• Quote from: stomachgrowls on August 20, 2021, 05:24:22 AM
  This is what would happen if government would really be that strict on any platforms or services out there.
  
  They could've avoided "some of it" if they didn't choose to "completely" ignore their warnings in the first place.

Same here. My account still has the "old" daily withdrawal limitation of 2BTC and no e-mail or notice for getting the full KYC procedure. It seems that they will integrate the changes country by country and not region by region. Seems though a bit odd to act like this...


They tried to avoid it but the margins are narrowing day by day for them and with this lawsuit against them, there is no other way but to follow and comply.

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If he wanted to dump his business, he would do it by now. Since he decided to keep it, then he must comply, and that is what he does.
Indeed for us there is no other choise(?) but to do the same if we want to trade/ deal without restrictions.

Now they became more like a bank than a crypto exchange.

As far as I know it is impossible to get an anonymous bank account. You'll always have to provide your ID and maybe some other documents.

Now Binance is no different.

BinanceBank.

And we thought crypto was going to kill the banks.

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?

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I think this marks the end of the golden age of binance, though unlike Poloniex they seem very proactive about the whole situation. I actually doubt they will lose that many customers apart from some XMR swappers. People are already very accustomed to KYC anyway. Much more than they were when Bittrex and Poloniex went nuts anyway

When was this 0.06 limit? I've withdrawn more than that within a day over several accounts created this year in the last month or so. Never noticed it.. huh.

Well, ive been expecting this too and thats way too fast. 

This is what would happen if government would really be that strict on any platforms or services out there.If they wont deal up or wont follow then its say goodbye to their business.
Owner itself wont really be dumb on just exchanging his business into some changes even though its really a hard one.

Sorry for those who do hate KYC but now they dont have any choice neither to deal with it or would jump into another one.

Hope for Binance's integrity? Seriously? No thanks. I have already gone through such cuts in the dates of the KYC passage and therefore I will start withdrawing funds immediately, without taking into account the fact that they allegedly give me 2 months for this.

Indeed, the date can change, and meanwhile technical problems (real or not) can happen.
But Binance was fair in this kind of matters until now (unlike all the other exchanges), so let's not just freak out  

Doing all the needed tasks earlier is advised and healthy, but rushing them is also unadvised (real technical problems can also be triggered if big number of users freak out).

Oh what kind a circus this is, I think that 0.06 BTC daily withdrawal limit on Binance lasted only one week after they reduced it from 2 BTC.
However, I checked my old account that I don't use anymore and I still don't have any of those new limitations, and it is still showing me old withdrawal limit, maybe it needs time to be applied to all users.
There is currently class action lawsuit against Binance so that could be one of the reasons they are doing this.

Everything went to this, first the limitation of the withdrawal limit, then the full KYC. From the experience of Bitmex, I can say one thing: Do not believe that without KYC you have the opportunity to withdraw funds before the date indicated in the announcement, the end of October. Bitmex at one time also gave six months, and then sharply reduced the term by 3 months, without announcements. Who wants to withdraw funds, send it right now and do not think that you have a couple of months left in order not to go through KYC.

- White & Case class action lawsuit: International traders blame Binance for $20 million loss

We warned you. Get off the stock exchange.

I've found this ^^ already posted and may be easier to read 
Not a good news, but it's by far not a shock; we knew that this will be coming rather soon, didn't we?

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


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

For all new users, an intermediate check is required, and for old users there is still the opportunity to cancel transactions and withdraw funds before 2021-10-19 00:00 AM (UTC)