Binance KYC | Bitcointalksearch.org

Nolimitz84

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Quote from: Dapper on May 15, 2019, 11:37:19 PM

Is the only limit for not getting verified with Binance the 2 BTC per day withdrawal limit?

For instance, are there any volume limits... as in can you withdraw say 100 BTC in 50 consecutive days? Or any limits in the amount of BTC you can deposit?

Asking because if that is the only limit, there isn't a reason for me to get verified.

To be honest, I never thought about this question.But if you think logically,if you do not pass the KYC and will daily make transactions in the amount of 2 bitcoins,it is likely that Your account will be blocked and will still require to pass the KYC.

raidarksword

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KYC is now obliged to do so because of the rule of Anti Money Laundering law, so it is a basic task on every exchange platforms, even on binance it is required regarding how much you withdraw each transaction per day. I agree on KYC to show eligibility to their users and also it protects from fraud because online frauds are rampant, so must stay vigilant at all cost. Even bounty and airdrop now are required to do so for giving a deserving individuals, so i fully supports on kyc.

mitchr4

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Quote from: YOSHIE on June 24, 2019, 02:01:56 AM

For me for the Binance market it is not supposed to be KYC, in the withdrawal of 2 BTC, and so on,
Actually, KYC, it is very necessary for security reasons not except in my opinion, what is a withdrawal below 2 Btc or half btc.
With the KYC system, if there is a crime can be detected, if things happen that are not desired, in theft,
I hope binance can change the system by not looking at large or small withdrawal capacity.

That should be reasonable because for a 2 BTC withdrawal it is very much seen the current Bitcoin price is $10,000. For money like that and for KYC purposes it is not a problem for people who want to make withdrawals. Especially for big exchange like Binance, KYC protection will definitely be safe as well as they protect user assets.

Remainder

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Quote from: xabre on June 24, 2019, 12:29:22 AM

Binance submit KYC if you want to break limit withdrawal one day more than 2 BTC, but if your withdrawal less 2 btc per day is not worry for submit KYC or not, you can't upload your kyc if your withdrawal less 2 btc per day.

That's their basic requirement, and I think lots of traders are still not verified but every trader has to weigh things properly as non verified account are non existent account when there's a legal matters that will come up in the long run. For example when the site is bankcrupt and it's been taken over by a government agency or a 3rd party, they will only entertain those who have successfully verified their accounts.

YOSHIE

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For me for the Binance market it is not supposed to be KYC, in the withdrawal of 2 BTC, and so on,
Actually, KYC, it is very necessary for security reasons not except in my opinion, what is a withdrawal below 2 Btc or half btc.
With the KYC system, if there is a crime can be detected, if things happen that are not desired, in theft,
I hope binance can change the system by not looking at large or small withdrawal capacity.

xabre

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Binance submit KYC if you want to break limit withdrawal one day more than 2 BTC, but if your withdrawal less 2 btc per day is not worry for submit KYC or not, you can't upload your kyc if your withdrawal less 2 btc per day.

freedomgo

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Quote from: rafajunior99 on June 23, 2019, 11:04:06 PM

In my opinion this is very fair with the KYC regulations that are carried out by Binance, maybe Binance wants to provide good comfort and security for all investors for large withdrawals and avoiding unwanted things to their investors.

That's really the purpose, Binance as an exchange wants to protect their investors in a possible bad situation in the future, without KYC they are like not owning anything in a certain exchange, they have to be careful and see the possibilities as there is no assurance an exchange will not face possible problems in the long run.

just like opening a bank account where you deposited money but you did not complied with the basic requirement, and then problem happens, you'll be able to have a problem claiming your ownership.

rafajunior99

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In my opinion this is very fair with the KYC regulations that are carried out by Binance, maybe Binance wants to provide good comfort and security for all investors for large withdrawals and avoiding unwanted things to their investors.

yohananaomi

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Quote from: seramania on June 23, 2019, 04:39:34 AM

binance kyc may have a positive goal to ensure the entry and exit of assets, so with a limited of 2 btc per day this can be used as a way to avoid the risk of btc abuse

Maybe for me it is not from what is allowed to be withdrawn per day, aka limitation. agree that this can be positive so that we can use it for the best interests and avoid fearing that there is misuse that we do not know, so that there is protection even if there is misuse, those who want to take it can not directly use up our capital.

AjithBtc

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Quote from: superscommessebitcoin on June 23, 2019, 02:37:56 PM

I was also interested in this question. I also have not yet exceeded the limit of 2 bitcoins per day and do not know whether it is possible to withdraw a little bit every day. But it seems to me that still some kind of monthly limit on withdrawal is exist.

There might be some limitations on the monthly withdrawal limit for the small scale or the first level of KYC. Very few get to withdraw 2 bitcoin regularly as more users do trade within the USDT pairing. Binance being the global leader to the cryptocurrency exchange services will have perfect procedure to be fulfilled for the withdrawal request.

superscommessebitcoin

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I was also interested in this question. I also have not yet exceeded the limit of 2 bitcoins per day and do not know whether it is possible to withdraw a little bit every day. But it seems to me that still some kind of monthly limit on withdrawal is exist.

imstillthebest

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Quote from: HatakeKakashi on June 23, 2019, 05:04:06 AM

Only few traders will have a problem withdrawing big assets or big funds from the Binance exchange.

only few ? are you sure ? binance is a top exchange with so many registered users and i believe that most of this traders are big time . most of them are having a hard time complying to kyc because exposing your personal info is not a joke but its a serious thing . binance is a legit exchange but it has been hacked recently , this is why binance traders are in doubts because what if thier kyc's will also be taken by hackers ?

Quote

Im not the one who submitting my KYC because Im a ordinary trader of Binance and I earned only millions of satoshi so Im not affected to the new regulation of the binance.

you earned only millions of satoshi ? wow thats too much but you shouldnt consider your self a small time trader . be careful because you will soon experience to do a kyc .

metalglowd

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Quote from: HatakeKakashi on June 23, 2019, 05:04:06 AM

Only few traders will have a problem withdrawing big assets or big funds from the Binance exchange. Im not the one who submitting my KYC because Im a ordinary trader of Binance and I earned only millions of satoshi so Im not affected to the new regulation of the binance. I think this is fair because like me I don't have huge funds so they don't need to know my KYC but for the traders who have millions of funds in Binance they really need that.

Yes, I think there are also many forum users who don't pay much attention to daily withdrawals, not only Binance, but also with other exchanges because usually other exchanges also have the same or even fewer regulations (there are 1 BTC per day) and I think that not a problem at all.

Dreamchaser21

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Quote from: HatakeKakashi on June 23, 2019, 05:04:06 AM

Only few traders will have a problem withdrawing big assets or big funds from the Binance exchange. Im not the one who submitting my KYC because Im a ordinary trader of Binance and I earned only millions of satoshi so Im not affected to the new regulation of the binance. I think this is fair because like me I don't have huge funds so they don't need to know my KYC but for the traders who have millions of funds in Binance they really need that.

Yes, its fair because it can give more security to binance exchange so they can prevent the hackers from withdrawing big money. I'm not affected by this but really supporting this and I know big whales will understand this feature with Binance because top exchanges also need to strengthen their security. Trading with millions of bitcoin on the exchanges is too risky btw, so better to protect it well.

HatakeKakashi

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Only few traders will have a problem withdrawing big assets or big funds from the Binance exchange. Im not the one who submitting my KYC because Im a ordinary trader of Binance and I earned only millions of satoshi so Im not affected to the new regulation of the binance. I think this is fair because like me I don't have huge funds so they don't need to know my KYC but for the traders who have millions of funds in Binance they really need that.

Caladonian

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Quote from: Reid on June 23, 2019, 01:15:42 AM

Quote from: Dapper on May 16, 2019, 06:34:58 AM

Thanks for the replies. And I'm happy to do KYC anytime it's required, but prefer to preserve my privacy when it's not required.

Looks like no one can answer this because of the high value of bitcoin. Grin

Before I am also unverified with Binance and had not go thru 2 BTC.
I bet they also have that monthly limit because it will be a problem for them if that much amount is getting in and out everyday.
20k USD is a lot and actually banks are already questioning those kind of numbers.
Binance is centralized so they will have the same rule there.

Being centralized oblige binance to follow the process, not sure also about those exceeding as I don't have that much capital to extend higher than
2btc, most of the time I only have below .1btc to trade so I'm not aware with how things happened more than that, holding some NPXS now and
it's not exceeding to .1btc maybe if this coin will bring something in the future I'll be able to experience that,.

seramania

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binance kyc may have a positive goal to ensure the entry and exit of assets, so with a limited of 2 btc per day this can be used as a way to avoid the risk of btc abuse

ginobitcoiner

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I am not a trader who has a large asset of my transaction not reaching 1 Bitcoin per day, therefore I do not experience the problem of making withdrawals from Binance Exchange, even though I do not submit KYC documents.

dmty.0809

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If your assets are more than 2 Btc, it's a good idea to verify the data up to level 2, with a limit of 100 btc / day. You only need to upload photos of yourself. Like KYC.

stadus

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Quote from: CryptoBry on June 23, 2019, 01:51:44 AM

I am not based in USA and so I am fortunate to get not required by Binance to do the KYC as long as my transactions are below the maximum allowed. Though we could not be sure if this same policy can stand in the future as more and more cryptocurrency exchanges are implementing KYC for all of their users and some countries are requiring the same. Though I am not personally against KYC, I am also concerned with the misuse of data and my privacy.

The rules are uniform regardless of which country you are from as long as you are not ban from accessing the site.
You can do KYC or not, you can still enjoy using the site as long as you don't exceed the limit but for me, it's wiser if you do the KYC as this is only for your own protection, don't think the site will use your information in illegal activities as they are big site and regulators are watching they, in addition, they would not ruined their reputation for that as they are in a big business which is very profitable.

Topic: Binance KYC (Read 807 times)