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.

CryptoBry

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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.

Question123

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Quote from: Aldrinx00 on June 23, 2019, 12:03:13 AM

I think the non verified users has a withdrawal limit of 2 btc per day so 60 btc in a month, well i never tried it because i don't have that much to withdraw. I agree that you don't need to get verified if you don't have that much funds but if the time comes that you have lots of funds to get out of the exchange, i think it's better to get verified level 2 on binance early to prevent hassle.

I don't have big funds too in Binance so there is no need for me to submit my KYC. Those people who have big funds like hundreds of bitcoin can really needed to pass their KYC for them able to withdtaw their bitcoins from to other wallet they want to transfer it. But Im still submit my KYC maybe in the future incase they needed I trust to binance so they don't have problem .

Reid

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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.

Aldrinx00

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I think the non verified users has a withdrawal limit of 2 btc per day so 60 btc in a month, well i never tried it because i don't have that much to withdraw. I agree that you don't need to get verified if you don't have that much funds but if the time comes that you have lots of funds to get out of the exchange, i think it's better to get verified level 2 on binance early to prevent hassle.

Dapper

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Just an update to this, the multiple account workaround works fine. Just do it from multiple devices so you have different MAC addresses. And of course, don't use all of your accounts to sweep funds to the same external BTC addresses. You'll need multiple external addresses as well. What you do after that point is up to your own creativity.

jademaxsuy

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This is the usual update on every exchange globally. Here in our local had already doing it aince the bitcoin amd other crytpocurrency has been introduce. Now, bitcoin has slowly integrated into payment system like smart phone network service load for calls,.text and even data for.internet.

I am happy for the current situation of the use of cryprocurrency in our local even if KYC is required. So, binance has conducted KYC then it is for the good of cryptocurrency system.

Genemind

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I haven't reached the 2 BTC limit so I'm not aware of it but all I know is that they're requiring most users to pass the Kyc for their security measures.
You might be needing to submit the requirements first before you proceed with your future transactions.

indoagung88

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I have never made a withdrawal above 1 BTC in a binance exchange, but maybe that is one of the objectives and importance of KYC. When we want to make more withdrawals than limits, we must fill out and verify KYC. Allows to know the account owner's data. But lately there has been news about Binance that has been hacked, what is your response?? Thanks. Roll Eyes

traderethereum

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Yes, unverified binance user could only withdraw 2 btc per day.
But it will better if you can verify yourself so the limit of withdrawing can bigger and you can withdraw for more than 100btc.
And with Level 3 in binance, you will have a higher limit to withdraw and it will help you to withdraw in a lot of bitcoin.

oseikuf44

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You do not get verified on an exchange for the purpose of deposit and withdrawal only. You must get verify for the safety of your account and funds. If the exchange get compromise or your account get hacked, it is only a verified account that make a claim for refund.

Beerwizzard

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I'm sure that OP is not going to withdraw 2 BTC every day from this exchange until he withdraw 25 BTC. I guess that people that are willing to operate with their own $200k USD worth of crypto are not creating threads on the other forum but contact the exchange administration directly. Also no one cares about your KYC data and your privacy. Nothing bad gonna happen until you are not laundering your money.

Quote from: Nadziratel on May 16, 2019, 07:10:44 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.

Then you may sign up more than once to Binance. It provides to you privacy. I remember that Binance promised to us at the beginning, they will let us to withdraw 2BTC without KYC. So you can create more than an account.

Any kind of cheating may lead to account freeze. It will take you pretty much time to get your funds back.

MonsterV

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Quote from: Kakmakr on May 16, 2019, 12:45:24 AM

I think the 2 BTC withdrawal is more of a protection method for them to protect their liquidity and to prevent a type of Bank rush scenario when things might go wrong and not much of a KYC/AML regulation requirement. Roll Eyes

It is also a protection method from large withdrawals, when a hacker finds a exploit and try to withdraw all the coins in one day. It gives them some time to react when people's accounts gets hacked. Wink

One way to get past any restrictions would be to open multiple accounts with family members details.

Sure enough, this system is powerful enough to reduce losses when their system is hacked. The 2BTC limit for users who have not yet verified and if they have passed the strict verification step, the user can make a withdrawal of up to 100BTC because binance has done the copy to that user.

Nadziratel

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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.

Then you may sign up more than once to Binance. It provides to you privacy. I remember that Binance promised to us at the beginning, they will let us to withdraw 2BTC without KYC. So you can create more than an account.

ttcsalam

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I think all users should be compulsory KYC. Then the credibility of the trader will increase. And it will be possible to reduce hacking somewhat.

Japinat

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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.

Hopefully we can enjoy that full privacy in the future, but centralized exchange are really requiring users to comply with the KYC.
Our chance to enjoy full privacy is when there is a decentralized exchange that has a decent volume like the popular centralized exchange now like Binance.

Dapper

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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.

freedomgo

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Quote from: Itsmylife on May 16, 2019, 02:31:42 AM

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.

Do KYC is a requirement to join competitions, IEOs projets on Binance. And if you forget your password you must do KYC to change your password.

Bring your question to the appropriate thread, as it's off-topic.

Haunebu

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Quote from: Itsmylife on May 16, 2019, 02:31:42 AM

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.

Do KYC is a requirement to join competitions, IEOs projets on Binance. And if you forget your password you must do KYC to change your password.

What the heck are you talking about? He is not concerned with competitions or the IEO projects, but simply wants to know about the withdrawal limits.

Based on what I know, he does not need to complete KYC if he is trading small amounts, but should complete KYC if he is trading big amounts for security reasons especially after the recent hack.

Japinat

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I can choose not to get verified with Binance if I am not trading like the amount you mentioned.
But if it's overBTC 0.1 , I would certain ensure that I can pass the KYC , this is not just about compliance but it's prevention
of the potential problem in the future knowing that if I loss my money on that range, it would certainly hurt me.

Itsmylife

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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.

Do KYC is a requirement to join competitions, IEOs projets on Binance. And if you forget your password you must do KYC to change your password.

Herbert2020

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never count on any rules that an exchange with KYC is setting for those who don't verify their accounts. you may not encounter any problems at first but at any point they are free to close your account and force you to submit your KYC related documents to be verified. i have not personally experienced this with Binance since i don't use it that much but i have experienced it with many other exchanges which were the same.

freedomgo

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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.

If you are transacting that big volume of Bitcoin, I suggest you should get yourself verify.
Think about the recent hack, what if your account was compromise and you are not verified with the KYC, it will be hard for you to claim your money then.

Make sense?

mk4

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Quote from: Crypto Girl on May 16, 2019, 01:41:30 AM

Well maybe before binance found out this he already withdrawn his btc and can't trace any other alt accounts especially if he uses vpn.
More likely if they locked the account it surely don't have anything left.

Though I think creating multiple accounts weren't on their ToS. So perhaps you can do it yet on your own peril.

They could potentially find out if the IP from the VPN/proxy you're using is already flagged by them. They could probably lock the account immediately after registration, or after deposit. Not sure though, as I personally haven't really tried yet(and not planning to).

okala

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The 2 bitcoin daily withdrawal limit to unverified users is a mean to limit amount of found that get out of binance to unknown and untraceable wallet's, and I believe verified users can withdraw any amount of bitcoin from the binance exchange no limit on that. But I believe with this recent hack binance will make kyc mandatory to all users.

Crypto Girl

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Quote from: mk4 on May 16, 2019, 01:14:39 AM

Quote from: Kakmakr on May 16, 2019, 12:45:24 AM

One way to get past any restrictions would be to open multiple accounts with family members details.

I know this might be unethical, but can you technically just create multiple alt Binance accounts? Probably with different IPs just to be sure? As the 2 BTC/day limits have zero requirement for KYC anyway. It's gonna be a problem if ever Binance gets detects something fishy and lock your accounts though.

Well maybe before binance found out this he already withdrawn his btc and can't trace any other alt accounts especially if he uses vpn.
More likely if they locked the account it surely don't have anything left.

Though I think creating multiple accounts weren't on their ToS. So perhaps you can do it yet on your own peril.

CBANX3

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It is important to do after such big crush and to limit, maintain and manage the flow of liquidity Binance has restricted the withdrawal limit of 2BTC a day which is fair enough.

mk4

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Quote from: Kakmakr on May 16, 2019, 12:45:24 AM

One way to get past any restrictions would be to open multiple accounts with family members details.

I know this might be unethical, but can you technically just create multiple alt Binance accounts? Probably with different IPs just to be sure? As the 2 BTC/day limits have zero requirement for KYC anyway. It's gonna be a problem if ever Binance gets detects something fishy and lock your accounts though.

kingpin4321

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You know it's always important for you to verify your account regardless of the limits you get from withdrawing. A know your customer verified account is very much solid than an unverified account in case of a necessity a verified account would be safer than an unverified one

Ailmand

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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.

I haven't used binance this year, I have also not exceeded the 2 BTC limit per day. I had read their TOS which was updated last February 2019, and it seems that KYC is now required(Link below.) After the hack and security updates, let's expect there might be changes on registation and account verification for security purposes.

Binance ToS

Kakmakr

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I think the 2 BTC withdrawal is more of a protection method for them to protect their liquidity and to prevent a type of Bank rush scenario when things might go wrong and not much of a KYC/AML regulation requirement. Roll Eyes

It is also a protection method from large withdrawals, when a hacker finds a exploit and try to withdraw all the coins in one day. It gives them some time to react when people's accounts gets hacked. Wink

One way to get past any restrictions would be to open multiple accounts with family members details.

CryptoBry

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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.

Honestly, I have not yet exceeded the daily limit of 2 BTC so we are just assuming that the monthly limit must be around 60 BTC or maybe less. I have a verified account in Binance but I also happen to have two others which are not yet verified, obviously. As for me, Binance is actually that not strict compared to some other exchanges except the decentralized platforms. With the normalization of Bitcoin after the hack, I am sure that this exchange will still be on the top after successfully managing the great crisis with flying colors.

Astvile

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Quote from: Dapper on May 15, 2019, 11:55:29 PM

Yeah, thanks for the reply. I'm sure it's somewhere deep in their TOS, just haven't bothered to read it (very few people do... just like that IOS or Google Play terms page).

Rofl indeed no one wants to read any website or apps TOS to be real,me im reading it but just the first few parts then got bored and just check it without reading i know its bad but we cant stop ourself from skipping reading it lol

Dapper

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Yeah, thanks for the reply. I'm sure it's somewhere deep in their TOS, just haven't bothered to read it (very few people do... just like that IOS or Google Play terms page).

Astvile

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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.

Im pretty sure it has to need to have a limit for non verified users,I just dont know how much is the monthly limit for unverified users because i cant even withdraw 2BTC in 1 day or even a month lol.We just wait for users to verify if how much it is

Dapper

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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.

Topic: Binance KYC (Read 822 times)