They probably had to do this because of the recent investigations they received from the US. Kucoin seems fine right now but for how long?
Binance has been flagging accounts when the user of the account shows considerable activity anyway. Sooner or later they'll ask for full verification.
When the exchange gets big, this becomes inevitable. Kucoin will probably share the same fate too.
Topic: Binance squeezes users on verification - page 2. (Read 737 times)
That's the real issue here, while there are many people in this market that do not care at all about protecting their privacy and they are going to go along with whatever the binance exchange tells them they need to do there are many other people that do not want to compromise their privacy just to use an exchange and as such they only have one option and that is to stop using that exchange and use another one, and because of this I think that binance is about to lose a lot of customers.
In any case, for those who are concerned about their privacy, there is always an opportunity to use the services of decentralized exchanges. Although it will become increasingly difficult to maintain your privacy over time, because the regulation may also apply to decentralized exchanges.
Its true that they wont really be having any choice but to obey on whats mandated or asked on and users would really be the one to suffer but we can always have the option to
choose what platform we should used.For now lets just cherish that small limit until it becomes mandatory on using their exchange.
At least they warned most people about the KYC. Look what Bittrex and Poloniex did in 2017-2018. They made KYC a surprise. And if you didn't want to complete, your funds were frozen. Even if you wanted to complete KYC, it took months and BTC started to fall in late 2017 and most people missed selling the top. So at least Bitmex and Binance didn't make it a surprise.
Agreed!Binance is definitely under a lot of pressure to comply to the regulations set by local governments, and I don't see any other way but ask their customer for KYC.
The fact that they warned everyone and gave them a few weeks in advance already sets Binance apart from Bittrex and Poloniex, though they did push it a little when they started reducing max withdrawal amount.
The good thing here is you can still withdraw without KYC, they just reduced the daily limit.
Unlike with bittrex and polo, you can't withdraw without undergoing KYC.
And if in case you want to submit KYC in binance, they have very fast approval. So all in all, it is still better in binance.
What I like with binance is their p2p trading so I don't need to use my local exchange anymore.
And don't forget their insurance system, the SAFU, which will give you peace of mind even if you store some funds in their platform.
That's the real issue here, while there are many people in this market that do not care at all about protecting their privacy and they are going to go along with whatever the binance exchange tells them they need to do there are many other people that do not want to compromise their privacy just to use an exchange and as such they only have one option and that is to stop using that exchange and use another one, and because of this I think that binance is about to lose a lot of customers.
In any case, for those who are concerned about their privacy, there is always an opportunity to use the services of decentralized exchanges. Although it will become increasingly difficult to maintain your privacy over time, because the regulation may also apply to decentralized exchanges.
At least they warned most people about the KYC. Look what Bittrex and Poloniex did in 2017-2018. They made KYC a surprise. And if you didn't want to complete, your funds were frozen. Even if you wanted to complete KYC, it took months and BTC started to fall in late 2017 and most people missed selling the top. So at least Bitmex and Binance didn't make it a surprise.
Agreed!Binance is definitely under a lot of pressure to comply to the regulations set by local governments, and I don't see any other way but ask their customer for KYC.
The fact that they warned everyone and gave them a few weeks in advance already sets Binance apart from Bittrex and Poloniex, though they did push it a little when they started reducing max withdrawal amount.
I think that everything is happening for a reason.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.
This is exactly what I think! Regulators are squeezing Binance from all sides, every few weeks we see some big headlines, Binance banned in the UK, Binance banned in Malaysia... Binance probably sees this as a trend, other countries will follow, what else they can do than get ready for that storm that heading towards them! That probably can mean one thing for us, tighter regulations!
Well, I am still good with the max withdrawal for unverified users, when that comes to an end I will just move to some DEX, that's the future, we just need to wait for others to figure that out!
crypto engaging platforms specially Binance and other exchangers as well on where they do really need to comply on whats mandated for them to continue to operate and as if they do have any other choice?
No they dont and as a user then we have to deal with it but if we do look around, we do still have some viable options to take but for now this isnt really that much of an issue.
I think that everything is happening for a reason.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.
This is exactly what I think! Regulators are squeezing Binance from all sides, every few weeks we see some big headlines, Binance banned in the UK, Binance banned in Malaysia... Binance probably sees this as a trend, other countries will follow, what else they can do than get ready for that storm that heading towards them! That probably can mean one thing for us, tighter regulations!
Well, I am still good with the max withdrawal for unverified users, when that comes to an end I will just move to some DEX, that's the future, we just need to wait for others to figure that out!
That's the real issue here, while there are many people in this market that do not care at all about protecting their privacy and they are going to go along with whatever the binance exchange tells them they need to do there are many other people that do not want to compromise their privacy just to use an exchange and as such they only have one option and that is to stop using that exchange and use another one, and because of this I think that binance is about to lose a lot of customers.
In any case, for those who are concerned about their privacy, there is always an opportunity to use the services of decentralized exchanges. Although it will become increasingly difficult to maintain your privacy over time, because the regulation may also apply to decentralized exchanges.
...And the best thing here is, it just takes few minutes (1-2 minutes) to be approved and will not take several days. Maybe it's automatically approved once the documents were clear.
The problem is not that it takes a little time to pass verification, but that you need to hand over your identity documents. For those who want to maintain their anonymity online, this is what is unacceptable and forces them to leave the exchange before the time when these rules come into force.
I think that everything is happening for a reason.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.
Before they start their operation in a certain territory, they have to comply with the rules and regulations as they are certainly subject to it. What Binance is doing now is they are preparing for the future as eventually, most countries will regulate crypto and exchanges will be no exception to that. At least they are making a progress to make it safer for the clients and for their business to be compliant although not everyone is happy with the KYC requirement or procedure. Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.
I have been flabbergasted, really, since I got that Binance is pressing and squeezing its users for what now seems a compulsory verification exercise by reducing its daily withdrawal limit from 2BTC to 0.06BTC for non verified accounts. I don't know what to make of this headlong as this is obviously killing the anonymous thing Bitcoin and cryptocurrency should stand for. Did anyone else who hasn't upgraded verification beyond basic one get that message?
This is not a huge surprise that many countries are filing lawsuit against them and if they want to survive they need to go with the follow of following the legal procedure and start verifying all the accounts if they want to continue business rather than running away from every country that come up with a lawsuit and it was expected we would see these mandatory KYC and other restrictions.Will Binance lose client base now. Will BNB take the hit and crash while this is on? There are many speculations going on in my mind right now.
If there is any other exchange which is much better than Binance users would have migrate now before they are implementing these restrictions and i am not seeing any major drop in volume. 
I think that everything is happening for a reason.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.
In my view, Binance is one of the top crypto currency exchanges and offers excellent fee structure. One of the main advantage of using Binance is the quick and easy trading and great support for digital currencies.
When a crypto currency exchange is a part of the community, the users get the highest level of support. As a beginner trader, I was surprised with the level of support and information that I was provided with on Binance and by highly qualified staff.
When a crypto currency exchange is a part of the community, the users get the highest level of support. As a beginner trader, I was surprised with the level of support and information that I was provided with on Binance and by highly qualified staff.
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Will Binance lose client base now. Will BNB take the hit and crash while this is on? There are many speculations going on in my mind right now.
What do you think?
What do you think?
I doubt they'll lose client and even though they do it won't matter since it'll be minimum compared to the millions sign up they're getting daily. Lets talk about decentralization, how many users do you think actually clear about their identify. They're giving that away freely already, you think they'll abandon a platform that have serve them all their needs just because they want them to verify their identity. I doubt many users will live the exchange. Binance has made it very difficult for their platform to just be abandon for another. They have strategies to keep their customers.
They're the very best in the business, their customers service are top notch. If not fir the government fighting them I believe they won't have cared about the whole verification process. They just have to adhere to the direction of the laws that's just it. For the speculation of BNB, don't forget there's a quarterly burning of the token which means there'll be a constant decrease in circulating supply, that only is enough catalyst to pump any coin with the right demand which BNB has with all the utility it has tied to the exchange.
As i'm trading with low money or with a less profit i can say, i never did that verification because the people i think who have less money don'e want to verify their self as much as the people who have much who have much money.
The issue with Binanace is that they just got way too popular and most likely were under most countries regulatory watch. This is pretty much what happened a year ago with Bitmex. Now look at how many other exchanges are out there. There is Bitfinex which is fairly big however they don't have KYC for small accounts. Very rarely do you hear of anyone, especially new retail using Bitfinex to trade. With Binance its the #1 choice for most new people involved with crypto. Hence they got under the governments watch.
At least they warned most people about the KYC. Look what Bittrex and Poloniex did in 2017-2018. They made KYC a surprise. And if you didn't want to complete, your funds were frozen. Even if you wanted to complete KYC, it took months and BTC started to fall in late 2017 and most people missed selling the top. So at least Bitmex and Binance didn't make it a surprise.
At least they warned most people about the KYC. Look what Bittrex and Poloniex did in 2017-2018. They made KYC a surprise. And if you didn't want to complete, your funds were frozen. Even if you wanted to complete KYC, it took months and BTC started to fall in late 2017 and most people missed selling the top. So at least Bitmex and Binance didn't make it a surprise.
I think Binance is really stressed out by being bombarded with requests for regulations from different countries at the same time. Persuading thousands of customers to complete KYC without feeling forced is not easy. I see serious steps from Binance to make that happen in the shortest possible time including offering customers KYC incentives. I got this offer from binance via email for me to verify.
Note: $500 in the form of a Savings Trial Fund (a promotion that is quite interesting for people who don't know what it means)
Note: $500 in the form of a Savings Trial Fund (a promotion that is quite interesting for people who don't know what it means)
It's expected, this is the result of regulation and eventually, the time will come that we will all be required to submit a KYC before we can avail the service of an exchange, they'll be treated like a bank, and banking policies will be applied in exchanges, this news makes us ready for what could possibly happen in the future.
At past i use binance because we don't need to do KYC to use it and only if want to increase withdrawal limit that cause us to do KYC. But now (although i am not see the email yet) maybe they have their own reason behind it like regulation because they are still centralized exchange. But maybe if me new user, i think 0.06 BTC per day already huge, and because price of BTC increasing can make us withdraw with higher limit.
Without applying and passing Binance's KYC, the amount of services or products you can use gets highly limited. For instance, you won't be able to use their futures and derivatives platform of the P2P marketplace and that's a big turn off. I did KYC in 2018 which had increased my withdrawal limits and also gave me more access to all their services. But the way regulators and other government litigation firms are on their neck, goes to shoe that it is time to move on.
If they continue at this rate to only make their full products suits to become available to only a small subset of users from a particular jurisdiction.
...And the best thing here is, it just takes few minutes (1-2 minutes) to be approved and will not take several days. Maybe it's automatically approved once the documents were clear.
The problem is not that it takes a little time to pass verification, but that you need to hand over your identity documents. For those who want to maintain their anonymity online, this is what is unacceptable and forces them to leave the exchange before the time when these rules come into force.
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