Topic: Binance squeezes users on verification - page 3. (Read 817 times)

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.

We will have to wait and see but I'm not so sure this is going to be the case, a great deal of people still worry about their privacy and they are not going to be very happy about the fact that now if they want to withdraw their coins that are going to go through a verification process, I really think there is going to be an important outflow from the binance exchange to other exchanges that have now better policies, and it is going to be very interesting to see how this affects their own coin as I doubt that it is going to be able to grow as much as it did in the past.

That's true. If you are not happy with their new regulation, you can still go to Kucoin or other exchanges. But if you value the security of your funds, you will stick with Binance because they have SAFU in place. So even with hacking incident, you know that your funds are safe and you can get it back. Binance is a trusted platform so a lot are relying on them. And just to comment about their KYC verification, they are fast in approval, unlike other platforms that it takes days.

Government has to deal with regulations this times, partly that maximum withdrawal limit is their discussed amount to consider people with anonymous being to be out of anti money laundering suspicions. My advice regarding the private information which to be submitted towards binance, we should trust that they won't divulge it with other non legal purpose and I assure you that they reall do their part to keep it safe. I myself already took the verification and everything went well and smooth without any problems.

That’s still a huge limit compare to other site and beside Binance is the best exchange and you can do a lot of things if you submit your KYC so I think that’s worth the risk depends on how you see this one. If you think this new regulation is not worth it, try other top exchange that didn’t ask for any KYC. Binance will not lose a client because of this.

Privacy is my number one priority, and I generally avoid sharing personal information unless absolutely necessary. You never know where your data might end up. Nonetheless, I believe Binance is one of the most respected exchanges in the crypto world and I made the decision out of necessity rather than philosophy. I also do not believe they will lose clients because of that change. Binance certainly has its critics, but the only thing that can threaten their position in the market is government scrutiny.

Same here where my local exchange do already needed some KYC before you can make use the full feature of the site plus the limits that you can transact this is why im not really surprised
and even on Binance im already KYC verified to make out some express sell to fiat.Im not really minding much with my identity though as long it doesnt really harm you for now
then i dont think that it would really be that serious thing to be minded off by someone but for those who do really give importance into their identity then this would
really be an issue.

I have no problem with this way because I have already done KYC in that platform in order to do P2P and withdraw fiat.
But for those who don't want to do KYC of course it is a matter. however, they may really have their own consideration to make it. And I believe that Binance will keep our privacy, hopefully.
In my local exchanges, we cannot do anything with our assets if we are not doing any KYC.

This is the worst possible scenario for a crypto user. Crypto was meant to be decentralized and anonymous but because of these centralized exchanges everything is getting more and more controlled and eventually, all this control is handed over to the government which is exactly what we DON'T need. I don't have a problem giving documents to Binance mind you, but I don't want to give it either because it suppresses the anonymity associated with cryptocurrencies.

Will Binance lose users? Obviously!

Do they care? They have a humongous user base and won't mind gobbling up some users' funds and let them leave.

It is obvious that Binance as a whole will not be impacted on this. 2 bitcoin deal was done when bitcoin was very very low, it was under 20k, and the peak was 40k, now just one bitcoin is like that, and when this all started, bitcoin was under 3-4k as well, meanwhile it is 10x that nowadays. So, what we should be considering is how they are dealing with fiat currency when putting a verification force there and not bitcoin. The 0.06 price hit is 2.3k dollars already, it is not like some chump change, we are talking about over 2k+ dollars as being without KYC need at all.

So, if you are a small time trader then you can still use this but if you are dealing with big amounts then you should not be able to withdraw 80k without problem, that is not a reasonable amount for KYCless moves, governments will ask about it, 100 accounts registered for some money laundering (and buying 100 peoples ID usage rights is nothing for drug lords) means 8 million dollars right away, that is not normal.

This is what im thinking that adjustments that had been made considering the price of bitcoin had already soared up high then its just normal that they would really be needing some adjustment just like on the

dollar cost based on what they had put out when they had just implemented this 2 btc withdrawal limit per day.The given limit is still better and good basing on dollar value since not all would really be that

a big capital trader which do pull off big amounts from time to time.Excluding into those whales or had lots of coins then this would really be a headache as they would really be having no choice.

I don’t think they are going to lose clients because of that, moreover anyone that is making use of Binance should be aware that the exchange is a centralized exchange so they can take any turn at any time. So, you just have to be ready for it to happen at any time.

Anyone that is looking for truly decentralized platforms already knows where they should be looking for it, and Binance is not really the answer to that, it’s just decentralized to some extent. I won’t be surprised if they happen to be fully centralized in years to come. But, I think the reason why they shortened the amount of BTC you can withdraw is because there has been an increase in the price of BTC per dollar, so they want to match it.

I also think it's because of that and not the KYC requirement. Using Binance without KYC didn't make much sense for btc whales because of the very low number of Bitcoins that could be withdrawn with such an account.

Binance has received a lot of bad press lately, and there are still lawsuits pending. This is of course a huge problem for a whale who has several million in BTC on such an exchange. If, for example, charges are brought against Binance, it could well be that the funds on the exchange will also have to be frozen - even if only for a short time.

There might be a strong reason for this change and thanks for sharing it here.
I guess whatever Binance has decided, it has be taken after few discussions.
If we see in a positive way then it’s good to prevent scammers as more id verification will be forced.
Moreover there might be also some deflection seen in the BNB token in the upcoming days.
Still lets wait for the best.

Nevertheless," large wallets " are leaving Binance. But such conclusions for a large amount that exceed 2 BTC per day can only be made from accounts that have extended verification on the exchange. Perhaps this is due to the fact that a lot of negative news has now come out around Binance, including the ban on futures and derivatives in Europe and the termination of trading in tokenized shares.

I'm surprised they haven't lowered this to 0.01, or made it a fixed sum of 250-500$. Probably this is the first step, trying to make it look like they are takings some actions and they are simply giving time for all people who will never do KYC to get out of there before the mandatory verifications will be imposed on any sum.
The limit is still very high, although 2BTC was clearly set up at a different time when it didn't mean close to 100k a day unverified.

But, bottom line, whoever thinks that in one year they will be able to deal semi-anonymously on Binance they are fooling themselves, I'm pretty sure they will start implementing even bank verifications for wire transfers, they will drop a lot of payment options from the p2p marketplace. From my point of view, it's quite funny, I always laughed at how a lot of people were saying Binance will not bow down to regulations, they are so big they afford lawyers they afford bla bla bla, that no government can stop them, writing is on the wall, they will either submit or they will go down.


There is no new rule in the EU, the rules were the same 3 years ago but Binance choose to ignore them, they choose to operate without a license and they thought they could keep it like that forever, trying to weasel their way out by invoking every time some stupid arguments like being a global internet company with no headquarters or other crap like that.

Come to think of this. Are those big traders on Binance are not KYC verified? They are playing with big money and might be funding their accounts thru bank accounts (which requires KYC) so I don't think their accounts are just on the Basic Account tier so surely they are not affected at this new implementation of lowering the maximum amount to withdraw by Basic Accounts.

And besides, for small to mid traders, the daily withdrawal is still decent as it is. They can come back the other day for another round of withdrawals if they exceed their limits on which I doubt they really reach their limit every day. Still, way better compared to exchanges that require KYC for any amount. I don't see any reason why that should be a reason for Binance users to be declined.


Unverified accounts = Basic Accounts

The next tier is Intermediate wherein documents are needed. If approved, up to BTC100 limit per day.

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.

What is Basic verification exactly? I had an old Binance account that I never did any verification and it was labelled something such as Unverified 0. I did withdraws in the past and didn't get any issues.

Looking at their videos, it seems that Basic verification is only your full name, birthdate and address, however do you need to send them any documents? Because it doesn't seem like its KYC if this is all you need to provide.

I didn't get any emails like the above user. And I am wondering what happens to Unverified accounts, will they also get the 0.06BTC or do they need to upgrade to Basic to get the 0.06 BTC?

KYC will give us an option neither we submit it or to decline using an exchanger but to go along with the P2P transactions(where I found risky rather than having KYC). If Binance will having this move, might be possible that the rest will follow as well. It looks like we are closely losing our anonymity in the market and for sure this has come to an end. I think we are closely moving similar to the banking system where we have to send and give our personal information.

Well, that is what we take a look at after implementing this rule. But for sure many people, traders and investors will still use Binance as they are one of the trusted exchanges in the crypto space.

I'm glad to know upon checking my binance account, I already pass the verification unknowingly so in this news; let's consider my situation safe for the said announcement.
Only thing is I'm worried all about is the new users who's struggling to verify themselves due to privacy protection.
We can't force them to resist on this matter, but the maximum withdrawal was too low and we don't know if they're going to earn good on their trades. That would be the biggest problem for everyone who skip verification requirements.