This was coming as crypto continues to become popular and knowing it works without boarders it was always going to be pressured to have some kind of regulations. We all know how much bitcoin has been named to be a currency for criminals and all other illegal activities but soon or cexs will have this and the crypto anonymous feature will be taken away from us.
And these adjustments by Binance will make it lose customers in the short term but with time it will grow again.
Topic: Binance squeezes users on verification - page 4. (Read 738 times)
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?
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?
~snip~
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?
~snip~
This is really a serious situation that most traders were facing right now, and with 0.06 withdrawal was too small as a non verified amount. Also I got an speculations that this thing was really been seriously undertaking with some regulations with binance itself. On this certain implementation, I don't think traders will be happy about it because mostly keep their trading anonymous and won't bother verifying themselves just to keep their identity private.
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?
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?
It will that really be going that way, they are getting closer to ask everyone to comply with KYC. I have this experience and forcing me to do that. I have no choice as my money is on their hands but since I trust this site, that is why I did. Because even you just have a small withdrawal still they are asking for the basic information. This might be for security reasons, we don't know but probably that was the issue and this will losing our goal to keep anonymous. 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?
~Snipped
I'm seeing a repeat of what happened with Bittrex in 2017-2018 ( psssttt, not sure of exact year) when they started forcing users to KYC and locking accounts that haven't gone through the exercise. This action alone forced people to move on to other alternatives and that's when Binance came along. The fact that Binance is suffering from stringent rules from regulators goes to show that no custodial exchange / service can put users interests as their top priority at all times.
Sad to see Binance taking the L on this one but I knew this day would come.
~Snipped
0.6 adjustment is just right imho for most people and not all are whales who could make out 2 btc withdrawal per day.So i dont see this thing to be an issue after all and it wasnt really surprising.
0.6 adjustment is just right imho for most people and not all are whales who could make out 2 btc withdrawal per day.So i dont see this thing to be an issue after all and it wasnt really surprising.
The reason why everyone is just pointing fingers at the current regulatory issues is because majority of their recent updates and even their recent 4th year anniversary was centered on regulation. It's no brainer to see them take steps like this after getting hit multiple times in a very short period of time by regulators.
What do you think?
2 BTC withdrawal limit was imposed or make out when bitcoins price wasnt really that high at all and its just normal to make out some adjustment and its been so long that it did remain 2 BTC withdrawal limit per daywhich in todays price it would really be that big.
0.6 adjustment is just right imho for most people and not all are whales who could make out 2 btc withdrawal per day.So i dont see this thing to be an issue after all and it wasnt really surprising.
These platforms are regulated and its just normal to have these kind of changes.I do even expect that they would mandatorily asking for full KYC in near future.
Don't you think it has something related to their recent issues with some countries who went behind Binance for some legal reasons? Even one of their huge banking partners took off their support after that. May be Binance is trying to exit scam or is it to let the users feel the burden of verification because Binance was tortured for it?
Whatsoever is the reason, but I am also shocked how can they stop a person from withdrawing his own money if he is not verified there? It is dictatorship to me.
Whatsoever is the reason, but I am also shocked how can they stop a person from withdrawing his own money if he is not verified there? It is dictatorship to me.
...Did anyone else who hasn't upgraded verification beyond basic one get that message? ..
I have not received such a message from the exchange due to the fact that I have long passed the extended verification. I passed it not in order to increase the daily withdrawal to 100 BTC per day, but solely in order to get the opportunity to participate in the launchpads held on Binance. For this reason, I was sure that most traders have Intermediate and Advanced verification on Binance.
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?
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?
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?
Bitcoin is pseudonymous and it stays in that nature even today. Crypto exchanges like Binance are centralized.
We can't do anything because it's their exchange and they can decide to include any rule or modify any existing feature immediately.
This does not mean it is changing the pseudonymous nature of bitcoin. Bitcoin is still pseudonymous.
This is why they say that we should never keep large amounts of our crypto on exchanges.
The value is currently ~$2,400, so it's still a lot, and probably there will be more adjustment in the future for Lv.0 accounts. What I fear is that they will completely block withdrawal for non-KYC users. Almost all of exchanges now require at least basic KYC via filling some form. And I smell Binance will do it soon. Well, you can fill false info though but it will risk your account to be suspended.
this may be binance applying the strategy to all members on binance for verification. because it seems like the binance incident was hacked to be one of the effects why binance has become stricter and binance wants to detect who the users on binance are
The attack happened on their side I think so it's a bit impossible that the attack came from outside so I think making it stricter is a bit of a stupid move plus the amount to withdraw is a little bit too low for my taste so I don't think it's a really good thing that they upped the ante for their verification. 
this may be binance applying the strategy to all members on binance for verification. because it seems like the binance incident was hacked to be one of the effects why binance has become stricter and binance wants to detect who the users on binance are
Perhaps so, when in the past, users who only needed to verify the basic steps were able to withdraw about 2 BTC per day, a pretty high number and now higher according to the current value of bitcoin, just think about information leakage as well as hacker attacks, exchange losses are already in record numbers, besides, quite a few countries are requiring some special regulations to control crypto users. Binance is a business and they are forced to match the guidelines of a country to create a reasonable deal 
this may be binance applying the strategy to all members on binance for verification. because it seems like the binance incident was hacked to be one of the effects why binance has become stricter and binance wants to detect who the users on binance are
One must not forget here:Binance is not doing this because they are bored. There is - especially in the EU - now a very strict set of rules to which companies must adhere if they want to offer their services in the EU and FIAT can be paid in or out -> thus affects all exchanges with European customers. One of these strict measures is KYC, i.e. no anonymous customers are allowed to be on the exchange.
I predict a lot of outflow from binance and a lot of inflow to other exchanges like Huobi and Kucoin. Binance volume will go down as a result. Not sure about the BNB price, I doubt it will drop but it won't pump like it used to. BSC is quite good - apart from all the DeFi scams and Rug Pulls on this chain!
Yeah, I also think BNB won't be too impacted with this move but I won't blame Binance alone here because it is the persistent pressure from legal authorities to ask for documents and no matter how much Binance avoids and ducks, at some point, they had to give up and seems like they did eventually now.By the way, if a big exchange like Binance has been forced to do something, I don't think users are safe with any centralized exchanges right now. In fact, it's time to spread awareness about decentralized exchanges and withdraw from centralized wallets/exchanges.
this may be binance applying the strategy to all members on binance for verification. because it seems like the binance incident was hacked to be one of the effects why binance has become stricter and binance wants to detect who the users on binance are
what is there requirements for basic verification?
what is the next level of verification after the basic and what is the withdrawal capacity in btc for the higher level of verification?
From what I remember, basic verification is simply achieved by entering your personal details. No verification is needed at that point but that doesn't help your limits at all, at least from what I remember. what is the next level of verification after the basic and what is the withdrawal capacity in btc for the higher level of verification?
They need a selfie live done with a webcam or mobile camera to get you basic verification or intermediate verification which actually gets you higher limits. I can understand all the hate towards this approach from binance but as long as you are not doing anything illegal or evading taxes, you should be fine totally.
I am not supporting binance or this approach but I don't see a massive problem either.
this is obviously killing the anonymous thing Bitcoin and cryptocurrency should stand for.
~
Will BNB take the hit and crash while this is on?
BNB is a centrally controlled shitcoin, it's the opposite of what cryptocurrency stands for. I wouldn't touch it, even better: let it die!~
Will BNB take the hit and crash while this is on?
Edited: thanks for the merits!
Well at least they gave a buffer for those registered users already. Most big accounts that transact close to 1BTC daily would be verified already imo anw. The people who transact well over below that should be in the minority (like myself), though it's still a great number of users. I agree it was a matter of time though, 2BTC daily limit for basic users, most wouldn't even spend half of that for their daily withdrawals, what more 2. I'm still using Binance and from what I see the daily limit shouldn't impose me that much of an issue. At best, it'd force me to do my withdrawals in a span of a couple more days. There's always stable coins to store if you don't want volatility to hit you.
~ Will Binance lose client base now.
Maybe a few users will leave. Binance is already at a stage where most of their users were probably verified. Late/New crypto traders are not the same as the early enthusiasts. They are after the money and not necessarily about privacy/anonymity.I've been using the binance Dapp on Safepal.io mobile app for my trades with no identity verification required. I'm not sure if that will also affect the withdrawal limit but that's something you can also try.
what is there requirements for basic verification?
what is the next level of verification after the basic and what is the withdrawal capacity in btc for the higher level of verification?
what is the next level of verification after the basic and what is the withdrawal capacity in btc for the higher level of verification?
Basic verification is just clicking a link in an email to confirm you own that email address. I think binance also make you add Google authenticator or a phone number before you can withdraw also.
The next step is full identity verification: name, ID, facial recognition.
Beyond that, there is then a more advanced step that requires address verification.
People were complaining before that binance was forcing them to verify their identity even though they haven't reached their withdrawal limit or anything. They were being hit by "suspicious activity" excuse. We all knew this would happen sooner or later. They won't be able to allow users to withdraw large amount without verification due to "the government".
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.
Who cares about this shitcoin?
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.
Do you really believe that BNB is a shitcoin?
As compared to other thousand alts, BNB is much much better as they have existing and active platform.
I believe, a lot will still use because not many users are really using those withdrawal limits.
If you want to stick with basic acct verification, just utilize their daily withdrawal limit.
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