Topic: Binance squeezes users on verification (Read 740 times)

Leaving no choice would really be ending up on dealing with KYC even it is really against out interest and personal views because we've dealing with crypto then we do really expect too much that things
wouldn't really change up but it seems we are really heading there.

Its true that smaller or non popular exchange didn't really able to reach by the government for now but once those platforms do make out some noise then they would really
be next on line.

So prepared for that inevitable thing unless if DEX would really be that relevant.

That's the reality, they are after the tax evaders and the Anti Money Laundering council are working to monitor transactions that are used for illegal purposes and they will not allow exchanges to be used for money laundering, so regulation is really inevitable. No choice for us, we comply or we will not avail the service, and if decentralization is really the key for exchanges, then we should still have the popular DEX in the past, and even Binance DEX is not a success IMO.

Although we can avoid KYC by switching to another exchange, it will not be permanent. It's just that the government hasn't reached out to the smaller exchanges which they will in turn experience what Binance has.

Sometimes I think that one day we will give up out of necessity and there is no chance left to evade regulation, traders need a central exchange for some reason. Choose the best exchange based on personal experience, then apply KYC.

Sounds pitiful.

They can and will ask for KYC anyway why make giveaways? The only reason that makes sense is they are losing customers and trying to do damage control. If a person has no interest in doing KYC they will have to give a lot more than lottery tickets.

This is the same thing the vaccine worshipers  did to the Polish people.

https://notesfrompoland.com/2021/06/25/poland-launches-lottery-offering-millions-in-prizes-for-people-vaccinated-against-covid/

They're giving users a small chance (much worse than 1:100) to win $20. The owner is a billionaire who charges even more than $20 to withdraw Bitcoin. This "giveaway" is pathetic!

Thanks for bringing it here. Hope some new user will submit there KYC document now.
I am an Existing verified Binance accounts owner. I have no problem with KYC. I believe in Binance, I feel safe there. Although there is some hacked happened. But SAFU makes me safer now. So why still using Binance. Still, everything is fine. If really you want to stay anonymous then try to use Decentralized exchange.

Latest Binance's offer to immediately verify your account, may not be available after KYC is strictly required.
$2k giveaway, anyone interested?

I don't think this is a form of squeeze, just pleading not to leave.

Governments can't win from crypto, it's the big money that's winning from crypto. Binance or any other exchange could just as well stay off the grid, but they couldn't possibly become this big. So in order to grow and get richer, they'll have to follow regulation at some point. Binance isn't the first and won't be the last.
But new exchanges are created all the time, some of them completely anonymous. The big problem is trusting them.

Bingo.

As I said before, this is the moment when Binance becomes a bank and it will be the final destination for the other exchanges too. The government forces the exchanges to ask for KYC and exchanges have no other choice because their biggest partner is the government. In other words, the governments won against crypto, already.

Because they can never verify their account since they are minors, however, if they are really earning money, they can always ask someone to get the KYC verification from them, probably their parents or their older brother or sister, there are many ways actually if one is still willing to trade with the exchange.

Some exchanges may not require KYC, but the risk would be too high of getting scammed especially if they don't have a good reputation.

Binance's verification deadline passed, so my 2 BTC withdrawal limit should have been reduced to 0.06 BTC by now. However, the site still shows the full 2 BTC as daily limit.

When I withdrew a small amount, I got this popup:

I've never seen this before, and although it looks scary, my withdrawal was processed instantly.

And besides, KYC is not new to us, most of us are already aware of this and many had already complied with this to some legit exchanges( including me). With the decision of Binance I've never seen any wrong about this instead, they are helping us on how to protect our account and funds. As this was the intent for the security, I certainly have to follow and submit, not unless if the site was suspicious.

I foresee this KYC will become mandatory not only for Binance but this will happens across all exchanges in the future.

there are actually advantages and disadvantages to binance pressing on verification to all users. but back again to the feeling of the user. whether they can go with the flow that is run by binance or not. otherwise many child users will move to other exchanges

Being anonymous comes with great risk as well, that's why I agree with you that KYC verification is very important to protect your account. When your account is verified, that means you are legally using the exchange with your identity and even another 3rd party can help you in case the time will come that the exchange will face a problem and the 3rd party or regulators will take over.

Exchanges today is like banks.

As it is really important too because that will give you benefits too, for example when you're getting to your account from different IP addresses, the framework will regard it as “suspicious” and will briefly suspend withdrawals from your account to secure your resources.

On the otherside theres a good reason for Binance user verification. It will keep the Binance crypto community clean from fraud. There are so much fraud. People are using Binance for their illegal activity such as money laundering, P2P scamming, and more.

@tippytoes, no doubt about Binance being a strong platform and offering SAFU but they are not the only crypto exchange platform that has all these peculiarities, and what we're talking about here is what major of crypto community users want. Meanwhile, Coinbase also did something back then and lost its customer base.
@carlfebz2, it depends on people's personal decision on the unverified account withdrawal limit decrease but if we consider 1BTC is 1BTC a lot of people won't find the new withdrawal limit for unverified accounts large.

Losing users completely is nearly impossible specially to those old users but when strict KYC procedure or requirement had been asked out even for basic users then those numbers will surely drop to the floor.

For now that limit is still considerable because the price of bitcoin is still high and not all users would actively be withdrawing such amount on daily basis.

Just like on what others been expecting that i wont be surprised if they would go full kyc in near future as regulation becomes more stricter.

They have strong platform so I also don't think they will lose their customer base. Their offering of SAFU alone will give their traders peace of mind when it comes to their funds especially those who are staking or putting their money in locked/flexible savings. I don't think a lot of people can maximize their daily withdrawal limit, if in case they don't want to complete their KYC. But if you really a big timer, their KYC approval is relatively fast than other trading platforms.

It just likes the saying "Not your node, not your rule". Binance is more like a Centralized exchange right from the beginning but the recent requests form from different country's regulations authorities are what causes their decrease in the withdrawal limit of non-verified accounts so they also don't have any choice.
The upgraded verification message was sent to all Binance members who are yet to verify her account and I don't see any reason why it will make Binance lose its fan base.

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.

Its the only way that they could do such move when trying to control into something specially to those users who are involved in crypto.If they cant do it directly then they would surely be pointing or focusing into those platforms which can easily be regulated and impose rules and regulations that they like.

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.

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.

Sooner this privacy has become nothing. The government is making its way to control the crypto market, in fact, some countries are already imposing a KYC system. Now, if they are working in all crypto exchanges (that includes decentralized exchanges), then we can say that we closely losing our privacy in the coming days. Do we have another choice to retain our privacy? That becomes a problem once it was strictly implemented and there is no way we can hide our identity.

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.

That limit for unverified accounts would be sufficient for sure on most traders or users of this platform and its no surprise that regulation would really be more even strictier which would really squeeze out those
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.

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!

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.

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.

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.

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.

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.

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.

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.

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)

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.

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.

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.

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.

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.

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.

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.

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.


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.

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 day
which 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.

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.

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.

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.

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

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.

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

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.

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.

Well, I wouldn't get to the point of wanting BNB to be dead like a certain Bitcoinconnect coin and other worthless ones. For one, the popularity of the Binance smart chain (BSC) which woke ETH from its slumbers and gave it a run for its money rests on the workings of the Binance token (BNB) itself. I suspected the news would shake the token a bit. I quickly sold my BNB hodling yesterday, waiting for a dip. Though the news hasn't done any damage yet. I'm still waiting for that imminent fall before a rise.

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.

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.

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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.

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.

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.

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".
Who cares about this shitcoin?

I'm an old user but didn't verify my account yet. I don't know if I'm counted because it states that only new users are affected if not verified. However, I do have plans to get fully verified by completing my KYC. As Binance is on the hot seat where countries like UK are doing a crackdown in their exchange. I think they are taking necessary steps slowly so that they would renegotiate with UK to reconsider them to operate in their country.

We have no choice but to comply if we want to increase our withdrawal limits.

I think trust is a very personal thing, once a new exchange starts picking up heat, users automatically get a sense of trust from an exchange, also I have seen most price manipulations and trading freezes from Binance as compared to any other exchange, even at the time of crash a couple of months bank, when BTC toppled from 38k to 29k, Binance was an exchange which was closed for a longer time as compared to other exchanges. One thing Binance is pretty good at is their marketing and inorganic expansions which have been a major pillar in their growth. If you see back in 2018, Bittrex was the most prominent platform, later most of the traders shifted to Binance due to better coins and larger withdrawal limit. Bittrex didn't do anything wrong or scammy but still couldn't catch up with the pace of Binance. But yes you are right up to some extent, as a not a lot of people switch easily until the whales will switch to any other exchange.

I've been using the savings feature with some of my funds - until recently. I did get an email but it wasn't for that low (although I have only done email verification and 2fa). I think they've looked at the amounts I've withdrawn in the past and assumed they could take the risk and set it a bit higher.

There might be some people a bit more resistant to kyc too, I know most of the crypto exchanges do it a lot more rigerously than stock exchanges but less than banks - it's a bit disapointing they can't end up on par with stock exchanges by just doing address verification.

You're right, it's really bad when crypto exchange platforms like Binance start requiring KYC to trade large amounts of money. That is why, although I am registered on Binance, I do not use this exchange. As for the negative impact on BNB, then Binance insured itself and created the DEX platform. So the outflow of clients can be expected, but I think not a fall in the price of BNB. But in any case, the more restrictions CEX exchanges put, the more people will look for alternatives.

It is not a surprise at all. A few years ago there was a rumor that they wouldn't even allow unverified accounts to trade anymore. They didn't go that far but they stopped allowing people from the US. We have seen more pressure against Binance in the UK and in the US recently so it was just a matter of time before they started taking stricter measures.

This is definitely a frustrating announcement for those users who are always aware of their anonymity and try to keep their personal information secure. Due to this new rule, those users who trade with a decent amount will suffer a lot. They will now try to find an alternative to binance. And for those who trade with small amount of funds, this withdrawal limit should not be a problem. Binance is trying to ensure that they comply with the rules and regulations of those countries in order to provide their services in all countries. So now it's time to think about why Dex should be given priority in the crypto community.

Cryptocurrency is getting regulated by the day especially by exchanges like binance. Limiting of withdrawal from 2btc to 0.06btc daily for unverified accounts beyond base accoun verification is not such a good one. This is simply asking for KYC from binance and definitely is going to push investors who believe in total anonymity of the decentralised system.

I'm surprised this surprises people! If anything, I'm surprised it took this long. 2BTC is a lot of money at current prices, and even at 0.06BTC per day it's possible to exchange $800,000 per year unverified (plus $8000 per year in Bitcoin withdrawal fees)! That's a lot of money, and that's still only per account. Since it's unverified, it shouldn't be too hard to create a few more.
Authorities are cracking down on exchanges. I'm pretty sure Binance couldn't care less who you are, as long as they earn from you. But to be able to continue their services in many countries, they'll have to follow regulations. And again: $2000 or more per day is a lot of money to exchange anonymously!

For most people, $2500 is a lot of money, and I don't know many who exchange those amounts daily. My reason to use Binance was the good reviews I've seen, while many other exchanges have reports of (selective) scamming or other problems.
As an alternative, there are many anonymous instant exchanges, but I wouldn't trust them with a substantial amount.

To even think that Binance had maintained a steady withdrawal fee of 0.00057BTC over the years for its Bitcoin withdrawal no matter what amount anyone is withdrawing is, for me, very ridiculous. In the current market price that amount is $22.84. It doesn't matter to CZ if one is even withdrawing less than $10 worth of Bitcoin.

I haven't done any advanced verification, because the reasons for anonymity are strong for me. Although indirectly it is clear for the sake of maintaining much more secure security. Honestly, not all users will. What's more, those who are still trading below the 1 BTC range (including me who only traders can). That doesn't seem too mandatory for me to follow up to the next level of KYC.
Maybe if in the future for urgent reasons and indeed reach the withdrawal limit above 1, 2, or 3 BTC, I am certainly willing to do it all.

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!

Governments all over the world have been pressing binance to put more strict KYC policies in place and it seems they have finally succeeded as binance is obviously giving up, will this affect binance and the binance coin? Of course it will, there are many people that are not going to accept this, so if you can get your coins out of the exchange as soon as possible, but do not worry binance competitors will see this and take advantage of it and will eventually gain a reputation similar to the one binance has right now, or you know you could always move to decentralized exchanges.

It was not a surprise at all. It was clearly all about "when" never about "if" this is going to happen.
At first I thought that it's getting into effect immediately, but no, they were nice and gave about one week of notice. And frankly, whoever keeps more than 14 BTC on an exchange and doesn't expect to need KYC sooner or later is kind of "asking for it".

This is a really bad news. The USP of Binance was 2 btc withdrawal limit. From the very start people started to move onto Binance only because of their enhanced withdrawal limit. A big drawdown from 2 BTC to 0.06 BTC which isn't even 2500$ based on current rates. Kucoin is a similar exchange based on lines of Binance, it still has 2 BTC limit therefore a lot of users will definitely shift towards this exchange. I don't know if there are regulatory concerns or what from the side of Binance that they thought of this.

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?



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