Does Binance need kyc to do any trading? - page 3.

TheGreatPython

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Quote from: QuickAccount on September 28, 2021, 02:20:11 PM

Hey guys! I got a quick question. I have heard that on binance, you dont need to submit a KYC as long as youre not trading over 0.06 btc a day. Is this true with Binance.us?

It has been a long time since I last used binance.com exchange, because I switched to making use of peer to peer exchange. But, when I was making use of the Binance.com exchange what you said is right about them: for you to trade on their platform you have to submit some information about yourself(that’s KYC) before you can start reading or else your trading will be limited to an extent.

But, I saw a news as of recent that that is no longer how it functions now, that for a new users you have to submit full KYC, which is every information about yourself, before you can start trading with them, and the news also said that they will as well be asking old users to submit their full KYC before they can continue their trade on the platform.

Oneandpure

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New rule from Binance need to pass KYC if want to trade there and before we can trade and withdraw under 2 btc every day without pass KYC, maybe the KYC system to protect from banned country not allowed using cryptocurrency like China, better this way because China every time make bad news about bitcoin, now Binance not allowed for China member using Binance exchange.

boyptc

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Quote from: sumant on October 07, 2021, 05:02:36 AM

We make binance account earlier 2017 when there is no need of kyc. 2BTC of amount was withdrawbale but for more then this you need kyc. Now at present time binance new rules for everyone who is new or old customer must complete kyc. I think this is good rule where money involved and in trading exist. So everyone should follow the rules to make trading easier.

Usually, a new exchange that's trying to gain the trust of people will give all the favor.

They won't be allowing KYC and it's normal when you see that for starting exchanges but as they grow, they've been stomped by government regulations and they have to adjust as well.

TinaK

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Quote from: sumant on October 07, 2021, 05:02:36 AM

We make binance account earlier 2017 when there is no need of kyc. 2BTC of amount was withdrawbale but for more then this you need kyc. Now at present time binance new rules for everyone who is new or old customer must complete kyc. I think this is good rule where money involved and in trading exist. So everyone should follow the rules to make trading easier.

I think this decision wasn't made by them. It is because they are regulated and they need to implement this to have pushed their regulation.
In order to follow rules and regulations and continue your business license, you should follow those legalization protocols that should be effectively be implemented and it might this will be the reason why Binance had to reduce the number of traders there because this, a lot of traders transfer into other exchange.

South Park

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Quote from: Oneandpure on October 04, 2021, 11:19:33 AM

Quote from: ?? on ??

Quote from: goldkingcoiner on October 04, 2021, 10:17:47 AM

As far as new accounts go, you definitely need to hand in your KYC documents if you want to trade and as far as old accounts are concerned, you currently are free to trade and withdraw with a daily limit of 0.06 BTC. Not sure about deposit limits though.... I think that will change after October 10th. Everyone will be forced to KYC.

How come I was still able to buy in Spot Trading when I have my name labeled as unverified yet? I only have Binance because that's where I send my SLP to and convert it in there, I don't think that you will be forced to, they don't even notify you to get verified so I don't think that they're forcing people.

He was wrong, without KYC available to trade and can withdraw just have limit under 2 btc can withdraw, why he gave fake news about binance need to KYC, I use for long time without KYC can trade and sell coin there, withdraw limit under 2 btc every day but if you pass KYC with upload document and take selfie you can increase withdraw limit above 100 btc on every day.

I do not trade at Binance but this is not FUD or fake news, binance is changing their policies and it will force in the future for traders to go through KYC, what you are stating is the way things were and traders were really happy with that arrangement, however binance now wants to comply more closely with what the governments want and for that they need to force KYC on their customers, I do not know when that will happen as it does not affect me directly but it is coming so be careful.

sumant

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We make binance account earlier 2017 when there is no need of kyc. 2BTC of amount was withdrawbale but for more then this you need kyc. Now at present time binance new rules for everyone who is new or old customer must complete kyc. I think this is good rule where money involved and in trading exist. So everyone should follow the rules to make trading easier.

Mahanton

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Quote from: livingfree on October 05, 2021, 04:31:06 PM

Quote from: RokokGudangGaram on October 05, 2021, 10:34:50 AM

I think you can trade without KYC but I think they also have new terms and condition on where you will need to do KYC before you can withdraw your funds out their website but depositing and trading doesn't require your to pass KYC so I think you can trade without it but still I recommend you should pass KYC not just because it is required but for the safety of your account.

It is possible to trade without KYC before the announcement.

But now, everyone has to submit their KYC for you to keep trading there. If you don't then you're only allowed to withdraw your funds.

That's their new policy.

If you dont like the new policy or towards KYC then you could just simply leave or avoid as simple as that.There are lots of whines and complaints about such changes without even realizing or thinking that we
would really be heading on this situation sooner or later because government isnt really that blind and take a look on how big Binance on the current state.They are centralized and its just normal that they would
need to comply or follow up orders that been mandated if they would like to continue their business and no doubt that users would be mainly affected but well we do have our own choice to make.

lalabotax

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Yes, this is a new regulation on Binance. Moreover, if we are new to registration, we must do and verify the KYC process. If we are old members, we also need to verify KYC because if not, we can only do withdraw.
It is new for Binance and many people don't agree with this. But rule must be obeyed and we cannot doa anything if we want to still use Binance services.
See the official Binance announcement.

livingfree

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Quote from: RokokGudangGaram on October 05, 2021, 10:34:50 AM

I think you can trade without KYC but I think they also have new terms and condition on where you will need to do KYC before you can withdraw your funds out their website but depositing and trading doesn't require your to pass KYC so I think you can trade without it but still I recommend you should pass KYC not just because it is required but for the safety of your account.

It is possible to trade without KYC before the announcement.

But now, everyone has to submit their KYC for you to keep trading there. If you don't then you're only allowed to withdraw your funds.

That's their new policy.

goldkingcoiner

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Quote from: Oneandpure on October 04, 2021, 11:19:33 AM

Quote from: ?? on ??

Quote from: goldkingcoiner on October 04, 2021, 10:17:47 AM

As far as new accounts go, you definitely need to hand in your KYC documents if you want to trade and as far as old accounts are concerned, you currently are free to trade and withdraw with a daily limit of 0.06 BTC. Not sure about deposit limits though.... I think that will change after October 10th. Everyone will be forced to KYC.

How come I was still able to buy in Spot Trading when I have my name labeled as unverified yet? I only have Binance because that's where I send my SLP to and convert it in there, I don't think that you will be forced to, they don't even notify you to get verified so I don't think that they're forcing people.

He was wrong, without KYC available to trade and can withdraw just have limit under 2 btc can withdraw, why he gave fake news about binance need to KYC, I use for long time without KYC can trade and sell coin there, withdraw limit under 2 btc every day but if you pass KYC with upload document and take selfie you can increase withdraw limit above 100 btc on every day.

I might be wrong and binance may have not yet set into motion all the regulations that they announced. I was just reporting what Binance announced to their userbase. Just because they haven't yet set things into motion doesn't mean things will stay as they are... Roll Eyes

DarkDays

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Quote from: Ziskinberg on October 02, 2021, 04:14:52 PM

Quote from: Dragonfund on October 02, 2021, 03:56:53 PM

Quote from: jackg on September 28, 2021, 02:23:50 PM

Not sure about binance US but I've heard there's a policy of new accounts needing kyc before you can trade with them now?

Binance has been made mandatory for all the traders and you wouldn't even see Wallet Address deposit like it use to be in the past, to trade you must undergo an intermediate due to the new regulation.

Binance has to comply to survive if not they would loose every customer they work for so far from 2018 and it's as if all countries were doing it on purpose by sending Binance away from their space, they had to bend the rule of decentralization with minimum withdrawal of 2 btc to intermediate kyc, don't blame them but the country who were kin on anti money laundering scheme.

The days of decentralization is gone, exchanges are regulated so they should abide by the rules for them to continue operating, even their so-called DEX is not fully decentralized at all, so what could we expect on their centralized exchange, of course, it should not be different from the others.

Yes, the recent crack down on Binance by local governments has really been felt by many users. Decentralized trading (on these large exchanges) is far from what before used to be the norm.

Today, you need to KYC directly to even open an account unlike before where users had the choice. Unfortunately, it is a slow-balling change that I think will become more and more apparent day by day.

RokokGudangGaram

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I think you can trade without KYC but I think they also have new terms and condition on where you will need to do KYC before you can withdraw your funds out their website but depositing and trading doesn't require your to pass KYC so I think you can trade without it but still I recommend you should pass KYC not just because it is required but for the safety of your account.

Oneandpure

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Quote from: ?? on ??

Quote from: goldkingcoiner on October 04, 2021, 10:17:47 AM

As far as new accounts go, you definitely need to hand in your KYC documents if you want to trade and as far as old accounts are concerned, you currently are free to trade and withdraw with a daily limit of 0.06 BTC. Not sure about deposit limits though.... I think that will change after October 10th. Everyone will be forced to KYC.

How come I was still able to buy in Spot Trading when I have my name labeled as unverified yet? I only have Binance because that's where I send my SLP to and convert it in there, I don't think that you will be forced to, they don't even notify you to get verified so I don't think that they're forcing people.

He was wrong, without KYC available to trade and can withdraw just have limit under 2 btc can withdraw, why he gave fake news about binance need to KYC, I use for long time without KYC can trade and sell coin there, withdraw limit under 2 btc every day but if you pass KYC with upload document and take selfie you can increase withdraw limit above 100 btc on every day.

goldkingcoiner

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As far as new accounts go, you definitely need to hand in your KYC documents if you want to trade and as far as old accounts are concerned, you currently are free to trade and withdraw with a daily limit of 0.06 BTC. Not sure about deposit limits though.... I think that will change after October 10th. Everyone will be forced to KYC.

fullhdpixel

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Quote from: QuickAccount on September 28, 2021, 02:20:11 PM

I have heard that on binance, you dont need to submit a KYC as long as youre not trading over 0.06 btc a day. Is this true with Binance.us?

I would say that there are swaps now that you do not require to give any KYC at all if only thing you want to do is trading. Yes the depositing part and withdrawing part still is a big challenge, finding a place without KYC is hard and I have my KYC both in binance and also in 3 of my local exchanges (moved to better ones each time) and that is why I can't say that I am "against" KYC while having my KYC in 4 different places.

However I did that because I was forced to, they requested it before I can do any withdrawal and because of that I gave them my information, I rather not do that if I had the chance but I didn't have that option. So, which means I am fine with KYC when I am forced to when it is from an exchange (still don't do it for casinos) but I also believe that if it wasn't asked at all that would have been even better.

so98nn

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Quote from: jackg on September 28, 2021, 02:23:50 PM

Not sure about binance US but I've heard there's a policy of new accounts needing kyc before you can trade with them now?

That’s very scary answer if you know nothing about the binance. Well binance is huge company now and they have set up different rules and regulations as per the country they are operating in.

Binance knows their way into diffent countries and undertaking all the revaluations in accordance with those government. For example, just now I came to know that Binance is going out of the market from Singapore considering that Singapore government is not in favour of crypto currency. On the contrary they are very very strong in the country like India or some Europe region where the restrictions are somewhat in accordance with the government regulations. So binance can be declared as multi national exchanger with different rules and revaluations in terms of KYC. Better get in touch with the respective binance customer support.

iv4n

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Quote from: Cling18 on October 03, 2021, 02:07:59 PM

I'm an old user and I received a notice of verification request last time which I have complied with since that's their requirement. However, I don't doubt submitting my personal details to them since they have been trusted for years. They're providing a good service so I'm sure that they're also requiring us to comply with their KYC for our own protection as well.

I got the same mail, but I didn't verify myself and I still trade! When it comes to the point I need to verify in order to trade or stake I will probably move to some other exchange... Binance and all features there are great, but I will support the places that are not asking for KYC!
Binance is definitely great, but as it looks like they are going to have a mandatory KYC in the future, at least it's what I think will happen, it's just a question of time. But luckily there are other places that are good for us amateurs!

Cling18

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I'm an old user and I received a notice of verification request last time which I have complied with since that's their requirement. However, I don't doubt submitting my personal details to them since they have been trusted for years. They're providing a good service so I'm sure that they're also requiring us to comply with their KYC for our own protection as well.

Cornia

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In order to trade for a new account, at least intermediate verification is required. And the old unverified account can only withdraw their coins from Binance. However, intermediate verification is required to trade for old account.

South Park

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Don’t fill up any KYC if you don’t want to, beside Binance is a great exchange and you can enjoy their features by filling up the KYC so I don’t see any reason to remain anonymous on Binance platform, well its your personal choice.

Privacy is an important part of our lives and we have a right to it no matter how much the government, private business like Facebook or even our peers pressure us to give it up, retaining a high level of privacy is necessary in this day and age precisely because governments and private companies are interested in using every single bit of information about you to try monetize you or to keep you monitored.

Topic: Does Binance need kyc to do any trading? - page 3. (Read 571 times)