Does Binance need kyc to do any trading? - page 5.

CaVO32

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Quote from: Johnyz on September 29, 2021, 04:27:02 PM

Quote from: tvplus006 on September 29, 2021, 10:42:41 AM

Quote from: Myleschetty on September 28, 2021, 06:41:08 PM

...If you value your privacy make use of the p2p exchange.

A P2P exchange cannot replace trading on Binance. The same applies to decentralized exchanges where we see very large commissions on the Ethereum network. You can use such networks as Matic, Solana, BSC, where the commissions are acceptable, but here we will face the fact that the number of available pairs is too small. I don't see an equivalent replacement for centralized exchanges yet.

In Binance you have to pass the KYC before you use their P2P platform so technically you are also exposed here and you are not anonymous because of this. Binance are requiring a lvl1 KYC now as far as I know, and if you think its not good then look for other option, Kucoin is still not requiring lvl1 kyc, this could be your next best option.

Yes, unverified account in kucoin has still daily withdrawal limit of 5 btc, so maybe, take advantage of this opportunity before they start requiring their traders to undergo this obligatory KYC also. Some binance traders will look for other options especially those who don't want to submit their details. I was ok when Binance reduced the daily withdrawal limit to 0.06 btc for unverified as I am only small trader but when they totally implement full kyc for all users, then, I guess some traders will really look for other exchanges.

Johnyz

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Quote from: tvplus006 on September 29, 2021, 10:42:41 AM

Quote from: Myleschetty on September 28, 2021, 06:41:08 PM

...If you value your privacy make use of the p2p exchange.

A P2P exchange cannot replace trading on Binance. The same applies to decentralized exchanges where we see very large commissions on the Ethereum network. You can use such networks as Matic, Solana, BSC, where the commissions are acceptable, but here we will face the fact that the number of available pairs is too small. I don't see an equivalent replacement for centralized exchanges yet.

In Binance you have to pass the KYC before you use their P2P platform so technically you are also exposed here and you are not anonymous because of this. Binance are requiring a lvl1 KYC now as far as I know, and if you think its not good then look for other option, Kucoin is still not requiring lvl1 kyc, this could be your next best option.

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Quote from: Myleschetty on September 28, 2021, 06:41:08 PM

...If you value your privacy make use of the p2p exchange.

A P2P exchange cannot replace trading on Binance. The same applies to decentralized exchanges where we see very large commissions on the Ethereum network. You can use such networks as Matic, Solana, BSC, where the commissions are acceptable, but here we will face the fact that the number of available pairs is too small. I don't see an equivalent replacement for centralized exchanges yet.

zahed

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Quote from: Issa56 on September 28, 2021, 05:04:31 PM

Seriously binance is now getting very hard to use now before kyc is not really mandatory for every binance members but there is a limit which you can withdraw in a day but now before you can trade any coin you will have to verify your kyc first, which I don't really agree with kyc because you are definitely revealing your identity for people.

If you are not willing to revealing your identity for third party than centralized exchanges is not for you. But this rules of binance they will lost customers to requiring kyc before trading in binance. Their existing users have got more than 1 month to fulfill binance intermediate kyc.

Potato Chips

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No, you need to undergo KYC before you can do anything else in binance.US

Quote from: https://support.binance.us/hc/en-us/articles/360047428353-How-to-Sign-Up-With-Binance-US

Binance.US makes it easy to trade, buy, and sell cryptocurrency—but before you can, you will need to verify your account.

Binance.com is also out of the question as explained by users above. But if you're a US person, you shouldn't be using an exchange that restricts US persons and has a hidden KYC--- this means they can ask you to verify your account at any time.

Issa56

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Quote from: zanezane on September 29, 2021, 02:04:26 AM

Quote from: Issa56 on September 28, 2021, 05:04:31 PM

Seriously binance is now getting very hard to use now before kyc is not really mandatory for every binance members but there is a limit which you can withdraw in a day but now before you can trade any coin you will have to verify your kyc first, which I don't really agree with kyc because you are definitely revealing your identity for people.

It's not, you don't have to fully verify your account, just have the email and phone number confirmed and you're already good to go since the daily limit for withdrawals which is what many look for is around 2 bitcoins.

I think there new rules is you have to be fully verified before you can trade but am not really sure because it has been long I did my verification but I think verification is now mandatory on binance.

zanezane

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Quote from: Issa56 on September 28, 2021, 05:04:31 PM

Seriously binance is now getting very hard to use now before kyc is not really mandatory for every binance members but there is a limit which you can withdraw in a day but now before you can trade any coin you will have to verify your kyc first, which I don't really agree with kyc because you are definitely revealing your identity for people.

It's not, you don't have to fully verify your account, just have the email and phone number confirmed and you're already good to go since the daily limit for withdrawals which is what many look for is around 2 bitcoins.

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Quote from: tranthidung on September 28, 2021, 08:46:00 PM

It is exactly about Binance. Previously if you don't pass KYC, you are allowed to withdraw up to 2 BTC daily. Now, the limit is 0.06 BTC daily.

How about the full implementation of the new TOS about KYC, people that just want to register will have to verify before they can make use of Binance while old users are giving till Oct 19th in a way Binance is pressurizing that users account can be restricted anytime before Oct 19, while restricted accounts will only be able to only withdraw.

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Quote from: BitMaxz on September 28, 2021, 07:01:38 PM

It seems that Binance .com and .us have different policies about KYC. I couldn't find that you can trade on Binance.us with a limit 0.06BTC even on their announcement or blog they didn't mention it.

Binance is smart and they tried to comply with the US. regulation years ago around the trade war between the US. and China. The latest upgrade on KYC of Binance.com is because of massive attacks on Binance in multiple nations.

Quote

I think you heard it from another exchange, not on Binance?

I suggest if you don't want to submit a KYC process go to another exchange like Okex they still not asking for a KYC with a 10BTC limit daily.

It is exactly about Binance. Previously if you don't pass KYC, you are allowed to withdraw up to 2 BTC daily. Now, the limit is 0.06 BTC daily.

cabron

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You might wanna read this thread for more information about what you are asking. Binance has the habit of changing terms at any moment, you'd be updated when you read your emails every time.

I also received an email about updating my KYC information in them. Updated mine anyway even when I don't trade these days because of the market. Binance US may have different terms this time.

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It seems that Binance .com and .us have different policies about KYC. I couldn't find that you can trade on Binance.us with a limit 0.06BTC even on their announcement or blog they didn't mention it.

I think you heard it from another exchange, not on Binance?

I suggest if you don't want to submit a KYC process go to another exchange like Okex they still not asking for a KYC with a 10BTC limit daily.

Oceat

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Quote from: AmoreJaz on September 28, 2021, 05:02:48 PM

Quote from: Oasisman on September 28, 2021, 04:30:48 PM

Quote from: Charles-Tim on September 28, 2021, 04:16:16 PM

Quote from: ?? on ??

I don’t see any reason to remain anonymous on Binance platform, well its your personal choice.

For privacy.

KYC is dangerous than people think, exchange data breach makes it worse.

Yes exactly!
I guess everybody wants privacy when we engage in cryptocurrency, but the anonymity feature has been gradually lost due to regulations.
And though an exchange is trusted and seems safe but still it is susceptible to any kinds of harm from attackers who's intention is to break through and steal the clients data.

I may be against the KYC, but I don't have a choice but to comply because I'm using their platform. Worst thing now is, it is mandatory already.

as already posted above by some users, it is already mandatory to all users in binance. though they are giving enough time for old users to comply. but it means, they still need to verify their identity before fully using the binance services again. but if you don't want to comply, they are giving the users to withdraw their funds up until oct 19. so hopefully, those users will read this announcement and not be surprised when its time for them to do trading or withdrawal after this date (no more 0.06BTC daily withdrawal for unverified). you will also receive their email regarding this change so you should think if it is worth to undergo kyc or not.

I haven't been using their exchange for a while now and it surprised me to read this news on Binance that they are making the KYC as mandatory. As the above said, I still have some 20 days to think whether to submit to their KYC policy or might as well change another exchange. But this decentralization to any exchanges are slowly disappearing I don't know if there will be any exchanges left without requiring KYC to their customers. The government is really pushing it to tag people everywhere.

Myleschetty

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Quote from: Issa56 on September 28, 2021, 05:04:31 PM

Seriously binance is now getting very hard to use now before kyc is not really mandatory for every binance members but there is a limit which you can withdraw in a day but now before you can trade any coin you will have to verify your kyc first, which I don't really agree with kyc because you are definitely revealing your identity for people.

Finance is a centralized exchange to begin with, which means at some point Binance will have to make KYC a must for all their users cause it was a centralized exchange right from the beginning and that's the reason why they have to obey the rules and regulations of the authority.

If you value your privacy make use of the p2p exchange.

livingfree

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I think they've got a different policy with binance.us.

I've looked at their policy and they're saying a 'successful' registration is when you included the KYC part. That's why the .us is requiring kyc for its customers.

Issa56

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Seriously binance is now getting very hard to use now before kyc is not really mandatory for every binance members but there is a limit which you can withdraw in a day but now before you can trade any coin you will have to verify your kyc first, which I don't really agree with kyc because you are definitely revealing your identity for people.

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Quote from: QuickAccount on September 28, 2021, 01:20:11 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?

Thanks in advance!

Yes! you need to complete requirement of KYC before you trade and withdraw funds from Binance ( Please click below given link to know further details in this regard) and I would suggest you to go ahead it is a reliable Exchange and they provide huge opportunities to make profit in various activities on their platform.

https://www.techvisibility.com/2021/08/20/binance-updates-verification-rules-what-you-should-know/

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Quote from: Oasisman on September 28, 2021, 04:30:48 PM

Quote from: Charles-Tim on September 28, 2021, 04:16:16 PM

Quote from: ?? on ??

I don’t see any reason to remain anonymous on Binance platform, well its your personal choice.

For privacy.

KYC is dangerous than people think, exchange data breach makes it worse.

Yes exactly!
I guess everybody wants privacy when we engage in cryptocurrency, but the anonymity feature has been gradually lost due to regulations.
And though an exchange is trusted and seems safe but still it is susceptible to any kinds of harm from attackers who's intention is to break through and steal the clients data.

I may be against the KYC, but I don't have a choice but to comply because I'm using their platform. Worst thing now is, it is mandatory already.

as already posted above by some users, it is already mandatory to all users in binance. though they are giving enough time for old users to comply. but it means, they still need to verify their identity before fully using the binance services again. but if you don't want to comply, they are giving the users to withdraw their funds up until oct 19. so hopefully, those users will read this announcement and not be surprised when its time for them to do trading or withdrawal after this date (no more 0.06BTC daily withdrawal for unverified). you will also receive their email regarding this change so you should think if it is worth to undergo kyc or not.

JeromeTash

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Of course, you need to first under KYC verifications before using their exchange. Do you think SEC and FIN CEN would allow Binance.us to operate without identifying all their users?Nop!
Just read through their terms of service - https://www.binance.us/en/terms-of-use

Oasisman

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Quote from: Charles-Tim on September 28, 2021, 04:16:16 PM

Quote from: ?? on ??

I don’t see any reason to remain anonymous on Binance platform, well its your personal choice.

For privacy.

KYC is dangerous than people think, exchange data breach makes it worse.

Yes exactly!
I guess everybody wants privacy when we engage in cryptocurrency, but the anonymity feature has been gradually lost due to regulations.
And though an exchange is trusted and seems safe but still it is susceptible to any kinds of harm from attackers who's intention is to break through and steal the clients data.

I may be against the KYC, but I don't have a choice but to comply because I'm using their platform. Worst thing now is, it is mandatory already.

DoublerHunter

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^ For Binance.com here is the thread discussion about their KYC compliance.
https://bitcointalksearch.org/topic/binance-introduces-kyc-for-all-users-5355551.
I think if anyone is not sure just simply go to their TOS and read it carefully, it has now changed because the new KYC was implemented, you cant do trading and withdrawal if there is no basic KYC for the level one account, probably it needs at least level one.

Topic: Does Binance need kyc to do any trading? - page 5. (Read 571 times)