Bitcoin Forum

ㅤ

I've found this ^^ already posted and may be easier to read  ;)
Not a good news, but it's by far not a shock; we knew that this will be coming rather soon, didn't we?

- White & Case class action lawsuit: International traders blame Binance for $20 million loss (https://scambinance.com/latest-news/196-white-amp-case-class-action-lawsuit-international-traders-blame-binance-for-20-million-loss.html)

We warned you. Get off the stock exchange.

Oh what kind a circus this is, I think that 0.06 BTC daily withdrawal limit on Binance lasted only one week after they reduced it from 2 BTC.
However, I checked my old account that I don't use anymore and I still don't have any of those new limitations, and it is still showing me old withdrawal limit, maybe it needs time to be applied to all users.
There is currently class action lawsuit against Binance so that could be one of the reasons they are doing this.

Indeed, the date can change, and meanwhile technical problems (real or not) can happen.
But Binance was fair in this kind of matters until now (unlike all the other exchanges), so let's not just freak out  ;)

Doing all the needed tasks earlier is advised and healthy, but rushing them is also unadvised (real technical problems can also be triggered if big number of users freak out).

Well, ive been expecting this too and thats way too fast.  :D

This is what would happen if government would really be that strict on any platforms or services out there.If they wont deal up or wont follow then its say goodbye to their business.
Owner itself wont really be dumb on just exchanging his business into some changes even though its really a hard one.

Sorry for those who do hate KYC but now they dont have any choice neither to deal with it or would jump into another one.

What about their whole P2P saga (https://p2p.binance.com/en)

Site is blocked for me but I remember that this was supposed to become a thing undistinguishable from the "normal" binance, no? And not like current P2P exchanges where you have to manually take, but rather functioning like their normal trading engine, no?

---

I think this marks the end of the golden age of binance, though unlike Poloniex they seem very proactive about the whole situation. I actually doubt they will lose that many customers apart from some XMR swappers. People are already very accustomed to KYC anyway. Much more than they were when Bittrex and Poloniex went nuts anyway

When was this 0.06 limit? I've withdrawn more than that within a day over several accounts created this year in the last month or so. Never noticed it.. huh.

Now they became more like a bank than a crypto exchange.

As far as I know it is impossible to get an anonymous bank account. You'll always have to provide your ID and maybe some other documents.

Now Binance is no different.

BinanceBank.

And we thought crypto was going to kill the banks.

Same here. My account still has the "old" daily withdrawal limitation of 2BTC and no e-mail or notice for getting the full KYC procedure. It seems that they will integrate the changes country by country and not region by region. Seems though a bit odd to act like this...


They tried to avoid it but the margins are narrowing day by day for them and with this lawsuit against them, there is no other way but to follow and comply.

---

If he wanted to dump his business, he would do it by now. Since he decided to keep it, then he must comply, and that is what he does.
Indeed for us there is no other choise(?) but to do the same if we want to trade/ deal without restrictions.

I'm going to guess what will happen next: They'll lower the limit for the intermediate verified users ^{[probably in a month or two]}, so they would be forced to go through the advance verification process!

Exactly:

• Quote from: https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca
  Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.

---

They could've avoided "some of it" if they didn't choose to "completely" ignore their warnings in the first place.

The emails started rolling out just 4 weeks ago. My unverified account had until yesterday (19 Aug) until its limit was decreased.

You still don't need to do KYC or open any centralized account to hold BTC or most crypto, all of that is unrelated. It was always an utopian idea to expect the centralized exchanges to be able to keep doing whatever they wanted without getting hunted by the regulators. The more crypto grows, the more rules will be enforced by the governments.

It was announced about a month ago, and it was supposed to take place between the 04th of august and the 23rd (for existing users). Some users also got the limits lowered to 0.05 BTC instead of 0.06 BTC around April or May.

I wasn't expecting it to happen so quickly but it looks like it did, I'll check my account now to see the status of the new restrictions.
I checked my account and I withdrew the rest of the money, I had about 1% of my total in the past, I withdrew it and kept less than 1k.
Personally, I see that they will do more restricting the account to reach full identity verification.

Up to this point my old limits 0.05 BTC and all services still working fine.

Maybe, but I doubt it.  One class action lawsuit probably wouldn't cause a global company like Binance to drastically change its policies like this, even if they were getting pressure from one or more countries' regulators.  I have a feeling that this has been in the works for a while, and I'm not surprised that they've made these changes whatsoever.

The good thing is that they're allowing existing customers to make their own decision as to whether to comply with the KYC requirement and allowing them to withdraw their funds without having to go through the KYC process.  I don't remember the names of the other exchanges that didn't go about it this way, i.e., they locked up customer funds pending KYC verification, but I think there were a number of them.  So props to Binance for that at least.  

And I'm sure they're not doing this because they want to.  They're doing this because either they're being forced to, or they can see the writing on the wall as far as regulation goes and want to get ahead of things in order to stay in business.

Try to see it from their point of view.  They can either comply with regulators--who are all going to require KYC from businesses that deal with money--or they can operate outside the law and eventually go out of business altogether.  What would you have them do?

Believe me, I don't like KYC requirements any more than you do and I wouldn't use Binance even if I could (I'm in a restricted state).  But all centralized exchanges are moving toward becoming compliant with government regulations, whether we like it or not.

Probably it will slowly die a forgotten death, they are taking actions on every currency, removing pairs, removing funding options, then shut it down completely for everyone. The authorities have started to get pissed at CZ's excuse for being global, not needing licenses all that bs, he will have to comply, and the way Binance is accepting every kick in the ass and thanking authorities makes me think he has received some serious warnings.


Yeah right. With 300k transactions, a day which half of them are probably the results of people wiring money or paying with CC cards for their bitcoin purchases the killing was more of a story of banks making millions in fees from all that fiat moving around. But probably the ones laughing the most are Visa and Mastercard when looking at the fees they get from crypto cards..

As for the main story, who didn't see this coming? Well, maybe not this fast but it was clear it will happen. And the rest will take notice, so if you think of moving your coins to an exchange that currently doesn't require KYC, do it with small amounts...I have a feeling every exchange had an urgent meeting after the news broke out, grabbing some extra popcorn for the weekend and Monday morning!!!

I like how so many people are surprised like "Oh my god how could binance do this 1!1!1!1!!1111"

Well, didn't we see this happen in 2017-2018 when the best exchanges at the time(bittrex and Poloniex) made KYC compulsory and then became the most shittiest exchanges? Back then, Binance took the opportunity and exploded in popularity. Question is, will there be a binance v2(say FTX for example) take over the spotlight from binance.

Binance is still a very good exchange at what all services they offer and many people are actually now willing to give in their KYC because of it in contrast to before where the fight for anti-kyc was still dominant enough. I want to see a new exchange boom up to the top, and if they are trying to be compliant at least do it properly. Stop pulling an OnlyFans^[1] in the crypto scene.

---

^[1] Reference: Onlyfans allowed users on their platform to post sexually explicit content and thats only reason they blew up and when they wanted to become more legit they banned sexually explicit content to attract banks and centralized corporateshits. Fun fact: This ban happened 2 days ago.

Wow! Things escalated rather quickly. From 2 BTC daily limit for unverified users down to just 3% of it at 0.06 BTC all of a sudden, with others even complaining that theirs is 0.05 BTC. From basic verification to intermediate verification compulsory for every single user. It seems Binance is not just complying with government regulations; they are going the extra mile for them.


There's probably not much difference as far as Binance P2P is concerned. In the first place, KYC was already mandatory even before for every Binance user to get access to their P2P platform.

What other choice they got?

What choice did Changelly have?

Companies don't have any other choice than complying with the government rules. Warren Buffett explains this very well.

He says there are 3 types of shareholders in Berkshire.

"Holders of the A shares , holders of the B shares and  the AA shareholders.

AA shares are not public. They are owned by the government."

These AA shares are what every company in the world issues without knowing. The government is any company's biggest partner. They own 30 to 50% percent of your annual income.

Binance isn't an exception.

And the latest news I've read, Binance is kind of having a hard time finding a government partner which sounds like a good thing but it is not, because a company cannot survive without a government. It is a symbiotic relationship.

I am not sure which government requires them to decrease the daily withdrawal limit from as high as 2BTC to just a mere 0.06BTC. In my mind, this is just Binance trying to please the powerful regulators in order to keep their business operations in whichever jurisdiction afloat.

I fully agree that there should be a symbiotic relationship between governments and private enterprises. I guess that's the healthy way of doing business. However, there's a lot of conflict and probably unwanted compromises, too, when it comes to certain aspects such as, in this case, privacy.

My point is:

Could they say "no" to the governments if they were the ones that asked binance to lower their withdrawal limits? No. Impossible.

The government can and ask whatever they want from them. If the company don't like the government, they can switch countries.

However, what happens if no government like binance? Then they'll become a company without a partner which means they cannot survive.

What happened to the 0.06 BTC limit exactly, is it canceled since KYC will become mandatory on October? They were supposed to apply it to my account on the 17th of the month but I can still withdraw up to 2 BTC per day.

I'm well aware of that date, however, I have received an email on the 14th of the month saying that the restrictions will apply automatically on the 17th but nothing has happened so I doubt they would do it tomorrow.

Sneaky behavior from Binance and it looks like they performed some acting performance or stunt for general public and twitter.
Most of the people I know still have same old withdrawal limits and they are clearly not following their own rules that are changing all the time.
I still didn't receive any mail about this changes, and we are way passed UTC time 2021-08-23 00:00 AM and once again they showed that people shouldn't trust them.

Lmao, surprise surprise.

Looks like the golden days of Binance are now over and people are simply going to move over to a better exchange that doesn't force them to take KYC now. CZ's probably going to try to minimise damage by stepping down too.

This was obviously an inevitability that any sane person would have seen coming from a mile away. Although the search for alternatives would be interesting - all dominant players in the marketplace right now are regulated and require KYC, and those who don't are simply way too shady.

it is not the end of October, but it's 19.October. 10+ days less.
Also, if I understand correctly, everyone can withdraw money from there, even without KYC. but unverified accounts are limited to withdrawals and closing trading positions only.


https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

Nothing new or special for the regular binance users. If you are using binance for a long time, you must have participated in IEO's and P2P dealing. For all this , we need to have KYC and most of the people accounts may already have been KYC approved. I don't think it will create much panic expect for the few who will never want KYC ever.

Most of these exchanges are either scammers or plain suck. All but Kucoin.

I've been using Kucoin but binance going down like this made me nervous because every other guy that don't  want to do KYC will come to Kucoin now and sooner or later Kucoin will have to make KYC mandatory like Binance.

Binance's attemps to avoid strict regulation says it's not only a few, like moving from one country to another, branching out strict places like US and most recently, trying the .06BTC band-aid solution.

In addition, I don't think IEO which hype only lasted for a short period of time and is now in a vegetative state hold such power.

P2P's 24H ATH trading volume as of January 2021 was only 54M USD and spot's has like billions (assuming reported numbers are close to accurate at least)

Today I receive an e-mail from Binance informing me that I have to pass "Intermediate Verification", in order to have complete access to all the Binance services.
If I did it in the next 2 weeks, they will credit me a $5 voucher that can be used for paying their trading fees.
So I'm guessing that time has come, at least for my region/ country...

P.S: It seems that if someone doesn't get fully verified/ "comply", restrictions will be very tight...

https://i.imgur.com/DwzdXHN.png

I've already seen that on Twitter. That's just a way to encourage people to give away their identity and verify their accounts, the restrictions are not going to apply until October as already mentioned.


Kucoin might be legit but they can be very strict sometimes. I was asked not a long time ago to verify my identity when I forgot my trading password even though I had access to both my email and 2FA code... They didn't lock my account after I made it clear that I don't want to submit my documents but still, I don't think that's the best way to deal with someone forgetting their password.

In my opinion, it's not just avoiding stricter regulation on Binance. They are connected with the "real world" of finance and they are regulated.
So in this case the regulations for banks regarding KYC and AML seep into Binance. We've seen this with UK banks blocking payments to Binance, but as long as they're not "trusted" enough for banks, it'll keep happening until they have accepted a similar level.
As long as you will be able to transfer fiat to Binance, they'll be communicating vessels with the banks, also on KYC requirements.

I received an email yesterday asking me to verify my identity to receive a 10 USDT Cashback and if I don't before the 20th of this month, I won't be able to use my account for anything but withdrawals. Just bringing this to everyone's attention, in case you had plans to do some more trades there.

Can we get an update to this? I see people still having the 2BTC daily withdrawal limit when it should have been .06BTC... wouldn't be weird if the same happens again.

It all looks good actually. We were not supposed to get our limits lowered but rather have KYC enforced. That's still going to happen, but not until the 19th of October and AFAIK, The 0.06 BTC thing is no longer valid.

Yesterday, everyone's account permission has been changed to withdraw-only, meaning you won't be able to do anything on the platform except for withdrawing funds. This is just meant to make people more aware of the KYC situation, and also give these who are not willing to comply more time to withdraw their funds, so there are not complaints later.

I just saw this in my email today and immediately did the verification as I only withdraw cryptos from Binance,in fact I only use it to exchange my ETC to another currency to withdraw to one of my wallets.Then I use another exchange to withdraw to my bank where I am verified.I think Binance did this as they were forced to because they had an order to comply otherwise they would be shutdown in most parts of the world so cannot do much but to comply if we want to continue to use the most widely used exchange in the world at the moment.

After doing the verification I can withdraw now 50.000 dollars daily which is just a bit more than one Bitcoin which for me is good enough compared to that 0.06 Bitcoin or 3000 dollars daily.

Yes but again, that's not comparable since the 50K you're referring to is only withdrawable if you verify your identity while the 0.06 BTC was going to be for the unverified users as well, but it's gone now.

It seems that the new restrictions are related to new metrics different from the reasons why the account was reduced to about 0.05BTC, because my account was reduced in the amount of withdrawals from it several months ago and I have not been requested to verify identity yet.

I think it will happen in the coming days, but I am happy to move to kucoin for now. 5 BTC without kyc (they have lower volumes than binance but it is good)

Wasn't everyone's accounts who weren't verified turned to withdraw-only status? Cause it is for me, where I think I can only withdraw until mid october and I still have my daily BTC withdrawal rate of 2.0 BTC a day. Isn't it the same for everyone?

Also wanted to know, what are the thoughts of everyday binance users who didn't verify yet. Are y'all gonna verify or go find another exchange? Curious.

if you are happy with binance services, you will comply with their kyc requirements. anyway, their approval is very fast. but for those who don't want to undergo this procedure, they will opt to use the services of other exchanges. i guess, binance is doing the implementation of kyc to all users so as to comply for possible government requirements where they are currently operational. they don't want to get trouble so they will enforce this kyc thing before any prob arises.

Yes, that happened yesterday but that was not the plan at first as I previously mentioned. They were supposed to simply lower the withdrawal limit and not enforce KYC.

Personally, I don't see myself verifying my identity unless, for some reason, I find myself stuck with no alternatives but for now, I would go with OKEX since I didn't have a good experience with Kucoin.

Hold up. I thought there is no one-size-fits-all deadline as binance is implementing the withdraw-only in phases (for existing accounts) and we are to be informed about our account's deadline thru email.

So far I received no email from binance about this and so my account is still the same as usual, can deposit, can trade etc...

How about they are rewarding now their clients just to proceed with KYC?
This is what I got a few hours ago from them,
https://i.imgur.com/BLrkI76.png

It could lure their clients to sign up for KYC just for this reward.

It might be your account wasn't active recently or just an old account but didn't active, beyond that, IDK.
They are actively sending me a notification message about KYC but I keep ignoring them and it seems now to get my interest with the BUSD giving upon complete KYC.

Got a similar voucher weeks ago. The catch is it's non-withdrawable and you'll only be getting the dust interest until it expires.

https://i.imgur.com/FwGqK2I.png


Not a regular binance user but I do trade there from time to time. Last was a week ago.

I think the limit for verified persons,normal verification,just a bank card and national id plus a selfie is not anymore 50.000 dollars daily but yet after making an withdraw is a huge limit of 100 Bitcoins in 24 hours which is great (not that I will ever have that amount of coins anyway).You can see in the picture here that the limit is extremely high and I hope this is not a bug from their side.

https://i.ibb.co/yQX8s3M/BINANCE-LIMIT.png (https://ibb.co/yQX8s3M)

It's not a bug. That's how it should be. The withdrawal limit is 100 BTC per day for all verified accounts.
The 50,000 dollar you are referring to is fiat withdrawal limit and should still apply to your account. That can be increased to 200,000 dollar per day if you become a "Verified plus" user.

https://i.imgur.com/5pvjvwc.jpg
The image has been taken from my profile on binance.

Whats your thoughts on OKEX? I have never used it, I would like to know how your experience with the platform has been thus far.

With that said, I don't know why Binance thinks giving 10$(??) for their users to verify their accounts is going to do any help? Regardless of the "gamified" way of getting you to verify yourself on their platform, their move towards adopting to KYC is gonna have two sides; those who chose to verify and those who don't. Not to mention the whole "500$" voucher bs. Very crappy imo.

One would think binance would have better ways to attract their customers given FTX and their partnerships in recent history but N O P E.

Wondering what bad experience did OmegaStarScream has on kucoin? I have never used OKEX but used kucoin several times and had no problem with each of them. The withdrawal limit is still 5btc at the moment for unverified account in kucoin. But let us see if they will stick to this or lower down the daily limit or ask kyc also from all their users. But right now, for those who don't want to comply kyc in binance have no choice but find another good alternative that will pretty secure their funds.

That's not going to be the final solution though. People moved from Binance to say what, Kucoin, then what? I don't know on what country Kucoin operates but sooner or later they'll regulate Kucoin and force them to KYC their users also.

It is a whack a mole game and sooner or later it is we that are going to run out of moles.

So far, my experience has been good. Maybe aside from the fact that they do wallet maintenance way too often, but that's just for one specific network that most people don't even use. Some thoughts from other members: https://bitcointalk.org/index.php?topic=5362964.0;topicseen


I thought it's ridiculous as well, but I know I wouldn't be surprised if they were to give us some statistics, I've seen people give their documents for worthless airdrops.


https://bitcointalk.org/index.php?topic=5363447.msg58081806#msg58081806

I can't say it was the "worst" experience I had with an exchange. I experienced the worst with Bittrex but this was definitely a red flag because the screenshots I provided were taken after they asked for them. The problem here is... If they were willing to accept screenshots that I've taken after getting access to my account, then how come they refused to reset my trading passwords using my email and 2FA before that? Since that's the exact same I would need to enter my account and provide the documents they asked for.

I'm personally not concerned about the change since I'm mainly using OKEX but I thought I'd bump this topic since probably everyone here has switched to Kucoin already.

It appears that they decreased their limits to 1BTC per 24 hours and I wouldn't be surprised if they end up following Binance's steps and enforcing KYC on everyone in the upcoming weeks/months.