Bitcoin Forum

Hi.  I have a binance account for a while.  I have coins there but I never sent in verification documents.  I got that email that if I do not send my verification by a certain date, my account will then be withdraw only.  I also read the withdraw limit right now is 0.06 btc since a while back they said if you didn't submit verification, that would be your withdraw limits.  I didn't mind that since I didn't have that much.  I do have to make two withdraws though most likely



My question is... does that mean I could still trade on binance at the moment before that date?  Or could I only withdraw right now?  Thing is I don't plan to submit KYC so people say if you don't, then make sure you withdraw your balance.  I do have some altcoins in there so I was thinking about trading it for btc or stablecoin and then withdrawing.



But anyone else with a binance non verified account can answer this question?

Only if you passed through the basic verification (level 1). If I am not wrong, the deadline to do Basic verification was gone (a few days ago), and if you did not make it successfully, your account should be restricted now.

You can but you have to do it before the deadline ^{Binance gives you a long window to do KYC} if you don't want to submit documents for Intermediate verification (level 2)

• Important Changes About Binance Identity Verification (https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca)
• Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification (https://www.binance.com/en/support/announcement/9df8225c061b455da5c7cc293cd08a70)
• How to complete Identity Verification? A step-by-step guide (https://www.binance.com/en/support/faq/360027287111)

It is better you , convert all you alt coins into USADT or BUSD before the dead line of the date and withdraw them into your wallet on Tron or BSC network without paying any transaction fee and minimum withdrawal limit is 10 USDT/BUSD. I think there is no problem in submitting your ID documents for account verification but it is your choice,  you do what you think is right for you.

If I understand correctly, once your account becomes sort of "limited", you'll still be able to withdraw, but not trade.

But seriously, why not just withdraw your funds just to be sure? If the funds aren't that much to justify purchasing a hardware wallet, then just use a good mobile wallet.

I never submitted any form of verification.  What is basic verification step one?


The other thing is this.  I have a few altcoins and some btc.  Do you suggest i trade those altcoins for btc or stablecoin?  The thing is for btc... i have very little there... i dont think i even cover the btc withdraw fee?  So what do i do there then?


The other altcoins, i have a decent amount at least for me but it would take me two or three withdraws though with the 0.06 btc withdraw limit.

The verification needed for you to be able to continue to trade requires a valid ID. So, passports, drivers license, those things.

If your BTC can't even cover the withdrawal fee, then I guess you have no choice but to convert it to other assets.

Better start as early as possible, as you shouldn't be leaving funds on exchanges in the first place unless you actively trade.

Also, please grab a Ledger or a Trezor.

You Can’t withdraw from a biance account without KYC authentication，but u can sell it for cash.

Binance's quite-recent article about this says otherwise. It's actually the exact opposite lol; as you can't even sell for cash without KYC to start with.

https://i.imgur.com/V4ZshYu.png

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

Your Bitcoin in binance isn't really yours, the Bitcoin isn't there in your account. "Not your keys Not Your Bitcoins". Storing Bitcoins in exchanges relinquish your control. You need to comply by their rules I suggest you complete kyc or transfer your bitcoins to a non custodial wallet before the deadline.  

More you just verify your binance account, because after all it is also the security of your data.
So that Binance believes that you are not a bot.
Just verifying to level two is enough for binance to trust you not a bot.  ;)

There's no need for any document for 1st tier verification. Email, a Mobile numbers are necessary though. You can use Binance as an unverified account with a limit of BTC0.06 daily withdrawal which should not be a problem for you. You can use the service as much as you want there without undergoing KYC.

"Tried and tested". (unless there's a special email specifically at your account lol)


That's not possible. Binance P2P requires KYC.

Their level 1 surely is very limited and hectic.

It's like that they're giving a free trial and you still have to comply with KYC for you to enjoy a better movement on their platform.

So you choose, just withdraw and go away or comply and continue to trade and enjoy Binance.

I am not sure why everyone is so concerned about the verification. It’s basic rule of financial system, if you want to use it you need to play by their rules. They are here to do business and we are the clients so now and then we have to follow few KYC steps to be in their rule book. I am pretty sure there is no harm in doing this one.

Also as mentioned by couple of guys above it’s around 0.06 BTC per day limit you do it or don’t do it so it’s very simple task and logic whether to do it or not.

In my opinion all the data is safe with binance if we have our account set up for extra authentication. If that concerns everyone!

If you wanna continue trading or just move your coins to BTC instead of Altcoins, then submit KYC documents to be able to do it. That's the condition. If you are not going to submit your documents then all you can do is withdraw.

My option is to withdraw them as they are. I assume they are altcoins base on your response so just withdraw them to a wallet where you can also trade there are plenty of them. Trust I guess is also binance so just try something else like Atomic or Tokenpocket.

That is what they want you think initially, just wait with time we will begin to see all type of unacceptable behavior from the binance team and it will already be too late to do anything by then. The government are playing a more bigger game here. Soon they'll start going after individual with the details binance has, you think binance will say no to the government when they are seriously trying to get them to like them?.

I'm disappointed with CZ recent decision although he still has the best trading platform out there but lets not forget we have other alternative and if they can give us what we went without having to sell out our private details then why not use them.

I was verifying my account right after i registered in binance because i think the exchange is big anough and safe enough to me and giving my identity to remove the limit of trade and withdrawing. But i think you still could withdraw it later.
But my suggestion is better you withdraw it now and send your balance to trust wallet, you can make it free by your smartphone and it's quite safe to use.

If OP doesn't care of his KYC he wouldn't create this thread in the first place! There're many reason why many people not comfort to give KYC to unknown service e.g. scammer or mafia targeting your location.

2FA is useless if the hacker could hack into Binance hot wallet, you're wrong Binance has hacked and data leaked history in the past [1] [2] can you, they, or even I make sure Binance will not get hacked in the future? No one.

---

[1] https://www.binance.com/en/support/announcement/360028031711
[2] https://www.coindesk.com/markets/2019/08/07/binance-customer-data-has-leaked-what-we-know-and-what-we-dont/

There are possible alternatives but cant really deny that this is still the current best exchange platform as of this moment despite of these big changes when it comes to account KYC.

When it comes to data security then this is something out of our control as a user.Binance itself does all have the access and i do agree on whats stated about government engagement is actually true.

As a regulated one then i wont be surprised that those things would be used if ever there would be some changes or becoming strict when it comes to regulation.

that's the new update mate and infact they send notifications for every user who did not pass intermediate stuff within the platform, wherein after the said date all the account will be turn into withdrawal only.. So stop wondering andk kindly check your notification.. And contact the support instead maybe they will give you a chance.. Just try..

I totally agree with you and think it's just that two ways, you could either just do the complete you KYC and enjoy the full potential of the exchange or you just withdraw all your assets. I understand why investors don't like doing KYC, I don't like it too but have decided to do it for one or two exchanges I fully trade on and just hope for the best.   

If KYC is an issue, I think you should just withdraw what you have and leave Binance for good. I'm not sure where I stand with KYC, and I haven't decided what to do with some alts I have on Binance yet. The sum is very small, and I don't want to bother with wallets for it, but I'm also not a fan of KYC, so for now I just leave the coins where they are and ignore Binance notifications. Maybe it's not a good strategy, but Binance is a reputable exchange, and KYC is becoming more common throughout the years. What I have on Binance is something I don't intend to touch for a year or more, and I'm sure it'll still be there when I come back. The sum is insignificant to me, so that's why I choose the laziest strategy of doing nothing with the updated policy.

What altcoin should i convert asset to?  Again I have a few altcoin and tiny amount of btc... but amount is a over the 0.06 btc so i have to make multiple withdraw.


Well i kept coins there because the nano ledger s didnt support that coin a while back.. if it did... you had to use myetherwallet with it etc.

Yea I do not want to deal with KYC on binance.  Again i have altcoin and tiny amount of btc.


So should i just withdraw that altcoin or trade it for btc and then withdraw?


The other issue is that altcoin i have.. its an ETH type of coin.  And I heard there are lot of gas fees when trading ETH type of coins?   That altcoin i have I had it in binance for a long time.  I dont want to sell that altcoin though.  But should i?  Should i sell it for btc or stablecoin usdt or usdc?  Then again, those use ETH as well right?


That is why im confused what to do.


Because if i just had btc in it or stablecoin, i just withdraw it.

I have an altcoin on binance that I need to withdraw.  I also have a tiny bit of btc and bnb on it as well. 


Basically i have roughly 2000 dollars worth of altcoin and about 8 dollars worth of btc and 5 dollars worth of bnb.


I would like to withdraw everything to my hardware wallet nano ledger s.  I only keep btc and bch in my nano ledger s.




My options seem to be



Sell that 8 dollar worth of btc for usdt/usdc?   Then sell the 5 dollar bnb for usdt/usdc?  Then withdraw either the usdt/usdc and the altcoin to my nano ledger?


Sell that 5 dollar worth of bnb for btc.  Sell that 13 dollar worth of btc for that same altcoin I have.  Then withdraw that altcoin whole balance to my nano ledger?


Sell the altcoin for btc.  That altcoin can only be traded for BTC or ETH.  Sell the 5 dollar worth of bnb fo btc.  Then withdraw the whole btc balance to my nano ledger?



It wouldn't make sense to just


Withdraw Altcoin to nano ledger.  Withdraw btc to nano ledger.  Withdraw bnb to nano ledger.  Since the withdraw fee to withdraw btc is higher than my btc balance?

Why not convert them all to BNB and withdraw your fund via BNB?

Is it a hard question? You can find it yourself.

• Trying to make a sell order. You will know that Binance still allow you to do this or not. If you don't want to sell, but still is allowable, you can cancel your order.
• Trying to submit a withdrawal. If it works, it means you are allowed you can make withdrawal which I believe you have, even with restricted account.
• Both scenarios are easy to test, no fee, so why do you not try it yourself in order to get the answer?

Convert all to BNB is one of solutions.

Why don't you login to your account and try everything there yourself whether you can trade and withdraw the altcoins you have. Binance has to change many things under them because of the regulations.

Since you have used myetherwallet before just as you said,  then withdraw your altcoins going to a wallet that supports the ERC20 tokens.  Why are you trying to trade now when in fact you said you have been a holder and use Binance as storage.

What is my best option here?  My issue with keeping that altcoin is im not sure if i could even sell it in the future because I cannot use many exchanges.  It is also an ETH coin so people say im going to pay lot of fees.


But if i trade it all for usdt/usdc... wouldn't i incur lot of fees as well?  I mean i dont mind keep usdt or usdc as its a stablecoin.




The thing that is confusing is what are the withdraw fees for btc, usdt and usdc on binance?  Because i see multiple different chains for each of these.


But I also have to make sure its compatible with the nano ledger as i heard usdt and usdc is only ETH chain?



Are those my three options that I list based on the coins I have and since i want to send it to my nano ledger?  Thing is im confused if i have to pay around 25 dollars to withdraw usdt or usdc from binance to nano ledger?   But I see if its a different network, its only ten or twenty cents?



Bitcoin would cost around 22 dollars or so?

I only have a nano ledger wallet.  I want to withdraw to that.



I am in my binance account but when you try to sell... do you do market or limit?  Again i wan to know if i could still trade the altcoin now.



But in terms of withdrawing... which of the situations i listed would be best?  Does it cost me a lot withdrawing usdt or usdc to my nano ledger?  I read if you do that... it cost 25 dollars? 

Log in your account, and make trials, for trade and for withdrawal. You can cancel your trading order or your withdrawal request and Binance won't charge you any fee because of your trials.

Have you ever made any trade, sell order, withdrawal request with your Binance account?

Do this and you can quickly know what you are allowed to do with your account. It takes a few minutes from your side only.

So why don't you do this on your side and keep asking the same questions over again?

What do you mean make trials for withdraw?  The last time i did a trade on binance was a while back and when I did this, it was me immediating trading a coin for another coin for whatever the current price was.  I am not doing like those market or limit orders where i buy or sell when it hit a certain price.


So i could still test it when doing it instantly?  Example imagine trying to sell altcoin for btc at a certain price.  Like when i click sell altcoin for btc... will it ask for confirmation or does it do it automatically?  Similar to like how you make a wager... does it ask you are you sure with your selection?  Does binance do this?

no,it will not ask you for confirmation ,the trade will be done immediately if it hits the price

Don't be too paranoid to try it dude, it just complicates yourself with time-consuming questions. You have been advised to try to execute your trade which means we understand that it will not risk anything to your account and assets. Actually you can finish your experiment in a few seconds instead of adding similar questions.

No, if you get it you have to complain to support that it took you 5 secs to read and approve the confirmation. It must be removed

It's now a force KYC for everyone who wishes to continue trading in Binance. Everyone has no choice but to proceed if you still want to continue trading there.

But if you don't want to, they're giving you an exit to just have the withdrawal option. What a pain on Binance, they probably are also being pressured doing this because they're popular already.

binance is shitty, i would never entrust my identity data to Binance
but if you need it just go and grab a fully verified account under a nominal, there are good sellers here around  ;D

They're giving you only part of the money :( If you have some trashcoins they will stay on the exchange, because for example OMG has a minimum withdrawal of 5 coins (50$).

Upd. I'm wrong. Convert Small Balance to BNB still work for non verified account.

I thought level 1 verification is the one you need to provide an ID and selfie which I have personally not done, I guess this is were we part ways with binance. And tbh I foresee many crypto users having not done kyc and once Binance goes ahead with limiting our accounts their user base will be expected to drop!! I hope this mandatory KYC the keep forcing on us doesn't affect the crypto market while we are just registering some market gains for the time being.