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?

All I know is that KYC is needed on Binance only to increase the daily withdrawal limit, and follow the events that are there.

If for trading you can still do it even if your account is not KYC verified.

Can anyone here confirm this?  If so, i might trade my altcoin for btc or stablecoin before i withdraw.


Again i dont plan to submit kyc.

Yes.

You better withdraw all your balance as soon as possible since Binance is gradually limiting the accounts until the date mentioned in the email, so who knows when your account will be limited, it could be anytime before that date.

Refer to the below announcement:

BTW, you should move the topic to the Exchanges board.

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EDIT:


Just withdraw your balances whenever possible. The restrictions could be applied to your account at any second.

Personally, my account already being limited to withdrawal only, when that happen, I got this email:

I got that email... but then I got another email that seems to be two week sooner now?

There are three levels of verification on Binance. Two of them have become obligatory since august. If you verify your account you get an opportunity to withdraw fiat money directly to your card and also you can deposit more fiat money. I am not sure if you can continue trade without verification as to have basic and intermediate verification is obligatory now.

You could still trade on binance before that date and you can check it directly whether all of features are still available for you or not.

As per the binance's message, your account's status will be changed to the withdraw only when you didn't complete the verification process on the deadline date.

In my opinion if it's better to withdraw your money from there. binance was really sensitive. You should need to worry binance can lock your account anytime and you won't able to withdraw your money from there.
You were using exchange site and you must follow their policy. Think about that

Sometimes there will be cases of sudden freezing of otc assets, which will be automatically unfrozen after being frozen for 24 hours.

KYC verification would only increase your daily limit, but eventually, in the long run, they will require a full verification before their users can use the platform due to the strict regulations.

You can still enjoy trading of how much amount you want, but your withdrawal will only be limited to the figure you mentioned.

However, if you want to be safe that your account will not be compromised, I suggest you to follow the basic requirement, otherwise choose a DEX.

If thats the case then convert it to btc and stablecoin. Its better to do that, before the timeline. We dont know what would they do, since they already issue an email regarding that. But I think you can still trade, they mentioned that your withdrawal limit stuck at 0.06btc it seems good enough if you are not a whale or regular trader. I just hope its daily though.

It looks like the "long-run" is now. I tried the Binance android application and the trade section or the market tab won't open. It's just deposits and withdrawals that I can access with.
They might be going thru their strict rules now and will try to put KYC on every user slowly. I don't disagree with this and I think there might be a larger reason into why they are going thru extreme changes. It might be for the better of their business and user experience. 

The verification is only for withdrawal limit and is not applicable for trading as per my knowledge. They are doing this because of pressure from different government agencies. There are many like me who are reluctant to complete KYC and I think they will lose a big chunk of customer because of this issue.

Is there a way to confirm if ones binance account cannot be allowed to trade and can withdraw only?



I logged into my binance account and went to classic trade and went to see if i could trade my altcoin for btc.  Thus it seem like i could click on sell that altcoin.  But when you click on sell altcoin... does it automatically trade to btc?  Or it ask for confirmation?  Just want to make sure.



Do you recommend me to sell the altcoin for btc or stablecoin or just withdraw the altcoin?



When i look at withdrawing btc... i literally have like 8 dollars worth of btc only on binance.  When i went to withdraw btc... it ask what network?  How come the first two network cost like under twenty cents but the btc cost like 0.0005 btc?  So which would one choose then?  Again... i dont even have 0.0005 btc balance.



I have around 2000 usd worth of an altcoin on binance and about 8 dollars worth of btc on binance. 



How do you recommend i withdraw this?  Seems like i could even withdraw my whole balance at once with the 0.06 btc withdraw limit.



My options seem to be



Sell that 8 dollar worth of btc for that usdt/usdc?   Then withdraw either the usdt/usdc and the altcoin to my wallet?


Sell that 8 dollar worth of btc for that same altcoin I have.  Then withdraw that altcoin whole balance?


Sell the altcoin for btc.  That altcoin can only be traded for BTC or ETH.  Then withdraw the whole btc balance?


Sell the altcoin for btc.  Then sell my btc for either usdt or usdc.  Then withdraw either the usdt/usdc?




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.

Well the problem for you is you already have the altcoin inside,,, so instead of trading, I would assume you just want to withdraw it all, you should do that.

Trade and you should expect to be asked to verify if the limit is more than 0.06 btc.

Remember, even if you do not KYC, what you deposit is still rightfully yours and even if they close your account they must give this back to you (minus fees).

probably it means you cannot trade any coins within the platform once you didn't pass the kyc in the said date.. Indeed they will not saying withdrawal only if  there are some things that still working in your account. They already emphasize it so must understand their new policy for better experience while using binance platform..

some say you can't use multiple exchanges, but you don't want KYC on binance for some reason
by looking at the amount of your balance at binance it is reasonable if binance asks you to KYC the funds you have in large quantities estimate 2000 usdt , take a positive session, if your account is hacked at least if you ask for accountability it can be adjusted to the initial identity

and respect existing policies

Many messages have been sent from Binance to verify the accounts of those who have done Binance account.If you do not have verification of your account, you must have intermediate verification of your account.Later, if they band your account, then there is nothing to do. So do the intermediate verification on your account as soon as possible.

I believe it is for all users already to comply this KYC requirement. Before, they release a statement about reduction of daily withdrawal limit to 0.06 btc, if you don't want to submit KYC. However, it is now changed to all users to submit KYC before using their platform.

https://www.binance.com/en/blog/421499824684902779/community/moving-crypto-forward-with-updated-kyc-policies-on-binance

But they are allowing users to withdraw their funds and I don't think the OP can trade his coin as per this announcement. The KYC requirement took effect last August 20.

https://www.binance.com/en/support/announcement/96f8819ce9bd429a8e733f87e92a2207

i have binance account with approximately $200 usdt, i checked just now btw i did not received email from binance to complete intermediate verification as soon as possible.

may be recently they changing kyc policies, sadly for the requirement i can not trade there without kyc.

I had some altcoins on Binance.  But when I heard about kyc i withdraw it. Because I don’t want to take any risk on my coins. Now I submit kyc and my account is intermediate verified. If you don't want to submit kyc better withdraw your funds.

Its a personal choice because there are people whom doesnt really like KYC in the first place and now this top exchange Binance had made out some changes which isnt surprising because sooner or later i had already anticipated for it to happen because there are regulations which are needed for it to be followed.

If you are a user which is unverified and turns out that this sudden change do sucks and you wont really like to comply kyc verification then its your choice to find another one.No one forces you to do so.

Im already long time verified user on this platform and i dont really have any doubts about identity leaks or something like that.

There's no risk even if you're not verified, they will still allow you to withdraw those coins because you really have no other feature on your unverified account but only to withdraw.

Then that's good to hear, every user of them is now required for the kyc.

Not being KYC doesn't restrict you to withdraw your coins. KYC is for the account limit.

We can expect a mandatory KYC on Binance but I don't see it happening soon. Just relax a bit. If ever there will be changes, surely Binance will give time for their users to withdraw coins for those who are not willing to undergo KYC.

Anyways, you are now a KYC verified and just enjoy trading there. You also unlock now the P2P feature.

Yeah, we saw that coming because they're starting to gain attraction from the mainstream and as well as the government. And that's why for most of their offices, they really have to comply with government rules and this is including to screen and filter their users and they're doing that likely for tax purposes. Also, they do it to avoid fraud and they can easily track transactions from people while it's inside of their platform.
If the new policy is against to your will, look for another exchange that doesn't mandate KYC.

And in fairness, it's not an issue for me if I will comply with KYC with a big exchange. Others are just too overreacting with that KYC thinking their information will be used on criminal activities. It's true but it's not always the case for everybody.

Correct, look for other exchanges if not interested in KYC. But that is riskier as those platforms with no KYC are mostly non-popular exchanges.

It wouldn't be an issue for many because it's enjoyable to use the exchange and there's a lot of features that you can enjoy being a verified account there. And on the other hand, there is no option but just to comply because we've been used to this exchange and they're safe as what we've experienced. We don't like to use other exchanges because it's been tested too and as usual, "funds are safu".

You would really still  end up on using centralized exchange and just like what other users or members post above then you  would really need to have some conversion with fiat which simply means that you would
really touched up centralized exchange no matter what.

Have no choice? There are still platforms who do still have unverified account considerable limitations for a day which simply means that you could really still have that one
and never too late to transfer assets if you could afford to.

Regulation is indeed going tighter which isnt really that surprising.