Bitcoin Forum

Finally it looks like binance exchange is planning to compulsory KYC verification?  :o I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

Yes, it's already planned since last months as so many non verified KYC account must have withdrawn their crypto to their personal wallet otherwise their account will be banned and they will be loosing their account.


It's end for non verified account and all binance accounts must be fully verified. This to comply with the regulation. There have been lots of attack on binance. that's why binance was making KYC being compulsory.

Any accounts have different deadline.CMIIW

Yes this is a confirmed news from binance, I'm sure you are aware about the accusations on binance exchange? They have no choice but to make KYC verification a must for every users, it's possible that some are using the exchange for illegal stuffs, the truth is the withdrawal limit for non verified users on binance is too high, the accusers have a point here 

Binance exchange is getting attack by regulatory bodies (the government) and as such are required to make verification mandatory to all participants that what to use all the features of the exchange. If you want to continue using Binance exchange you have to complete your KYC before the date they stated although you can still withdraw your coins before then and I will advise all that is what everyone that do not want to submit their KYC to do.

For others too like verified members just withdraw your funds from the exchange because nobody knows what the outcome will be. If you have bought a coin for trading purpose, go store them on your personal wallet for the moment because a serious crackdown on binance exchange might be around the corner and no body knows how it will play out.

Specifically thats the point of their new policy. Yes KYC is harsh for the sake of their exhange, anyonr who wanted still to use their platform should follow and comply. If not, then feel free to use non KYC exchange. That is so freakin simple.

I did. I think the suggestion is good, if can shoulder on personal wallet then its better. But I lile binance futures so Im really storing funds there, for this approach. Well, anyone I guess like Binance too.

How about my addiction for binance exchange? 😏 Damn that exchange is best over every others I've used since 2017 to be honest, I will definitely pass the KYC verification cos I can't imagine using any other exchanges over binance exchange, this is true definition of a accurate crypto exchange

Not looks like, they actually did.
You can only withdraw if you're not going to follow the KYC. That's the option that you can only do if your account isn't verified.

is it true that accounts that are not KYC will be banned, or just can't make trades and withdrawals before completing the KYC process?
however, binance is currently in the spotlight as the best exchange, so there are a lot of users, and I think the government will indeed target binance to immediately implement KYC regulations for each user. however, for those who don't want to verify KYC on binance, it may still be possible to try another exchange. well, regulation like this seems to be coming to CEX sooner or later.

I think they warned about this at least a month ago. All new accounts have to get verified before they can start trading, and all old accounts were given deadlines by which one should submit some ID to continue trading or the account gets restricted to 'withdraw only'. Mine's already restricted, but I'm okay with it because I don't store anything of significant value on Binance, but also because it's probably the most reputable exchange in the world, so if any exchange deserves trust, it's this one. Just try to find an email about your account with the data that is specific to it. Beware of scammers, though, as they often pretend to be Binance.

Yes, I believe many Binance users would rather comply to their KYC verification procedure, than to stop using the exchange outrightly, I know this decision is going to be somewhat difficult for users who want to uphold their privacy and make sure it is not exposed with a possibility of it ending up in the black market, but to be fair with Binance, they have to follow regulatory bodies instructions and we all know the government wants to try as much as possible to keep track of crypto users, and they can do that through centralized exchanges, at least to an extent. It is what it is, and if you're a Binance user, whether you want to comply with the compulsory KYC requirements or not, remember never to store your funds in an exchange wallet, that's were majority of the risk is.

If that is about your addiction to Binance, that will be up to you. But if you still want to use Binance, just prepare your identity and do the verification process so you will not have a problem while you trade on Binance.

You can still use the other exchange if you do not want to do KYC because we can use any exchange we want.

Many people who do not want to do KYC will move their funds from Binance to other exchange that does not require KYC because they do not want to send their identity to any party services. I wonder if Binance will still have a large number of members because of the KYC update.

If you are a trader on a centralized exchange, then be ready to go through the KYC procedure at any time. If you have several hundred dollars on the exchange, then you will not be asked for personal data, but if you transfer 10-20 thousand dollars to the exchange, then you will be asked for personal data.
Learn to trade on decentralized exchanges or use this service
https://kycnot.me/
But this will not give you even a 50% guarantee that you will not require the KYC procedure.

Binance had being slowly making kyc compulsory for customers who are using there exchange for cryptocurrency transactions. I'm not surprised if they'll decided to force there investors to do compulsory kyc verification. Things are now becoming confusing to me see this any other similar exchanges that do not ask for compulsory kyc are now making it mandatory for all. We gat no choice than to dance to there music.

Binance decision is right in my opinion, although many people don't like it believe me people will miss a lot of binance events, such as louchpads held by dibinance which usually will get a big profit if you follow them, apart from that as one of the binance fans I have verified for a long time kyc and have no problem with it.

I think that there is nothing bad that they aim by making this obligatory for all investors in the exchange. The reason would be that the countries are making stricter regulations and Binance doesn't want to make an impression like they don't get things seriously. Exchanges will be like banks I guess. It will be very important for people to share their KYC information with the exchange.

Yes, Binance going to do it. Without KYC no user can able to use Binance exchange. So if anyone wants to trade on Binance he needs to submit a KYC document.
However, I think you missed this news. most people are aware of it. I am using Binance since the beginning of this exchange and submitted my KYC document a long time ago. everything is fine here.

After this issue Binance issue and China's crackdown on cryptocurrency, the decentralized exchange platforms starting to rise.
For me, most of the centralized exchanges will follow what Binance did for KYC policy. This is the most disadvantage of using centralized, so user will force to undergo to KYC or leave then user other exchange.

Indeed. They will just restrict you from using other services like trading.
I installed their application like a week ago and I compared it to my old account on a different smartphone, they are not the same. Only deposits can be done but I think they should also be stricter with that.
No deposits unless they do KYC first if there will also be no withdrawals afterward. It's just unfair if you can keep money in their service but cannot take it out.

I made KYC for Binance exchange already when I started using it at first times. Because it was restricting some features for me to use. And I didn't see it as a problem to make KYC for the exchange. Because this is the most credible cryptocurrency exchange in the market considering its score. I trust it about that they won't use my private information for bad things. And seeing this news didn't make me surprised much. It looks like they want to be more serious in their job.

And I believe the OP is already late. Though I submitted my KYC when I started using their p2p services as it requires KYC verification. But binance has been sending emails also about this new KYC protocol on their site. So hopefully, those who don't want to submit will have enough time to withdraw their funds. They already allotted enough time. But I guess, some will be surprised after this deadline.

It's there responsibility to check there balance regularly since they are leaving there money on a centralized exchange without a KYC verification. Avoiding KYC means user don't to exposed identity to exchange he is very cautious so I believe only few of this guys leaves there money on exchange and also Binance do a proper transition on this matter. Binance needs to comply to AML policy to stay on this business so user don't have a choice  to just follow on this new requirements if they still want to use CEX which is the easiest way to trade and convert into fiat which DEX doesn't offer.

I think you don't need the Binance exchange because you use it too rarely. Otherwise, you would have noticed the announcement of the new trading rules on the stock exchange long ago and have already made a decision for yourself about your further actions regarding verification on the stock exchange. You still have time until October 15 to pass KYC or withdraw your funds from the Binance.

The government is tightening screws on the cryptocurrency sector. Binance was one of the last mainstream CEx platforms to offer relaxed KYC norms and now even they have made it mandatory for all the users. Now the next target may be P2P exchanges. Some, like Localbitcoins have already made KYC mandatory. Others like Bisq have resisted so far. Anyway, once they implement KYC, then they will become more like CEx platforms. There is no point in claiming to be P2P, when they ask for all sort of documents.

Everyone trusts the Binance Exchange the most to save small funds.  And for any crypto exchange, binance exchange is used more.  Safe withdrawal of funds and my personal opinion kyc must use exchange for Diposit is the most logical.  And at any time you do not have to lose the fund in the end by getting entangled in the fence of different rules from any direction, in that case it is most reasonable to use exchange by kyc.

After seeing this information I immediately took my coins from Binance and transferred them to another exchange. I have a voter ID, but Binance needs a driver's license due to the country I am in because KYC rules also differ from the laws of the countries they provide their services, so I will use Binance again from December because that is when I will get my driver's license and verify my account.

Unfortunately yes, it seems that binance is trying to look to change their business model, they will still remain an exchange but instead of relying on the little guy and defend them and refuse to enforce KYC as they did for many years now those people will need to move to another exchange or begin to use decentralized ones as it is obvious that binance now wants to get a shot at attracting institutional investors to obtain most of its revenue.

I just got a mail from binance warning me to completey KYC verification before 4th of October which is tomorrow, only withdrawal will be available I believe, I think it's finally time to move to Dex exchange finally because I'm not ready to keep using cex with full KYC verification

I think everyone who uses binance knows this. Because Binance has sent emails to all users. Those whose accounts are unverified can only withdraw their asset. In order to trade in Binance, at least the account must be intermediate verified.

yup you should pass the intermediate verification so that you can enjoy the full features of the exchange, if not then your account will become withdrawal only, actually they already mentioned all the stuff that will work only after the said date of passing kyc, so no need to explain. Lol  and fyi mate there's a bunch of binance user making complaint about that new update, so it means it's happening already.. If I'm not mistaken they start September 19.?

Yes finally Binance is asking us to compulsorily verify to continue trading and i reluctantly had to verify them because they asked me to withdraw the coins if i am not willing to verify my account and since i am trading with them for a long time and with the amount of liquidity they have.

The good part is that they verified my account within minutes after filling up the form and submitting my passport, but the sad part is they wanted my selfie which i am not a big fan.

After you switch to trading on decentralized exchanges, you will face high commissions on the Ethereum network and realize that this is not the best choice for trading. Of course, in addition to the Ethereum network, there are many other networks that have low commissions, but there is not such a large selection of coins as we see on the Binance and the Ethereum network. In addition, there are many exchanges where verification is not yet mandatory.

Yep, everyone does as it shows at the top of the page for the announcement too.

Yes, those who wishes to continue trading in Binance, they have no choice but to submit their IDs and get verified. They've became stricter this time but before, they're advocacy of non-kyc with a limit.

I know that according to new rules there are 3 levels of KYC and two of them are compulsory. The aim of KYC is to prevent crimes that are committed with the use of crypto currencies. One of the advantages that you get when you complete the whole procedure of KYC is that you get lower commissions and bigger limits of withdrawing money.

Same here, I also did KYC at Binance exchange. It's providing me some privilege also. But most people maybe don't like to do KYC. They want to stay anonymous in the crypto industries. But sooner or later I think all the people need to do KYC for centralized exchange. Almost all of the Centralized exchanges nowadays asking for KYC and sooner it will be mendatory.

Binance started giving pop up alerts on mobile version app every time I opened it to complete KYC immediately. Luckily I have completed the withdrawal of my binance assets to another place.

The purpose of the KYC requirement is to keep the exchange operating in the aimed countries. If KYC can really prevent crime in this space and they care, then centralized exchanges will require their users from the start without waiting for regulations to prosecute them.

Sign of the times, my friends.

It's not completely gone though. I mean, yeah, most of us will probably just go down the KYC route. It's not like we haven't given away our identity to other centralized services over the years to get something done.

But remember, P2P is still strong and still available. Learn to use them!

Unfortunately, whether you are into classic trading or spot trading or P2P in Binance, you are still required to pass KYC verification. Of course, there are other P2P platforms out there that does not require their users to undergo KYC, but the largest volumes always belong to the likes of Binance, LocalBitcoins, Paxful, and others which ask for KYC as a matter of requirement.

I wasn't talking about Binance P2P obviously, but the less centralized versions of P2P trading, and mainly non-custodial. So not even talking about Localbitcoins (which won't let you but a lot without KYC) but Bisq or Localcryptos. I don't know much about Localcryptos these days but Bisq has and never will ask for KYC or custodial wallets because of the way they are built.

That is the direction we are going, governments are never going to let go of the fact that they cannot control this market and they will use every single point of failure against us, and in this case it is the easiest thing in the world for them to attack centralized exchanges, but just as it is the case of bitcoin now this can be decentralized and once the technology is perfected and the majority of businesses accept bitcoin payments directly then bitcoin will become unstoppable.

It appears that the stricter exchanges have become, they have caused a new marketplace for fake identity to open hehe. This marketplace should be very useful for the citizens of China who do not want to stop trading using the centralized exchanges of the cryptospace.



For law-abiding cryptocurrency users, getting verified to trade on an exchange is a painstaking process. They must give out a wealth of personal data, including their home addresses, scans of government-issued ID, and photo or video selfies.

For criminals, it’s easier. They can pay as little as $150 on the black market for a ready-to-use, verified account in someone else’s name at Coinbase Pro, Binance US, Kraken or numerous other exchanges, a CoinDesk investigation found.

To be clear: “verified” in this context does not mean legitimate. Underground vendors create these accounts with other people’s identities or under made-up names, tricking the exchanges into verifying them as valid users. They then advertise these verified accounts for sale on internet forums and on Telegram.

Source https://www.coindesk.com/policy/2021/10/19/for-200-you-can-trade-crypto-with-a-fake-id/

Your registration of an account with Binance will be deemed your agreement to provide required personal information for identity verification. Such information will be used to verify Users’ identity, identify traces of money laundering, terrorist financing, fraud and other financial crimes through Binance, or for other lawful purposes stated by Binance. We will collect, use and share such information in accordance with our Privacy Policy. In addition to providing such information, you agree to allow us to keep a record of that information during the period for which your account is active and within five (5) years after your account is closed, in compliance with global industry standards on data storage. You also authorize us to conduct necessary investigations directly or through a third party to verify your identity or protect you and/or us from financial crimes, such as fraud. The information we require to verify your identity may include, but is not limited to, your name, email address, contact information, phone number, username, government-issued ID, date of birth, and other information collected during account registration. When providing the required information, you confirm it is true and accurate.AFTER REGISTRATION, YOU MUST ENSURE THAT THE INFORMATION IS TRUE, COMPLETE, AND TIMELY UPDATED WHEN CHANGED. IF THERE ARE ANY GROUNDS FOR BELIEVING THAT ANY OF THE INFORMATION YOU PROVIDED IS INCORRECT, FALSE, OUTDATED OR INCOMPLETE, BINANCE RESERVES THE RIGHT TO SEND YOU A NOTICE TO DEMAND CORRECTION, DIRECTLY DELETE THE RELEVANT INFORMATION, AND, AS THE CASE MAY BE, TERMINATE ALL OR PART OF BINANCE SERVICES WE PROVIDE FOR YOU. IF WE ARE UNABLE TO REACH YOU WITH THE CONTACT INFORMATION YOU PROVIDED, YOU SHALL BE FULLY LIABLE FOR ANY LOSS OR EXPENSE CAUSED TO BINANCE DURING YOUR USE OF BINANCE SERVICES. YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE THE OBLIGATION TO UPDATE ALL THE INFORMATION IF THERE IS ANY CHANGE.BY REGISTERING AN ACCOUNT, YOU HEREBY AUTHORIZE BINANCE TO CONDUCT INVESTIGATIONS THAT BINANCE CONSIDERS NECESSARY, EITHER DIRECTLY OR THROUGH A THIRD PARTY, TO VERIFY YOUR IDENTITY OR PROTECT YOU, OTHER USERS AND/OR BINANCE FROM FRAUD OR OTHER FINANCIAL CRIMES, AND TO TAKE NECESSARY ACTIONS BASED ON THE RESULTS OF SUCH INVESTIGATIONS. YOU ALSO ACKNOWLEDGE AND AGREE THAT YOUR PERSONAL INFORMATION MAY BE DISCLOSED TO CREDIT BUREAUS AND AGENCIES FOR FRAUD PREVENTION OR FINANCIAL CRIME PREVENTION, WHICH MAY RESPOND TO OUR INVESTIGATIONS IN FULL.

Source https://www.binance.com/en/terms

If you wish to continue using the Binance exchange, you must complete your KYC before the specified date. If you have purchased coins for trading purposes, keep them in your personal wallet for now, as a crackdown on the binance exchange may be imminent and no one knows how it will turn out. Otherwise, you will find out for yourself about your further actions regarding verification on the stock exchange.