Bitcoin Forum

All Binance users are now subject to immediate KYC verification (https://cointelegraph.com/news/all-binance-users-are-now-subject-to-immediate-kyc-verification)

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those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

Not all users but new users will be subjected to KYC verification.
Updates to Binance Services - https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

But old users can still use the platform but with reduced daily withdrawal limit to 0.06btc (for basic verification).

Updates to Daily Withdrawal Limits - https://www.binance.com/en/support/announcement/9df8225c061b455da5c7cc293cd08a70

So for old traders, they can still use binance but with reduced limits.
If you are just a small timer, this is still good because not many traders can max out their daily limit.

Yeah, at least with  0.06BTC it's still enough for small time traders they can still withdraw.
Binance really need to follow because they were hot on the government or else they might be gone for good if they don't comply which they really build a solid reputation over the years.

People have a choice to comply the KYC or not at least for the old ones but for the new one this looks really bad for them I don't know if they like it or might try to find another exchange. ???

Impressive! This is a resounding change in Binance I think that Binance was forced to take this measure due to the latest events. We know that other exchanges have not required it so far by the KYC / AML but I am in solidarity with your concern, the regulations are being noticed. Seeing the KYC issue in the future will undoubtedly affect cryptographic businesses because in order to operate in the regulations, casinos could also be included. We are witnessing a phase of bitcoin where nations begin to establish their regulations for its use.

There already is a crypto casino that does KYC, it's called crypto-games, though I don't think it's mandatory for everyone yet. The era of anonymous crypto services has been disappearing for a long time already, the governments were never going to ignore crypto completely. So you can't really blame Binance here for spying on you, they have no choice, it's either they do KYC or they get banned in most countries in the world.

I agree and view it as part of the growth process of BTC as it matures as a currency leading to more and more acceptance of it world wide. If it is going to be used like fiat aka 'Money' then it has to adhere to the same rules and definitely includes those regarding buying/selling/trading of assets be they crypto, stocks, bonds, metals, FOREX, whatever.

How devastating if that idea about selling each users documents will exactly going to happen in the future, sad to say as binance user I am worried on that situation.
The demand of KYC instated a good practice purpose as binance administration told us, but on your perspective it made me think of different possible things that might arise someday.

in fact this measure is for all users, if you read this part you will see this:


we are reaching a time where each person will have to do KYC on all exchanges if they want to trade


Governments haven't started chasing online casinos luckily yet, but a few years from now we're going to have a really bad time with KYC in casinos. I did KYC in binance years ago and I have no problem doing KYC, my problem is that it doesn't make sense to do KYC on a site where we don't know where the physical office is and the anonymous owner

Crypto exchanges will have to demand KYC from all their users in the future. Because they are audited by governments. They can't hide anything and I can't say that they even care about it. They just want to make sure that every account is real and belongs to a unique person. This helps them find the people who are laundering money etc. easily. But it also changes the important things about Bitcoin which is anonymity. But people don't have another choice if they really want to trade with cryptocurrencies.

Folks, don't forget that KYC works both ways. By being required to collect your information proving to them (and Government tax authorities) who you are, regulated companies - including the casinos - are required to provide ready access to you the User of their services the same access to their pertinent legally required business information.

Frankly, if they refuse to do that or even balk it - to me common sense screams 'don't do business with them!'

I understand this, my problem is that how governments allow anonymous sites and with anonymous owners sin for their customers to do KYC? where part of this can be fair? customers should not be anonymous but sites are anonymous and site owners are anonymous, i can't understand that

Regulated exchanges DO provide it. Case in point, here is the start of information about Coinbase (https://www.coinbase.com/about) From there you just have to follow the trails on who's-who, where their legal contacts are and DYOR from there.

I for one will never use a site ran by untraceable owners.

I suggest you read the whole announcement again and internalize it. You must be mistaken into thinking  old users will be left out in the new development. There's no exception. We all know the pressure that Binance has been facing lots of pressure from regulators of late, and it's about time they craved in or get sued and fined. Don't be naive  

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But you did KYC years ago regardless  ;)
Binance isn't yet clear about their HQ. I tried reading about their HQ and almost  got my head spinning  ;D

Well yeah, it is not about like or not, but it seems a must and we have no choice if we still want to use Binance.
Actually, I personally have done that KYC in Binance in order to do some transactions there (especially P2P).
Doing KYC on some platforms will be always a risk. Because we don't really know the security system and also the safety of our data. There are so many negative issues about KYC.
Hopefully, Binance will also concern about this and ensure their users about the security of the users' data.

I think not. It is precisely if not do KYC for old members, they can only do:
This will really limit us to access Binance and use their products.

Sooner or later, all exchanges that look bigger than else will have KYC. It already happened a long ago. Once Poloniex started bigger, they require KYC for their members and so do with Bittrex. And now, when Binance became bigger than other exchanges, it will require KYC to the members. For old members, they will need KYC sooner or later. That will be a matter of time, especially if they open their branch office in another country that does not allow crypto or the government allows crypto as trading or commodity.

It seems crypto takes attention to the government because they see crypto now become famous and someone can earn a million dollars quickly. That will be a huge tax for them if they can know who the members are. DEX will take part for the crypto members who do not like KYC and that will become bigger too and give convenience to the members.

Well, don't just hope. In fact, don't have any, because  It turns out, one of the biggest exchange's customer KYC data was leaked about two years ago and Binance even confirmed it; Binance Confirms Hacker Obtained Its Users' KYC Data from 3rd-Party Vendor (https://thehackernews.com/2019/08/binance-kyc-data-leak_26.html)

Like the old saying goes, "No, system is perfect"
Are you willing to bet on binance keeping your data safe after an ugly past? I certainly wouldn't even have any hope.

Is it not for new users only? My account can still withdraw bitcoins and other crypto from the platform, though I'm not exactly sure how much is the new limit imposed. I haven't received any email asking me to submit KYC documents in order to continue trading with Binance, and there isn't any account notifications on my end regarding the change being mandatory.

Perhaps I still need to submit something in order to continue trading. It's just weird that I haven't received anything on my end in this big of a change.

For now, it's not a really big issue because old customers can still use the full service of Binance (with a limited withdrawal of course), though the question is, how long will this last? There's no doubt that Binance will eventually require even old users to pass their KYC due to government requiring legal documents and some compliance.

I don't see it as a problem. For average users, BTC0.06 daily limit is still high. Still better than those exchanges that are asking for KYC even for small withdrawals.

All users who are dealing with large money in Binance have surely verified already.


Overreacting for me. 100% I will trust Binance for that since I always used them especially the P2P part. If you don't use Binance regularly, then just ignore the KYC, simple as that. And besides in general, our identity is not always private.

that is the consequences of being popular, you will be seen by everyone especially those bureaucrat bastards... i know this time will coming.. and i hate it.

any option than binance now? i guess no.

Exchanges selling information I am not worried about. Regulated financial business such as banks, trading institutions, etc are not allowed to do that in most of the countries they operate in. Hacks into their databases - yes that IS a concern same as say the recent T-Mobile hack in the US where pretty much ALL of the 'secure' customer data for over 40 million of their customers was gotten by hackers. Just google T-mobile hack.

Casinos and such, ja a good chance some data will be sold 'for Marketing' purposes...

i know this gonna be happen sooner or later, because in the past bittrex.com is one biggest exchange do the same to all his member need to do kyc because security reason or i would say government reason  ;D

Have you read the announcement carefully, or you are just replying because you feel like you need to?

It's very clear that after a certain period, no one is going to be left out. Old or new users. If you want to continue trading on Binance. You have to first pass KYC verification just like Bitmex is doing right now.

I am being a realist here. It's up to you if you trust them 100%. That doesn't stop me from point out their flaws and saying the truth.

So this is really happening now? According to my prediction, all services that have government intervention will slowly become a centralized system.

For now, only a handful of law-friendly countries allow users to spend their crypto directly, the rest still rely on centralized exchanges (where KYC is a mandatory requirement) as they need to exchange fiat instantly in order to spend their crypto. I don't think most of the binance users will really abandon it as far as the assumption that KYC requests are common for them.

I was expecting this for quite some time. Binance was the only major exchange that held out for so long, and now they have also fallen in line. And I urge the cryptocurrency users not to have a false sense of security. This is not going to be the end of it. Next, the government will try to destroy the DEX and P2P platforms. And after that, they are going to take on the online wallets. Imagine going through facial recognition to set up a cryptocurrency wallet. The ultimate target is to identify all the cryptocurrency users, before imposing a blanket ban on Bitcoin and other cryptos.

I am not trying to try a new account on binance entirely.

But if all this becomes forced, it is quite certain that the majority of the community will leave CEX, it is no longer a strong front, Binance begins to be completely controlled after the related incidents to their legislation. We need DeX/Defi to be perfected quickly.

 
I share your thoughts on this. That Government has so much power to regulate and implement rules and laws in their favor. What they want to achieve is to ultimately identy and tax everyone, this is not democracy from my eyes. The
obvious agenda is to own and centralized everything as usual. We can't dip in their pot, they gave themselves the right to dip in ours.

I was expecting to see Binance doing such a thing. Since many governments are attacking the cryptocurrencies and bitcoin because of the money laundry stuff and fraudulent, all the exchanges such as Binance and the other exchanges are forced to obey some rules and do some steps for money laundry systems and obey the FATF stuff or they will be known as an illegal company and soon the government will raid their companies and put them and their funds in danger, so Binance had to do such thing and I expect more exchanges forcing users for KYC soon. Here the decentralized exchanges such as Unisawp will be more useful.

We can not do anything instead follow what Binance wants. But we have an option to use the other exchanges which do not require KYC. But the members can still withdraw their funds with limitations and that was 0.06 btc, that still big money with the bitcoin price now. As long as we do not have a problem using Binance, we can continue trading on that exchanges. But maybe we will see some exchanges that do not have strict rules like Binance so we do not have to worry about KYC.

Well, this is the big reason why we have DEX but still I am not really sure how long can this thing can go without the required KYC which the government can be imposing to crypto exchanges operating in countries like USA. Of course, we know that the biggest reason for this regulatory move is to make sure that everyone is paying their taxes up to the last cents. Binance has no choice to bow down to regulatory pressures otherwise it is the very business it has that will be affected. Either you do the KYC or what you can do with your account can be limited to some aspects.

To be fair these days were gone for a very long time. I think last time we could trade without KYC was some time back in 2016.

It makes sense for fully regulated and non-shady exchanges to need KYC specially if they want to work with fiat but an exchange that doesn't even have a clear headquarters, is shady and doesn't work in any legal jurisdictions asking for KYC documents is just a big red flag.
At the very least Binance didn't scam its users like Bittrex did. I think the days of Binance is also over like its predecessors that did the same thing. We should soon see another shitty altcoin exchange like Binance replace Binance and be the #1 for a couple of years before it too is replaced.

As a long-time Binance verified user, I don't see that as a big deal to me because I always used the exchange (obviously). My bank account was also linked there for faster payout and small fees. Privacy concern? Nah I already complied with lots of KYC on big platforms so be it if that will violate my privacy policy. I'm kind of used to it.


Like what centralized exchanges are these that can withdraw without KYC? Binance so far, at least in my own knowledge, still has the best limits for basic accounts. It will take time before a mandatory KYC will be implemented there, I guess.


Yes, I agree with you there but I doubt they have the same trust and reputation closer to Binance. In other words, risky to try those exchanges.

Chillax.

Then just think of it later. Why being affected. Accept the fact that all centralized exchanges will soon implement KYC especially on the top crypto exchange today which is Binance. Do you really think Binance will not force a mandatory KYC soon? It's been years since they give that no KYC opportunity to non-basic accounts. It's even good that they still implement first the BTC0.06 for non-verified accounts rather than completely removing their perks as non-verified. If you are using Binance regularly then why do overreact for that privacy leak or something. I also said I'm already KYC verified there because of P2P.


And just to be clear I also said that just ignore it if you are not using the platform. Why overreact to something that you are not using in the first place. Don't be a representative to those who are not using it. You don't understand the advantages of using the platform. Just to be clear, I'm not defending or promoting Binance here. JI just like their service compare using our local crypto exchange.

I am also not here to change your views. Who am I to do that. So be it if that's your stand. I truly respect it.

That was already sounding and the theme was developing like a novel or the classic phrase "the winner is ...." and you don't finish saying the name.

This was announced loudly, whoever did not withdraw on Binance the money from him when he could, without passing the process, was delusional.

The traditional system continues to impose itself slowly and penetrates more to the idea (Bitcoin) of no KYC.

I'm surprised with this decision, to be honest, as it seems a little too much to me. I've processed deposits and withdrawals on Binance with no KYC before, and I have 1 Polkadot on Binance right now. What's interesting is that the mandatory KYC applies to new users, but withdrawals will be allowed without verification for them, if I understand correctly. And they still have a daily limit of 0.06 BTC (which is $3k now) of verification-free withdrawals. So for now, it sounds okay to me. But if I want to sell my one DOT for BTC, does it mean that now I'll need to go through KYC for something worth $30? I think it's a little ridiculous if that's the case, and I don't understand why they need to make KYC mandatory for all new users, regardless of the sums of money involved. Money is laundered in big chunks, so it's not justified to violate the privacy of those who trade small amounts.

Damn i thought the title says it all , but now that you clarified at least i can breath again.

i am a small trader and i only trade with little amount from time to time so i think there will never an issue on my part as this 0.06 daily limit is cool for me.

i wont even withdraw 0.01 per transaction lol.

Verified myself some time back already. My policy has always been that if the site requires KYC, might as well do it or be ready to do it. Hate the idea of being blindsided with KYC and risk getting funds withheld if not able to complete. Just checked and the old limits are still in place, though I wonder also how they'd be doing withdrawals for the EU now that they're clamped down on old routes.

It's true that right now the biggest market in the crypto world is Binance, so it's only natural that they ask each member of the KYC to increase security.

Well, the new users probably won't feel what we've felt before that there's no mandatory KYC that's needed to fill.

Here it goes binance, they're just doing their job as they grow. The government is eyeing them and want them to be subjected with their rules and standards.

This is of course sad because the era of anonymity is over, KYC verification is something we are wary of because there is no guarantee that they will not provide data to the country if it is needed, I found out these days because Binance is still a trending topic on Twitter, https://twitter.com/cz_binance/status/1428614958846148609

Although the main reason for doing KYC is to protect the crypto industry from criminal acts, not everyone will feel comfortable with the concept of KYC which must involve our privacy data, because each of our personal data can be directly controlled by the exchange manager, and the data stored on the exchange it will of course be a target for hackers, as happened to the Binannce exchange in the past when their exchange was hacked.

It's not natural, it's the right thing to do, you're servicing millions of users and having them each known is the best way so you can protect them and your business model. I don't really mind their KYC because it's not like their going to directly sell those information to other companies to make money when what Binance makes is already towering what they can get from selling those information.

That's right, I see Binance was forced to enforce KYC because the government still has the authority after all
for those who don't want to use a service that enforces KYC it's their right

I have followed the procedures required by binance for KYC and I hope my data is safe there
I like to use Binance because for me Binance is the number 1 crypto exchange in the world

Well, that will eventually happen and I already expected that after I've read enough news about government after government cracking down crypto related activities.
Binance is already in trouble. So, I guess they have left with no choice but to comply what the authorities wants them to do.
Exchanges will become an outlet for the government to put taxes and regulate Bitcoin and other crypto.

I have been KYC verified in Binance btw. So, I don't really bugged by this sudden announcement.
I don't think they'll sell any info unless their system get infiltrated by the cyber criminals.

Crypto is now on the limelight so expect that government will interfere since for sure they see the potential to gain millions or even billions if they can regulate it, so expect that this scenario will happen since this is part of legalizing of their platform. And I don't feel worried about that since knowing binance is a good platform that's why I didn't think twice to do it compare to other exchange which I really don't know if they are still good for more longer years.

You can not say they will never do anything. Any staff, former staff from Binance can sell data to other companies. It is not strange in life. The best way to not lose your private information is not to do KYC.

However, with more regulations from governments, like what we see with Binance, they can not ignore pressure from many nations. At the end, they take care of the company first, not customer first.

It happens when Binance become bigger and dominates the market. It happens when big social media like Facebook or Twitter, or Amazon dominates market and have huge impact in society. Governments will make more pressure to control those companies as much as they can.

Pass your KYC verification when setting up your account on any exchange. Because if you have a problem later, you can solve both problems quickly. KYC will pass Google verification.If you pass the intermediate verification, your account will be saved fairly. Moreover, if you do not pass the KYC, your ID may be damaged later. So keep passing as far as you can.

This is where DEX will play a major role in safeguarding identities. It's good we can offchain trade bitcoin, ethereum, USDT, USDC and other many coins. This way we can limit our usage of CEX. 80% of my crypto asset are in my private wallet. I hope the government don't come hard on some DEx like what they did to Idex, today Idex gets less users when compared to Uniswap, Sushi, pancakeswap and other leading DEX.

That sucks. Forcing KYC makes crypto exchanges no different than traditional brokers in the stocks world. This defeats the whole purpose of crypto/Blockchain tech. There's nothing we can do about this, since governments want a piece of the pie. Centralized exchanges will be forced to play the game, or face serious consequences in the long run. This is going to be a pain in the head for newcomers into Binance. The only ones able to trade on Binance without KYC would be old customers (although there are some limits you'd have to deal with). People that are new and want to preserve their anonymity might want to look elsewhere.

As long as decentralized exchanges exist, we won't have to worry about dealing with KYC. There are plenty of options available to make your life easier. I guess atomic swaps and decentralized exchanges will gain traction the more centralized exchanges force KYC. It'll be a win for crypto/Blockchain tech, as it puts governments' efforts in vain. Just my thoughts ;D