Binance questions

[bitgolden]

KYC in binance is the simplest thing you could ever find in the entire KYC world. I sent them just 3 images and it was done under 5 minutes, just front side of my ID, back side of my ID and a picture of me holding my ID with a paper saying it is me, that's it and that was the end of it, took me under 5 minutes to take the pictures and send it and get accepted. If you are not fine with giving your ID to an exchange you are going to be a bit upset about it, but that's all they ask you to do, just ID and that's it, they require no phone number or anything, they only want your ID and that's it.

So long story short we are in a situation where we do not really have to worry about KYC anymore since it is everywhere, there is no way of avoiding KYC in any place, and the best trading exchange in the entire world made KYC with just three images simple so you should feel comfortable with it.

[seramania]

KYC problems seem to be done by any exchange nowadays. For small exchanges it has already implemented this and now for binance exchanges that are large and have high trading volumes, of course, it requires KYC and it is an obligation.

[btcb3g1nn3r]

do you know where is PNL page? I can't find it anymore since a while...

LE: and now it's back...

[jerry0]

Anyone here that is a US Citizen using binance without an issue and never did verification and also overseas?  If you could log in with no issue and trade, is it safe to assume its fine to continue to use binance.com?


I heard on twitter lot of us citizens in the US use a vpn to have access to binance.com.  So would it be safe to do that?  Well my assumption is if you are overseas and US citizen and log in with a non us ip address since you are overseas, that probably would be fine?


But what if they ask you for KYC then?  Has anyone been asked for KYC from binance ever?  Their two btc withdraw limit is obviously huge and works for most people.

[akar87]

Most exchange with easy KYC is Binance because you don't need to write some thing like other exchange and only upload your ID card and take your face, just few minutes if your image clear will approved soon. I have try look very easy depend with other exchange, in local exchange take one day for KYC process but Binance can approved your document just few minutes, look simple and very easy I think but if you got trouble ask them on online chat.

[notblox1]

Customer information from Binance was leaked back in 2019 so it's better to avoid sending them yours if you can.

You can use Binance without any issues for daily withdrawal up to 2 Bitcoin, but you should know that they sometimes have issue and website is not available so safest way to use Binance exchange is if you download their official app for desktop or mobile to reduce crashing that happens on their website version.
This is centralized exchange so nothing is guaranteed and they can ask you for verification if they want, but I know many people who use Binance and never had any issues with that for years.

[lovesmayfamilis]

When trading in Binance, you should always be prepared for the fact that the exchange, according to one well-known algorithm for it, may consider your actions suspicious and require verification.

I think that many exchanges today are trying to stick to some red-flag indicators that exchanges might consider transactions to be suspicious.
Here is a list of FATF patterns that can signal fraudulent activity.

https://www.fatf-gafi.org/media/fatf/documents/recommendations/Virtual-Assets-Red-Flag-Indicators.pdf

[XZERO1]

I think that many exchanges today are trying to stick to some red-flag indicators that exchanges might consider transactions to be suspicious.
Here is a list of FATF patterns that can signal fraudulent activity.

https://www.fatf-gafi.org/media/fatf/documents/recommendations/Virtual-Assets-Red-Flag-Indicators.pdf

That could be true for more reputable exchanges like Binance here and they might need to require their users to complete KYC to make sure there's no wrongdoings.

But unfortunately some exchanges such as HitBTC and Bittrex are using that as an excuse to freeze their users account because they claim they had detected some suspicious activity while as a matter of fact they just need some extra funds on the side, so what they do is they just start randomly asking their users for KYC when their balance is high enough that is worth the effort for them, and if the user accepts and do KYC verification they will just unfreeze the account since now they have some KYC information to sell on black market(in some cases they might even go further and ask for documents including source of funds after passing KYC), but if the users refuse to do so, they get to have the whole balance of their account for themselves.

At the end of the day if you registered for an exchange and accepted their TOS and then while using that exchange they suddenly asked you to complete KYC, I guess more than anything else it's your fault.

[Darker45]

But unfortunately some exchanges such as HitBTC and Bittrex are using that as an excuse to freeze their users account because they claim they had detected some suspicious activity while as a matter of fact they just need some extra funds on the side, so what they do is they just start randomly asking their users for KYC when their balance is high enough that is worth the effort for them, and if the users accepts and do KYC verification they will just unfreeze the account since now they have some KYC information to sell on black market(in some cases they might even go further and ask for documents including source of funds after passing KYC), but if the users refuse to do so, they get to have the whole balance of their account for themselves.

At the end of the day if you registered for an exchange and accepted their TOS and then while using that exchange they suddenly asked you to complete KYC, I guess more than anything else it's your fault.

These are very heavy accusations. Do you happen to have indisputable evidences which support this?

I used to be a fan of Bittrex during its heyday. I used to trade on HitBTC as well during the good old days of ICO. There were times when my accounts' balance on both exchanges would reach a significant amount, but never had I encountered something negative which I would consider very serious from both platforms. While I experienced what others have gone through with HitBTC, that is, a sudden KYC requirement, it was only during the time when I already detached myself from them and only left a very small amount. But even with that, I got quickly approved and allowed to withdraw my funds.

Make no mistake, I am also very much aware of a lot of complaints against both exchanges, especially with HitBTC.

[stomachgrowls]

But unfortunately some exchanges such as HitBTC and Bittrex are using that as an excuse to freeze their users account because they claim they had detected some suspicious activity while as a matter of fact they just need some extra funds on the side, so what they do is they just start randomly asking their users for KYC when their balance is high enough that is worth the effort for them, and if the users accepts and do KYC verification they will just unfreeze the account since now they have some KYC information to sell on black market(in some cases they might even go further and ask for documents including source of funds after passing KYC), but if the users refuse to do so, they get to have the whole balance of their account for themselves.

At the end of the day if you registered for an exchange and accepted their TOS and then while using that exchange they suddenly asked you to complete KYC, I guess more than anything else it's your fault.

These are very heavy accusations. Do you happen to have indisputable evidences which support this?

I used to be a fan of Bittrex during its heyday. I used to trade on HitBTC as well during the good old days of ICO. There were times when my accounts' balance on both exchanges would reach a significant amount, but never had I encountered something negative which I would consider very serious from both platforms. While I experienced what others have gone through with HitBTC, that is, a sudden KYC requirement, it was only during the time when I already detached myself from them and only left a very small amount. But even with that, I got quickly approved and allowed to withdraw my funds.

Make no mistake, I am also very much aware of a lot of complaints against both exchanges, especially with HitBTC.

For sure those are only observations if he dont have actually had the experience on using those exchange or simply do see those issues that floating around and tell up some stories about
KYC selling in some markets or do make out some intentional shady asking out KYC for the purpose of locking out users account.

Well, there are no evidences for this one but if you do base up on how things works and what are the possibilities that could happen then we can really presume that
it might be happening behind the curtains.

So does simply mean that its better to stick out with the best ones to avoid some headaches.

[XZERO1]

Do you happen to have indisputable evidences which support this?

No, if there was any indisputable evidence of them doing that, then they wouldn't exist now to be able to keep working even after years of repeating the same bad practices over and over again and would be forced to close down when caught.

What I wrote on my previous post was more of an assumption based on how much demand there is for KYC information around the world and the fact how easy it would be for these exchanges to sell those information for some money, I believe that is exactly how some shitty projects "free" airdrops that later ask the participants to complete KYC make money, KYC information farming is a real thing and even if those mentioned exchanges don't do that, then some others definitely do.

To sum it up I think it's fair expecting to have access to something close to KYC information of team members on these exchanges/platforms if you want to give them your information at the very least, currently there's almost no transparency on these exchanges side besides some half completed linkedin profiles that could be easily faked as well.