2 BTC Binance limit

[hugeblack]

I always had doubts about Binance, but I am surprised that they did not change their strategy regarding the limits of using this platform without KYC.
At today's price, 2 Bitcoin is equivalent to approximately $ 70,000 and about $ 200,000 a month, which is more than enough for anyone who wants money laundering or drug trafficking from one account.
Are they going to adjust those limits? Bearing in mind that the borders have been below 20,000 for a long time, and I do not think that any regulatory authorities will allow these borders.

[NeuroticFish]

Are they going to adjust those limits? Bearing in mind that the borders have been below 20,000 for a long time, and I do not think that any regulatory authorities will allow these borders.

They'll most probably adjust them (sooner or later), but they're by far not in a hurry. The history tells that they are much happier to "move" into areas with more relaxed regulations than comply in the way most other exchanges do.
When this "gray area" will become too much of a burden, then yes, they'll comply. Until then, .. no hurry. At all.

[magneto]

I always had doubts about Binance, but I am surprised that they did not change their strategy regarding the limits of using this platform without KYC.
At today's price, 2 Bitcoin is equivalent to approximately $ 70,000 and about $ 200,000 a month, which is more than enough for anyone who wants money laundering or drug trafficking from one account.
Are they going to adjust those limits? Bearing in mind that the borders have been below 20,000 for a long time, and I do not think that any regulatory authorities will allow these borders.

It's a matter of time.

The regulators' attention is now turned away from the crypto space into retail equity apps like Robinhood, and this distraction could well mean that there is a slight delay in Binance being pressured into decreasing their limits.

But of course, Binance would want to keep it as high as possible for as long as possible so that they maximise their trading volume - which is how they make money.

So essentially there are two forces at play here, and right now, the latter is dominating. I actually don't see it changing in the near future (say this year), but it's not sustainable.

[Lucius]

That sounds fantastic on paper, but I have no doubt that anyone can take advantage of that limit and make a withdrawal of 60 BTC per month without activating some security mechanism that will freeze the account and ask for KYC. I think this limit is something of a good lure for all those looking for a respectable crypto exchange without KYC, but for anyone trying to do any more serious withdrawals it will not last forever.

Binance is actually not that different from other big exchanges, 3 hours ago they suspended all withdraws - many users are certainly very happy about it.

https://twitter.com/binance/status/1355102905171406849

[traderethereum]

Maybe someday they will adjust the limit for free members because of the bitcoin price increase higher.
But if they do not do that, I think that is good news for free members because they can still withdraw 2 bitcoin from Binance, and that can make Binance more popular to people who do not want to verify their account.
2 bitcoin now will worth $70k, but who knows, 2 bitcoin in the future can be more than $200k.
We might see some updates from Binance related to this, and we will know about it later.

[Bitcoin_Arena]

Forget about Binance, Kucoin's 24 hour withdrawal limit on an unverified account is 5 BTC, that's around $175,000 ($5.25M per month) at the current Bitcoin price  
Not sure when the new limits were updated but that's more than enough for someone to launder money below the radar.

What I think may happen in future is that exchanges maybe forced by authorities to peg limits to fiat value rather than cryptocurrencies. So we might have 24 hour limits at unverified accounts pegged at let's say $2,000.

[TimeTeller]

Forget about Binance, Kucoin's 24 hour withdrawal limit on an unverified account is 5 BTC, that's around $175,000 ($5.25M per month) at the current Bitcoin price  
Not sure when the new limits were updated but that's more than enough for someone to launder money below the radar.

What I think may happen in future is that exchanges maybe forced by authorities to peg limits to fiat value rather than cryptocurrencies. So we might have 24 hour limits at unverified accounts pegged at let's say $2,000.

Yes, you got it right! Kucoin has 5BTC 24h withdrawal limit for unverified acct. 
Though I'm not even using the 2BTC withdrawal limit in BNB, yet, Kucoin is really giving so much leeway for its traders.
Using kucoin from time to time, and never had any issues also, am just a small trader though. 
But wonder the same, if there are users who actually are maximizing this daily limit?
Such huge money already. And will not in any way be consumed by regular crypto user like me.

[Darker45]

There might be some adjustments very soon if Bitcoin will continue to rise and rise, although I hope there's none. Let those who hate KYC-- and there's so many of them-- stick to Binance. There's gonna be a large chunk of the market who will leave the exchange once that 2BTC-limit will be significantly lowered down. Not to mention that Binance doesn't have a clean record in terms of keeping KYC information.   

[sunsilk]

Once a government regulatory entity notices that limit, they are about to change it before they'll be pressured. For now, those who can enjoy the limits without having to go through a verification (KYC), there's no need to worry about it. But be not surprised if they'll make some adjustments, huge or small.

It would be great to hear someone who's enjoying entirely the daily 2 BTC limit on Binance.

[bitmover]

At today's price, 2 Bitcoin is equivalent to approximately $ 70,000 and about $ 200,000 a month, which is more than enough for anyone who wants money laundering or drug trafficking from one account.

I don't think so.

Whoever is doing money laundering or drug traffic didnt receive ethereum, doge, bitcoin or any other crypto. Neither to they want other crypto.

If you want to trade fiat in binance you must so kyc.

So, I think it is ok for them to allow crypto trading and withdrawal without any kyc

If you are a drug dealer and you receive 50,000 usd per month, you cannot sent it to binance without kyc.
Only if the drug dealer is receiving btc. Not the case yet.

But I am surprised as well with so good limits

[virasog]

I always had doubts about Binance, but I am surprised that they did not change their strategy regarding the limits of using this platform without KYC.
At today's price, 2 Bitcoin is equivalent to approximately $ 70,000 and about $ 200,000 a month, which is more than enough for anyone who wants money laundering or drug trafficking from one account.
Are they going to adjust those limits? Bearing in mind that the borders have been below 20,000 for a long time, and I do not think that any regulatory authorities will allow these borders.

Well, even if binance decrease the limit of withdrawal without KYC, there are many other platforms which people can use to do money laundering and other illegal activity. You can deposits and withdraw unlimited through https://www.bybit.com/ and there is no KYC .
Most of the exchanges who makes KYC compulsory is only because of their laws to be complaint in eyes of legal department and government.