Binance KYC

[Japinat]

Thanks for the replies.   And I'm happy to do KYC anytime it's required, but prefer to preserve my privacy when it's not required.   

Hopefully we can enjoy that full privacy in the future, but centralized exchange are really requiring users to comply with the KYC.
Our chance to enjoy full privacy is when there is a decentralized exchange that has a decent volume like the popular centralized exchange now like Binance.

[ttcsalam]

  I think all users should be compulsory KYC. Then the credibility of the trader will increase. And it will be possible to reduce hacking somewhat.

[Nadziratel]

Thanks for the replies.   And I'm happy to do KYC anytime it's required, but prefer to preserve my privacy when it's not required.  

Then you may sign up more than once to Binance. It provides to you privacy. I remember that Binance promised to us at the beginning, they will let us to withdraw 2BTC without KYC. So you can create more than an account.

[MonsterV]

I think the 2 BTC withdrawal is more of a protection method for them to protect their liquidity and to prevent a type of Bank rush scenario when things might go wrong and not much of a KYC/AML regulation requirement. 

It is also a protection method from large withdrawals, when a hacker finds a exploit and try to withdraw all the coins in one day. It gives them some time to react when people's accounts gets hacked. <They can also shift coins to cold storage, when it gets noticed> 

One way to get past any restrictions would be to open multiple accounts with family members details. <obviously with their consent>

Sure enough, this system is powerful enough to reduce losses when their system is hacked. The 2BTC limit for users who have not yet verified and if they have passed the strict verification step, the user can make a withdrawal of up to 100BTC because binance has done the copy to that user.

[Beerwizzard]

I'm sure that OP is not going to withdraw 2 BTC every day from this exchange until he withdraw 25 BTC. I guess that people that are willing to operate with their own $200k USD worth of crypto are not creating threads on the other forum but contact the exchange administration directly. Also no one cares about your KYC data and your privacy. Nothing bad gonna happen until you are not laundering your money.

Thanks for the replies.   And I'm happy to do KYC anytime it's required, but prefer to preserve my privacy when it's not required.   

Then you may sign up more than once to Binance. It provides to you privacy. I remember that Binance promised to us at the beginning, they will let us to withdraw 2BTC without KYC. So you can create more than an account.

Any kind of cheating may lead to account freeze. It will take you pretty much time to get your funds back.

[oseikuf44]

You do not get verified on an exchange for the purpose of deposit and withdrawal only. You must get verify for the safety of your account and funds. If the exchange get compromise or your account get hacked, it is only a verified account that make a claim for refund.

[traderethereum]

Yes, unverified binance user could only withdraw 2 btc per day.
But it will better if you can verify yourself so the limit of withdrawing can bigger and you can withdraw for more than 100btc.
And with Level 3 in binance, you will have a higher limit to withdraw and it will help you to withdraw in a lot of bitcoin.

[indoagung88]

I have never made a withdrawal above 1 BTC in a binance exchange, but maybe that is one of the objectives and importance of KYC. When we want to make more withdrawals than limits, we must fill out and verify KYC. Allows to know the account owner's data. But lately there has been news about Binance that has been hacked, what is your response?? Thanks.

[Genemind]

I haven't reached the 2 BTC limit so I'm not aware of it but all I know is that they're requiring most users to pass the Kyc for their security measures.
You might be needing to submit the requirements first before you proceed with your future transactions.

[jademaxsuy]

This is the usual update on every exchange globally. Here in our local had already doing it aince the bitcoin amd other crytpocurrency has been introduce. Now, bitcoin has slowly integrated into payment system like smart phone network service load for calls,.text and even data for.internet.

I am happy for the current situation of the use of cryprocurrency in our local even if KYC is required. So, binance has conducted KYC then it is for the good of cryptocurrency system.

[Dapper]

Just an update to this, the multiple account workaround works fine.    Just do it from multiple devices so you have different MAC addresses.   And of course, don't use all of your accounts to sweep funds to the same external BTC addresses.   You'll need multiple external addresses as well.   What you do after that point is up to your own creativity. 

[Aldrinx00]

I think the non verified users has a withdrawal limit of 2 btc per day so 60 btc in a month, well i never tried it because i don't have that much to withdraw. I agree that you don't need to get verified if you don't have that much funds but if the time comes that you have lots of funds to get out of the exchange, i think it's better to get verified level 2 on binance early to prevent hassle.

[Reid]

Thanks for the replies.   And I'm happy to do KYC anytime it's required, but prefer to preserve my privacy when it's not required.  

Looks like no one can answer this because of the high value of bitcoin.  

Before I am also unverified with Binance and had not go thru 2 BTC.
I bet they also have that monthly limit because it will be a problem for them if that much amount is getting in and out everyday.
20k USD is a lot and actually banks are already questioning those kind of numbers.
Binance is centralized so they will have the same rule there.

[Question123]

I think the non verified users has a withdrawal limit of 2 btc per day so 60 btc in a month, well i never tried it because i don't have that much to withdraw. I agree that you don't need to get verified if you don't have that much funds but if the time comes that you have lots of funds to get out of the exchange, i think it's better to get verified level 2 on binance early to prevent hassle.

I don't have big funds too in Binance so there is no need for me to submit my KYC. Those people who have big funds like hundreds of bitcoin can really needed to pass their KYC for them able to withdtaw their bitcoins from  to other wallet they want to transfer it. But Im still submit my KYC maybe in the future incase they needed I trust to binance so they don't have problem .

[CryptoBry]

I am not based in USA and so I am fortunate to get not required by Binance to do the KYC as long as my transactions are below the maximum allowed. Though we could not be sure if this same policy can stand in the future as more and more cryptocurrency exchanges are implementing KYC for all of their users and some countries are requiring the same. Though I am not personally against KYC, I am also concerned with the misuse of data and my privacy.

[stadus]

I am not based in USA and so I am fortunate to get not required by Binance to do the KYC as long as my transactions are below the maximum allowed. Though we could not be sure if this same policy can stand in the future as more and more cryptocurrency exchanges are implementing KYC for all of their users and some countries are requiring the same. Though I am not personally against KYC, I am also concerned with the misuse of data and my privacy.

The rules are uniform regardless of which country you are from as long as you are not ban from accessing the site.
You can do KYC or not, you can still enjoy using the site as long as you don't exceed the limit but for me, it's wiser if you do the KYC as this is only for your own protection, don't think the site will use your information in illegal activities as they are big site and regulators are watching they, in addition, they would not ruined their reputation for that as they are in a big business which is very profitable.

[dmty.0809]

If your assets are more than 2 Btc, it's a good idea to verify the data up to level 2, with a limit of 100 btc / day. You only need to upload photos of yourself. Like KYC.

[ginobitcoiner]

I am not a trader who has a large asset of my transaction not reaching 1 Bitcoin per day, therefore I do not experience the problem of making withdrawals from Binance Exchange, even though I do not submit KYC documents.

[seramania]

binance kyc may have a positive goal to ensure the entry and exit of assets, so with a limited of 2 btc per day this can be used as a way to avoid the risk of btc abuse

[Caladonian]

Thanks for the replies.   And I'm happy to do KYC anytime it's required, but prefer to preserve my privacy when it's not required.  

Looks like no one can answer this because of the high value of bitcoin.  

Before I am also unverified with Binance and had not go thru 2 BTC.
I bet they also have that monthly limit because it will be a problem for them if that much amount is getting in and out everyday.
20k USD is a lot and actually banks are already questioning those kind of numbers.
Binance is centralized so they will have the same rule there.

Being centralized oblige binance to follow the process, not sure also about those exceeding as I don't have that much capital to extend higher than
2btc, most of the time I only have below  .1btc to trade so I'm not aware with how things happened more than that, holding some NPXS now and
it's not exceeding to .1btc maybe if this coin will bring something in the future I'll be able to experience that,.