Binance decreased withdrawal limits for basic verified users.

[The Cryptovator]

As the title says, Binance decreased withdrawal limits for basic verified users.

Here are the article: Updates to Daily Withdrawal Limits

Those users who have big funds in basic verified accounts should withdraw their funds before 2021-08-04 00:00 AM (UTC).  Because after that withdrawal limits will be 0.06BTC.

I post it here because most newbies likely do not visit the Exchange section.

[Yogee]

Is there a particular reason why they decided to do this? It wasn't mentioned in their notice. I can only assume it's because of the regulators but why choose 0.06 BTC?

...I post it here because most newbies likely do not visit the Exchange section.

Maybe the newbies in here have completed their identity verification already hehe. It's the oldies who should probably see this.

[PX-Z]

Is there a particular reason why they decided to do this? It wasn't mentioned in their notice. I can only assume it's because of the regulators but why choose 0.06 BTC?

Maybe because of btc to usd value, though it could be much sense when bitcoin rose $60k. Also, a requirement from regulators is one of the reasons as well.

[OmegaStarScream]

As much as I hate the decision, one can only respect the way they did it, because and unlike some other exchanges out there, they notified the users before applying the changes, and also gave them enough time to withdraw their funds.

[Yogee]

Is there a particular reason why they decided to do this? It wasn't mentioned in their notice. I can only assume it's because of the regulators but why choose 0.06 BTC?

Maybe because of btc to usd value, though it could be much sense when bitcoin rose $60k.

I've thought of the USD value as well but it didn't add up with the BTC price when this change was announced. It would be more acceptable if we're going to use the ATH like you said.
- July 2017 BTC price was around $2K so the 2BTC previous threshold would be $4k
- April 2021 BTC ATH was around $64K so that's $3.8K

[bL4nkcode]

They're talking about the security of their users in relation to this which quietly I don't understand.

To support the ongoing security of all Binance users, new withdrawal limits will be established for those who have completed only Basic Account Verification. [...]

Anyway, they're probably pressured to be regulated as financial inst on other countries or maybe in every country they operated.

[bitmover]

As much as I hate the decision, one can only respect the way they did it, because and unlike some other exchanges out there, they notified the users before applying the changes, and also gave them enough time to withdraw their funds.

That was expected...

Binance is growing faster and faster every day, and they are facing a lot of problems with regulations all over the world (UK, Ontario...)

The 2 BTC limit withdrawal  for non verified accounts in a reliable exchange was like living in a dream. That was amazing while it lasted...

As the competitors, AFAIK there isn't a good exchange with such high limits for withdrawal, so I don't see they losing marketshare due to the new changes.

[Charles-Tim]

Basic level can only deposit and withdraw crypto and not able to even make use of p2p, not also able to deposit or withdraw using fiat, then why are people using it (although, aside trading crypto to crypto), there is nothing better than to use noncustododial wallet instead of the basic account because the account has nothing special that noncustodial wallet can not do (aside flexible trading from crypto to crypto), except that it is even an exchange account that users can not have full control. So, I will also advice people that are using basic account on binance to move their funds, there is no good reason to even use binance for basic level, because neither can basic accounts deposit fiat, also they can not make use of p2p, so people should not use exchanges for this purpose, they should completely use noncustodial wallet and learn about online safety and how to protect oneselves from bitcoin theft.

[Husires]

This is still a good amount considering the current prices, which the price could reach in the coming months.
It is good that they gave a warning before adjusting the price.
It seems that free trading without identity verification will become more difficult every day.

[magneto]

We've been calling it for quite some time now.

I personally think that even 0.06 BTC is way too much. The 2 BTC standard was set when BTC was $1-2k or even less, whilst 0.06 BTC right now is within that range alone. Regulators will still look at Binance and think that they haven't done as much as they could on the KYC front - one could still plausibly mass create accounts to circumvent this.

Definitely withdraw if you have large amounts in Binance. Anything more than 0.06 at this stage is asking for trouble.

[The Sceptical Chymist]

Is there a particular reason why they decided to do this? It wasn't mentioned in their notice. I can only assume it's because of the regulators but why choose 0.06 BTC?

Maybe because of btc to usd value, though it could be much sense when bitcoin rose $60k. Also, a requirement from regulators is one of the reasons as well.

That's what I was thinking as well.  I've noticed that some exchanges change withdrawal fees for various coins when their prices swing wildly up or down.  I know that isn't quite the same thing, but it's the same principle.

Definitely withdraw if you have large amounts in Binance. Anything more than 0.06 at this stage is asking for trouble.

Agreed.  Binance is one of the most trusted exchanges out there, but in the end they're still a crypto exchange and nobody should be keeping even 0.06BTC on it unless they're going to be trading within a relatively short time span.  If you don't allow an exchange to control your private keys, you'll never have any problems with withdrawals--it's as simple as that.

As much as I hate the decision, one can only respect the way they did it, because and unlike some other exchanges out there, they notified the users before applying the changes, and also gave them enough time to withdraw their funds.

They did do it the right way, and I also give them credit for that.  It does suck that they were no doubt forced to make the change, however.

[dkbit98]

Something was cooking behind the scenes with Binance exchange for weeks so anyone who is smart knew to withdraw their coins on time, and all this was caused by regulators pressing CZ very hard.
They had nice 2 BTC daily withdrawal limit for years before this announcement, but reducing it to 0.06 BTC per day is ridiculously low and they are literally forcing everyone to do kyc verification.
People will simply move to other exchanges, both centralized and decentralized and I expect to see Binance losing their top exchange position in next few years.

[The Cryptovator]

As much as I hate the decision, one can only respect the way they did it, because and unlike some other exchanges out there, they notified the users before applying the changes, and also gave them enough time to withdraw their funds.

To be honest, those who are using a centralized exchange for trading our crypto-assets should always be ready to submit personal documents. Otherwise once a time we will encounter the same issue everywhere. I can recall once Bittrex limit withdrawal for non-verified users. I can't recall exactly what was the minimum withdrawal limits but I can recall I withdrawn my funds 5/6 times which has lead to a waste of transactions fees. I hadn't enough time to verify but there was the urgency of funds. For that, yes, Binance gives enough time to withdraw funds if someone doesn't like to submit documents.

[ultrloa]

As the title says, Binance decreased withdrawal limits for basic verified users.

Here are the article: Updates to Daily Withdrawal Limits

Those users who have big funds in basic verified accounts should withdraw their funds before 2021-08-04 00:00 AM (UTC).  Because after that withdrawal limits will be 0.06BTC.

I post it here because most newbies likely do not visit the Exchange section.

Well this is not surprising actually since for so many times binance has been bothered by government so maybe this is part of regulation made by them so if we want to continuously use binance without having issues better comply their KYC procedure since this could save us days waiting for our withdrawals to get fill. Also theirs a lot od time to do and I also confident that binance still a good exchange where we can trust our private details.

[buwaytress]

Strange that I did not get any notification about this. Was fairly active this year after some time not using it, not that I have any funds there except a few dollars worth of crypto. Or maybe that is why I didn't get notice.

Anyone know if the limits apply to fiat withdrawals also? Or are they completely cut out of fiat now in EU since Clear Junction killed their business? They used to do instatnt euro withdraws for 80 euro cents. Was very useful for emergencies.

[goinmerry]

As expected, should not be a big issue for basic users.

If a user uses Binance regularly should not be a problem for them to comply with KYC to increase the limit up to BTC100 a day. Still, an awesome limit compares to using a local exchange or other global exchange.

Not a fan of KYC but don't want to overreact about the disadvantages and some possible privacy leaked information of it. It's Binance, not just an ordinary exchange.

[jerry0]

So I have some funds in binance still at the moment.  Im a us citizen but im abroad and i never once logged into my binance account while in the US.  I never did any verification.  I heard a while back, apparently binance no longer allows US citizens to use binance anymore and to withdraw their funds.  I still have funds on binance at the moment as I just keep my coins there.  I haven't done any trades at all in a long time.


Because of this, should i withdraw my all altcoins to my own wallet?  Or should i sell the altcoin i have on binance for btc or usdt/usdc and then transfer it to my own wallet? 

[traderethereum]

Maybe Binance's reason to decrease the withdrawal limits is that they want to still be under the radar from the government.
After all, as one of the big exchanges, Binance still allows people to withdraw their money before they applied the update.
But then, people need to verify their account with the basic account verification and will have 0.06 btc for daily withdrawal.
They want to see the traders who use big money to trade, especially for traders who have more than 1 btc because right now, 1 btc equals $39k-$40k, which can be more than that price the bitcoin price increase.
Traders will move their funds to the other exchange if they do not like that and will not use Binance anymore because they think that the reason does not make sense.

[Potato Chips]

Looks like binance silently reducing the withdrawal limit of selected unverified accounts to .05BTC on April 2021 was a precursor of something after all and just like that, this again could be a precursor of what's about to happen in the near future...

So I have some funds in binance still at the moment.  Im a us citizen but im abroad and i never once logged into my binance account while in the US.  I never did any verification.  I heard a while back, apparently binance no longer allows US citizens to use binance anymore and to withdraw their funds.  I still have funds on binance at the moment as I just keep my coins there.  I haven't done any trades at all in a long time.

Because of this, should i withdraw my all altcoins to my own wallet?  Or should i sell the altcoin i have on binance for btc or usdt/usdc and then transfer it to my own wallet? 

US persons are not allowed in binance.com, it's against their TOS so you should withdraw regardless of this announcement.  As a security measure, never store your funds in an exchange unless you're actively trading.

[jerry0]

So i have some powerledger in my binance account.  When i go to withdraw, i see there is option to do this.  The fee is paid in powerledger right?  It ask for the address... and also the network.  The only network it shows is ETH.


So I don't need ETH to withdraw powerledger right?


Now which exchange account can i open to store powerledger?  I do have a hardware wallet and they support powerledger but i need to use it together with myetherwallet?