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[Bitcoin_Arena]

Well the reduction in the daily limits was expected but not that much 

I have anticipated this before especially when BTC climbed to $40K+. Like right now, the 2 BTC a daily limit would make it around $80K. Easy to launder if someone created a dozen unverified accounts.

I guess it's time to switch to the likes of Kucoin (5 BTC daily limit), Huobi, Okex for now 

[Twinkledoe]

Well the reduction in the daily limits was expected but not that much 

I have anticipated this before especially when BTC climbed to $40K+. Like right now, the 2 BTC a daily limit would make it around $80K. Easy to launder if someone created a dozen unverified accounts.

I guess it's time to switch to the likes of Kucoin (5 BTC daily limit), Huobi, Okex for now 

I like Kucoin also as I have used it several times already and everything went smooth. But do they have insurance like in Binance - SAFU? I am not big timer, so I have no problem with the reduction of daily withdrawal limit in binance and I got my account verified because I am using also their P2P service. But as you said, we are already expecting that to happen because that 2btc daily limit was already ages ago, and btc's price has already increased a lot.

[sheenshane]

But do they have insurance like in Binance - SAFU?

It seems this is most important to all users and the reason why didn't leave on Binance, the SAFU.  But it does really give insurance?

For the small-scale traders, it would be fine, and also there's a possibility Binance wouldn't use it as fraudulent by using it for money laundering for the unverified account.  This is what was in my mind before, whether we like it or not, centralized exchanges will push through their users to have verified from KYC.  But if your small-time trader it would be fine and I think this reduction will not have an effect on the Binance use, the reduction is still fine to still remain anonymous.

[Darker45]

While I was already looking forward to the day when Binance would finally lower down its withdrawal limit to non-verified users, I am still surprised at the details. It is understandable that Binance would change the 2BTC-limit as the price of Bitcoin is fast rising but it is surprising for them to lower it down to just 0.06BTC. That's way too low.

I also find it surprising that from 2BTC without KYC it has now become 0.06BTC with basic account verification. I guess it's about time to part ways with Binance.

[cabron]

It's a big difference from 2BTC down to 0.06BTC. Apparently, there are tons of us who are not verified in the exchange who always withdraw coins not exceeding that limit, purposely not withdrawing more than 2BTC just to skip submitting documents.

Well the reduction in the daily limits was expected but not that much 

I have anticipated this before especially when BTC climbed to $40K+. Like right now, the 2 BTC a daily limit would make it around $80K. Easy to launder if someone created a dozen unverified accounts.

I guess it's time to switch to the likes of Kucoin (5 BTC daily limit), Huobi, Okex for now 

This is where the not-so-popular exchange will be used more because of the high limit. But eventually, they will also do the same when regulators push them.

[Aliceooo78]

Binance, as the top digital currency exchange, has always been committed to bringing customers a safe, fast and convenient trading experience. Although many people remind me to go to a decentralized exchange, I still keep a part of it in Binance. The problem encountered is not the issue of the withdrawal limit, but the withdrawal of coins is very restricted, and the corresponding email verification code cannot be received. Sometimes you can only choose to cash out.

Today I also saw the following news.

Binance will transform into a well-regulated financial institution, and with an open mind, it will look for a successor CEO with strong regulatory and compliance experience to demonstrate the company's commitment to compliance. But CZ also stated that even if he removes his CEO status, he will not leave Binance.

What I want to say is that I hope that everyone stays away from centralized exchanges. Although it is sometimes fast and convenient, it is mainly because you can use leverage to make contracts. The currency withdrawal movement has been proposed for a long time, and I will be one of them. thanks.

Finally, congratulations to OP for breaking through 4K in the number of MERIT.

[o_e_l_e_o]

"To support the ongoing security of all Binance users"? Please. Why can exchanges not for once just be honest with their users? Literally no one thinks this is driven by "security concerns". Just come out and say "Due to our desire to continue making as much profit as possible, and various governments threatening to limit our activities if we don't do as we are told..." I'd have far more respect for you if you were just honest instead of coming out with some flimsy excuse about users' security.

I guess it's time to switch to the likes of Kucoin (5 BTC daily limit), Huobi, Okex for now 

A temporary workaround. Full KYC requirements will come to all exchanges sooner or later, and all non-verified accounts will cease to exist completely before long. If you want to trade without the snooping eyes of exchanges and governments monitoring your every move, then you need to start using a decentralized exchange.

[stomachgrowls]

"To support the ongoing security of all Binance users"? Please. Why can exchanges not for once just be honest with their users? Literally no one thinks this is driven by "security concerns". Just come out and say "Due to our desire to continue making as much profit as possible, and various governments threatening to limit our activities if we don't do as we are told..." I'd have far more respect for you if you were just honest instead of coming out with some flimsy excuse about users' security.

I would say the same thing and for those who are experienced enough or just using up their common sense then this isnt really a security concern but rather on regulation problem.

It is just really that too obvious on making these adjustment because if they werent been pressured by the government then they wont really make out some changes.

A temporary workaround. Full KYC requirements will come to all exchanges sooner or later, and all non-verified accounts will cease to exist completely before long. If you want to trade without the snooping eyes of exchanges and governments monitoring your every move, then you need to start using a decentralized exchange.

Wont really be surprising and we are really heading there but still we do have options to make use but in the end of the day people would still touched to CEX since
fiat/crypto transactions is only possible on this method.

[Taskford]

"To support the ongoing security of all Binance users"? Please. Why can exchanges not for once just be honest with their users? Literally no one thinks this is driven by "security concerns". Just come out and say "Due to our desire to continue making as much profit as possible, and various governments threatening to limit our activities if we don't do as we are told..." I'd have far more respect for you if you were just honest instead of coming out with some flimsy excuse about users' security.

That's a good point. This excessive concern (in quotes) is already nauseous. This, by the way, is well observed outside of exchange activities, when governments impose restrictions on the use of cryptocurrencies in view of the safety of their citizens and countering illegal activities. But in fact, in defense of the interests of certain individuals. 

I don't know whats the point of stopping the illegal activities while in fact this happen every but maybe they just want to decrease the user of crypto currency exchange that's why they implement that limits for unverified users, there are so many users who doesn't like to do KYC and I think many will not like this implementation. But hopefully we will not came to the point that government will totally ban exchange and using cryptocurrencies.

[sunsilk]

That's a bad move but I think there is a connection from what Binance is going to add as a feature within the unknown period of time. They're making the connection for most regions and this might be the bold step that they see for themselves for the compliance for each of those regions that might ask them.

But as someone who uses them and don't like to get into KYC, the reduction for the daily withdrawal isn't looking good especially if you're a huge trader and earns more than that or if you've held that for a long time and want to withdraw with exact amount.

And to the small traders, this is an adaptable change and nothing to worry about if you're just withdrawing daily within the reduced limit.

[Darker45]

And to the small traders, this is an adaptable change and nothing to worry about if you're just withdrawing daily within the reduced limit.

To small traders, those who are keeping less than 0.06BTC in their Binance wallet, this reduction may not be a big deal at all, except that this is not just about the reduction. This is also about requiring them verification. If I were a small trader myself, this to me is not an adaptable change.

Anyway, I guess withdrawing 0.06BTC or less from Binance on a daily basis is not worth it. The transaction fees of daily withdrawal and deposit would only eat up whatever gains you've made. And not every trading day is profit day.

[o_e_l_e_o]

Wont really be surprising and we are really heading there but still we do have options to make use but in the end of the day people would still touched to CEX since fiat/crypto transactions is only possible on this method.

That's not accurate. There are plenty of options for trading fiat/bitcoin pairs in a decentralized and peer to peer manner without ever needing account verification of KYC, such as Bisq, Hodl Hodl, and LocalCryptos. You can even find people on this forum or at local bitcoin meets or events.

But hopefully we will not came to the point that government will totally ban exchange and using cryptocurrencies.

If any government wanted to ban bitcoin, they would likely have done so already. All these regulations are geared towards Binance and other exchanges reporting all their customer details and activities to the government. They'll pass them all under the guide of "preventing money laundering" (while conveniently ignoring the fiat banks which are laundering trillions of dollars every year), when in reality it is so they can make sure they are collecting their tax on every possible trade. Can't let the average Joe stiff the government out of a few bucks! The privilege of avoiding billions in tax is reserved for politicians and their big business donors.

[Slow death]

the binance situation is not good.

today's news:

Binance to shut down crypto derivatives trading in Europe

Binance banned in Malaysia, given 14 days notice to shut down operations

it makes perfect sense that they are reducing the minimum withdrawal value for customers who have not done KYC, I think in the very near future they will not allow people to use the exchange without having done KYC, governments are tightening exchanges to follow the laws, but what makes me curious Is why customers cannot be anonymous but the owners of exchanges can be anonymous?