Binance squeezes users on verification

[tvplus006]

Nevertheless," large wallets " are leaving Binance. But such conclusions for a large amount that exceed 2 BTC per day can only be made from accounts that have extended verification on the exchange. Perhaps this is due to the fact that a lot of negative news has now come out around Binance, including the ban on futures and derivatives in Europe and the termination of trading in tokenized shares.

[LimLims]

There might be a strong reason for this change and thanks for sharing it here.
I guess whatever Binance has decided, it has be taken after few discussions.
If we see in a positive way then it’s good to prevent scammers as more id verification will be forced.
Moreover there might be also some deflection seen in the BNB token in the upcoming days.
Still lets wait for the best.

[Lakai01]

Nevertheless," large wallets " are leaving Binance. But such conclusions for a large amount that exceed 2 BTC per day can only be made from accounts that have extended verification on the exchange. Perhaps this is due to the fact that a lot of negative news has now come out around Binance, including the ban on futures and derivatives in Europe and the termination of trading in tokenized shares.

I also think it's because of that and not the KYC requirement. Using Binance without KYC didn't make much sense for btc whales because of the very low number of Bitcoins that could be withdrawn with such an account.

Binance has received a lot of bad press lately, and there are still lawsuits pending. This is of course a huge problem for a whale who has several million in BTC on such an exchange. If, for example, charges are brought against Binance, it could well be that the funds on the exchange will also have to be frozen - even if only for a short time.

[perfect999]

Will Binance lose client base now. Will BNB take the hit and crash while this is on? There are many speculations going on in my mind right now.

What do you think?

I don’t think they are going to lose clients because of that, moreover anyone that is making use of Binance should be aware that the exchange is a centralized exchange so they can take any turn at any time. So, you just have to be ready for it to happen at any time.

Anyone that is looking for truly decentralized platforms already knows where they should be looking for it, and Binance is not really the answer to that, it’s just decentralized to some extent. I won’t be surprised if they happen to be fully centralized in years to come. But, I think the reason why they shortened the amount of BTC you can withdraw is because there has been an increase in the price of BTC per dollar, so they want to match it.

[carlfebz2]

Will Binance lose client base now. Will BNB take the hit and crash while this is on? There are many speculations going on in my mind right now.

What do you think?

I don’t think they are going to lose clients because of that, moreover anyone that is making use of Binance should be aware that the exchange is a centralized exchange so they can take any turn at any time. So, you just have to be ready for it to happen at any time.

Anyone that is looking for truly decentralized platforms already knows where they should be looking for it, and Binance is not really the answer to that, it’s just decentralized to some extent. I won’t be surprised if they happen to be fully centralized in years to come. But, I think the reason why they shortened the amount of BTC you can withdraw is because there has been an increase in the price of BTC per dollar, so they want to match it.

This is what im thinking that adjustments that had been made considering the price of bitcoin had already soared up high then its just normal that they would really be needing some adjustment just like on the

dollar cost based on what they had put out when they had just implemented this 2 btc withdrawal limit per day.The given limit is still better and good basing on dollar value since not all would really be that

a big capital trader which do pull off big amounts from time to time.Excluding into those whales or had lots of coins then this would really be a headache as they would really be having no choice.

[sana54210]

I predict a lot of outflow from binance and a lot of inflow to other exchanges like Huobi and Kucoin. Binance volume will go down as a result. Not sure about the BNB price, I doubt it will drop but it won't pump like it used to. BSC is quite good - apart from all the DeFi scams and Rug Pulls on this chain!

Yeah, I also think BNB won't be too impacted with this move but I won't blame Binance alone here because it is the persistent pressure from legal authorities to ask for documents and no matter how much Binance avoids and ducks, at some point, they had to give up and seems like they did eventually now.

By the way, if a big exchange like Binance has been forced to do something, I don't think users are safe with any centralized exchanges right now. In fact, it's time to spread awareness about decentralized exchanges and withdraw from centralized wallets/exchanges.

It is obvious that Binance as a whole will not be impacted on this. 2 bitcoin deal was done when bitcoin was very very low, it was under 20k, and the peak was 40k, now just one bitcoin is like that, and when this all started, bitcoin was under 3-4k as well, meanwhile it is 10x that nowadays. So, what we should be considering is how they are dealing with fiat currency when putting a verification force there and not bitcoin. The 0.06 price hit is 2.3k dollars already, it is not like some chump change, we are talking about over 2k+ dollars as being without KYC need at all.

So, if you are a small time trader then you can still use this but if you are dealing with big amounts then you should not be able to withdraw 80k without problem, that is not a reasonable amount for KYCless moves, governments will ask about it, 100 accounts registered for some money laundering (and buying 100 peoples ID usage rights is nothing for drug lords) means 8 million dollars right away, that is not normal.

[dezoel]

This is the worst possible scenario for a crypto user. Crypto was meant to be decentralized and anonymous but because of these centralized exchanges everything is getting more and more controlled and eventually, all this control is handed over to the government which is exactly what we DON'T need. I don't have a problem giving documents to Binance mind you, but I don't want to give it either because it suppresses the anonymity associated with cryptocurrencies.

Will Binance lose users? Obviously!

Do they care? They have a humongous user base and won't mind gobbling up some users' funds and let them leave.

[lalabotax]

I have no problem with this way because I have already done KYC in that platform in order to do P2P and withdraw fiat.
But for those who don't want to do KYC of course it is a matter. however, they may really have their own consideration to make it. And I believe that Binance will keep our privacy, hopefully.
In my local exchanges, we cannot do anything with our assets if we are not doing any KYC.

[Quidat]

I have no problem with this way because I have already done KYC in that platform in order to do P2P and withdraw fiat.
But for those who don't want to do KYC of course it is a matter. however, they may really have their own consideration to make it. And I believe that Binance will keep our privacy, hopefully.
In my local exchanges, we cannot do anything with our assets if we are not doing any KYC.

Same here where my local exchange do already needed some KYC before you can make use the full feature of the site plus the limits that you can transact this is why im not really surprised
and even on Binance im already KYC verified to make out some express sell to fiat.Im not really minding much with my identity though as long it doesnt really harm you for now
then i dont think that it would really be that serious thing to be minded off by someone but for those who do really give importance into their identity then this would
really be an issue.

[Marvelman]

Privacy is my number one priority, and I generally avoid sharing personal information unless absolutely necessary. You never know where your data might end up. Nonetheless, I believe Binance is one of the most respected exchanges in the crypto world and I made the decision out of necessity rather than philosophy. I also do not believe they will lose clients because of that change. Binance certainly has its critics, but the only thing that can threaten their position in the market is government scrutiny.

[Johnyz]

That’s still a huge limit compare to other site and beside Binance is the best exchange and you can do a lot of things if you submit your KYC so I think that’s worth the risk depends on how you see this one. If you think this new regulation is not worth it, try other top exchange that didn’t ask for any KYC. Binance will not lose a client because of this.

[Clavulanic]

Privacy is my number one priority, and I generally avoid sharing personal information unless absolutely necessary. You never know where your data might end up. Nonetheless, I believe Binance is one of the most respected exchanges in the crypto world and I made the decision out of necessity rather than philosophy. I also do not believe they will lose clients because of that change. Binance certainly has its critics, but the only thing that can threaten their position in the market is government scrutiny.

Government has to deal with regulations this times, partly that maximum withdrawal limit is their discussed amount to consider people with anonymous being to be out of anti money laundering suspicions. My advice regarding the private information which to be submitted towards binance, we should trust that they won't divulge it with other non legal purpose and I assure you that they reall do their part to keep it safe. I myself already took the verification and everything went well and smooth without any problems.

[CaVO32]

That’s still a huge limit compare to other site and beside Binance is the best exchange and you can do a lot of things if you submit your KYC so I think that’s worth the risk depends on how you see this one. If you think this new regulation is not worth it, try other top exchange that didn’t ask for any KYC. Binance will not lose a client because of this.

That's true. If you are not happy with their new regulation, you can still go to Kucoin or other exchanges. But if you value the security of your funds, you will stick with Binance because they have SAFU in place. So even with hacking incident, you know that your funds are safe and you can get it back. Binance is a trusted platform so a lot are relying on them. And just to comment about their KYC verification, they are fast in approval, unlike other platforms that it takes days.

[Silberman]

~ Will Binance lose client base now.

Maybe a few users will leave. Binance is already at a stage where most of their users were probably verified. Late/New crypto traders are not the same as the early enthusiasts. They are after the money and not necessarily about privacy/anonymity.


I've been using the binance Dapp on Safepal.io mobile app for my trades with no identity verification required. I'm not sure if that will also affect the withdrawal limit but that's something you can also try.

We will have to wait and see but I'm not so sure this is going to be the case, a great deal of people still worry about their privacy and they are not going to be very happy about the fact that now if they want to withdraw their coins that are going to go through a verification process, I really think there is going to be an important outflow from the binance exchange to other exchanges that have now better policies, and it is going to be very interesting to see how this affects their own coin as I doubt that it is going to be able to grow as much as it did in the past.

[topbitcoin]

At past i use binance because we don't need to do KYC to use it and only if want to increase withdrawal limit that cause us to do KYC. But now (although i am not see the email yet) maybe they have their own reason behind it like regulation because they are still centralized exchange. But maybe if me new user, i think 0.06 BTC per day already huge, and because price of BTC increasing can make us withdraw with higher limit.

[tvplus006]

...And the best thing here is, it just takes few minutes (1-2 minutes) to be approved and will not take several days. Maybe it's automatically approved once the documents were clear.

The problem is not that it takes a little time to pass verification, but that you need to hand over your identity documents. For those who want to maintain their anonymity online, this is what is unacceptable and forces them to leave the exchange before the time when these rules come into force.

[nelson4lov]

At past i use binance because we don't need to do KYC to use it and only if want to increase withdrawal limit that cause us to do KYC. But now (although i am not see the email yet) maybe they have their own reason behind it like regulation because they are still centralized exchange. But maybe if me new user, i think 0.06 BTC per day already huge, and because price of BTC increasing can make us withdraw with higher limit.

Without applying and passing Binance's KYC, the amount of services or products you can use gets highly limited. For instance, you won't be able to use their futures and derivatives platform of the P2P marketplace and that's a big turn off. I did KYC in 2018 which had increased my withdrawal limits and also gave me more access to all their services. But the way regulators and other government litigation firms are on their neck, goes to shoe that it is time to move on.

If they continue at this rate to only make their full products suits to become available to only a small subset of users from a particular jurisdiction.

[freedomgo]

It's expected, this is the result of regulation and eventually, the time will come that we will all be required to submit a KYC before we can avail the service of an exchange, they'll be treated like a bank, and banking policies will be applied in exchanges, this news makes us ready for what could possibly happen in the future.

[noorman0]

I think Binance is really stressed out by being bombarded with requests for regulations from different countries at the same time. Persuading thousands of customers to complete KYC without feeling forced is not easy. I see serious steps from Binance to make that happen in the shortest possible time including offering customers KYC incentives. I got this offer from binance via email for me to verify.
 
Note: $500 in the form of a Savings Trial Fund (a promotion that is quite interesting for people who don't know what it means)

[adaseb]

The issue with Binanace is that they just got way too popular and most likely were under most countries regulatory watch. This is pretty much what happened a year ago with Bitmex. Now look at how many other exchanges are out there. There is Bitfinex which is fairly big however they don't have KYC for small accounts. Very rarely do you hear of anyone, especially new retail using Bitfinex to trade. With Binance its the #1 choice for most new people involved with crypto. Hence they got under the governments watch.

At least they warned most people about the KYC. Look what Bittrex and Poloniex did in 2017-2018. They made KYC a surprise. And if you didn't want to complete, your funds were frozen. Even if you wanted to complete KYC, it took months and BTC started to fall in late 2017 and most people missed selling the top. So at least Bitmex and Binance didn't make it a surprise.