Binance squeezes users on verification

[checkmatesir]

As i'm trading with low money or with a less profit i can say, i never did that verification because the people i think who have less money don'e want to verify their self as much as the people who have much who have much money.

[CryptopreneurBrainboss]

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 doubt they'll lose client and even though they do it won't matter since it'll be minimum compared to the millions sign up they're getting daily. Lets talk about decentralization, how many users do you think actually clear about their identify. They're giving that away freely already, you think they'll abandon a platform that have serve them all their needs just because they want them to verify their identity. I doubt many users will live the exchange. Binance has made it very difficult for their platform to just be abandon for another. They have strategies to keep their customers.

They're the very best in the business, their customers service are top notch. If not fir the government fighting them I believe they won't have cared about the whole verification process. They just have to adhere to the direction of the laws that's just it. For the speculation of BNB, don't forget there's a quarterly burning of the token which means there'll be a constant decrease in circulating supply, that only is enough catalyst to pump any coin with the right demand which BNB has with all the utility it has tied to the exchange.

[Marvelman]

In my view, Binance is one of the top crypto currency exchanges and offers excellent fee structure. One of the main advantage of using Binance is the quick and easy trading  and great support for digital currencies.

When a crypto currency exchange is a part of the community, the users get the highest level of support. As a beginner trader, I was surprised with the level of support and information that I was provided with on Binance and by highly qualified staff.

[travwill]

I think that everything is happening for a reason.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.

[7788bitcoin]

I have been flabbergasted, really, since I got that Binance is pressing and squeezing its users for what now seems a compulsory verification exercise by reducing its daily withdrawal limit from 2BTC to 0.06BTC for non verified accounts. I don't know what to make of this headlong as this is obviously killing the anonymous thing Bitcoin and cryptocurrency should stand for. Did anyone else who hasn't upgraded verification beyond basic one get that message?

This is not a huge surprise that many countries are filing lawsuit against them and if they want to survive they need to go with the follow of following the legal procedure and start verifying all the accounts if they want to continue business rather than running away from every country that come up with a lawsuit and it was expected we would see these mandatory KYC and other restrictions.

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.

If there is any other exchange which is much better than Binance users would have migrate now before they are implementing these restrictions and i am not seeing any major drop in volume.

[freedomgo]

I think that everything is happening for a reason.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.

Before they start their operation in a certain territory, they have to comply with the rules and regulations as they are certainly subject to it. What Binance is doing now is they are preparing for the future as eventually, most countries will regulate crypto and exchanges will be no exception to that. At least they are making a progress to make it safer for the clients and for their business to be compliant although not everyone is happy with the KYC requirement or procedure.

[Silberman]

...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.

That's the real issue here, while there are many people in this market that do not care at all about protecting their privacy and they are going to go along with whatever the binance exchange tells them they need to do there are many other people that do not want to compromise their privacy just to use an exchange and as such they only have one option and that is to stop using that exchange and use another one, and because of this I think that binance is about to lose a lot of customers.

[tvplus006]

That's the real issue here, while there are many people in this market that do not care at all about protecting their privacy and they are going to go along with whatever the binance exchange tells them they need to do there are many other people that do not want to compromise their privacy just to use an exchange and as such they only have one option and that is to stop using that exchange and use another one, and because of this I think that binance is about to lose a lot of customers.

In any case, for those who are concerned about their privacy, there is always an opportunity to use the services of decentralized exchanges. Although it will become increasingly difficult to maintain your privacy over time, because the regulation may also apply to decentralized exchanges.

[iv4n]

I think that everything is happening for a reason.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.

This is exactly what I think! Regulators are squeezing Binance from all sides, every few weeks we see some big headlines, Binance banned in the UK, Binance banned in Malaysia... Binance probably sees this as a trend, other countries will follow, what else they can do than get ready for that storm that heading towards them! That probably can mean one thing for us, tighter regulations!
Well, I am still good with the max withdrawal for unverified users, when that comes to an end I will just move to some DEX, that's the future, we just need to wait for others to figure that out!

[milewilda]

I think that everything is happening for a reason.
Several European countries have already banned the work of Binance on their territory, regulators are getting closer and closer, and I think that it is for this reason that Binance is forcing this story with the identification procedure.
Probably Binance wants to comply with the rules of regulators and this is the only right decision.

This is exactly what I think! Regulators are squeezing Binance from all sides, every few weeks we see some big headlines, Binance banned in the UK, Binance banned in Malaysia... Binance probably sees this as a trend, other countries will follow, what else they can do than get ready for that storm that heading towards them! That probably can mean one thing for us, tighter regulations!
Well, I am still good with the max withdrawal for unverified users, when that comes to an end I will just move to some DEX, that's the future, we just need to wait for others to figure that out!

That limit for unverified accounts would be sufficient for sure on most traders or users of this platform and its no surprise that regulation would really be more even strictier which would really squeeze out those
crypto engaging platforms specially Binance and other exchangers as well on where they do really need to comply on whats mandated for them to continue to operate and as if they do have any other choice?
No they dont and as a user then we have to deal with it but if we do look around, we do still have some viable options to take but for now this isnt really that much of an issue.

[DarkDays]

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.

Agreed!

Binance is definitely under a lot of pressure to comply to the regulations set by local governments, and I don't see any other way but ask their customer for KYC.

The fact that they warned everyone and gave them a few weeks in advance already sets Binance apart from Bittrex and Poloniex, though they did push it a little when they started reducing max withdrawal amount.

[Hypnosis00]

That's the real issue here, while there are many people in this market that do not care at all about protecting their privacy and they are going to go along with whatever the binance exchange tells them they need to do there are many other people that do not want to compromise their privacy just to use an exchange and as such they only have one option and that is to stop using that exchange and use another one, and because of this I think that binance is about to lose a lot of customers.

In any case, for those who are concerned about their privacy, there is always an opportunity to use the services of decentralized exchanges. Although it will become increasingly difficult to maintain your privacy over time, because the regulation may also apply to decentralized exchanges.

Sooner this privacy has become nothing. The government is making its way to control the crypto market, in fact, some countries are already imposing a KYC system. Now, if they are working in all crypto exchanges (that includes decentralized exchanges), then we can say that we closely losing our privacy in the coming days. Do we have another choice to retain our privacy? That becomes a problem once it was strictly implemented and there is no way we can hide our identity.

[TimeTeller]

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.

Agreed!

Binance is definitely under a lot of pressure to comply to the regulations set by local governments, and I don't see any other way but ask their customer for KYC.

The fact that they warned everyone and gave them a few weeks in advance already sets Binance apart from Bittrex and Poloniex, though they did push it a little when they started reducing max withdrawal amount.

The good thing here is you can still withdraw without KYC, they just reduced the daily limit.
Unlike with bittrex and polo, you can't withdraw without undergoing KYC.
And if in case you want to submit KYC in binance, they have very fast approval. So all in all, it is still better in binance.
What I like with binance is their p2p trading so I don't need to use my local exchange anymore.
And don't forget their insurance system, the SAFU, which will give you peace of mind even if you store some funds in their platform.

[Lanatsa]

That's the real issue here, while there are many people in this market that do not care at all about protecting their privacy and they are going to go along with whatever the binance exchange tells them they need to do there are many other people that do not want to compromise their privacy just to use an exchange and as such they only have one option and that is to stop using that exchange and use another one, and because of this I think that binance is about to lose a lot of customers.

In any case, for those who are concerned about their privacy, there is always an opportunity to use the services of decentralized exchanges. Although it will become increasingly difficult to maintain your privacy over time, because the regulation may also apply to decentralized exchanges.

Sooner this privacy has become nothing. The government is making its way to control the crypto market, in fact, some countries are already imposing a KYC system. Now, if they are working in all crypto exchanges (that includes decentralized exchanges), then we can say that we closely losing our privacy in the coming days. Do we have another choice to retain our privacy? That becomes a problem once it was strictly implemented and there is no way we can hide our identity.

Its the only way that they could do such move when trying to control into something specially to those users who are involved in crypto.If they cant do it directly then they would surely be pointing or focusing into those platforms which can easily be regulated and impose rules and regulations that they like.

Its true that they wont really be having any choice but to obey on whats mandated or asked on and users would really be the one to suffer but we can always have the option to
choose what platform we should used.For now lets just cherish that small limit until it becomes mandatory on using their exchange.

[mindrust]

They probably had to do this because of the recent investigations they received from the US. Kucoin seems fine right now but for how long?

Binance has been flagging accounts when the user of the account shows considerable activity anyway. Sooner or later they'll ask for full verification.

When the exchange gets big, this becomes inevitable. Kucoin will probably share the same fate too.

[suzanne5223]

It just likes the saying "Not your node, not your rule". Binance is more like a Centralized exchange right from the beginning but the recent requests form from different country's regulations authorities are what causes their decrease in the withdrawal limit of non-verified accounts so they also don't have any choice.
The upgraded verification message was sent to all Binance members who are yet to verify her account and I don't see any reason why it will make Binance lose its fan base.

[tippytoes]

It just likes the saying "Not your node, not your rule". Binance is more like a Centralized exchange right from the beginning but the recent requests form from different country's regulations authorities are what causes their decrease in the withdrawal limit of non-verified accounts so they also don't have any choice.
The upgraded verification message was sent to all Binance members who are yet to verify her account and I don't see any reason why it will make Binance lose its fan base.

They have strong platform so I also don't think they will lose their customer base. Their offering of SAFU alone will give their traders peace of mind when it comes to their funds especially those who are staking or putting their money in locked/flexible savings. I don't think a lot of people can maximize their daily withdrawal limit, if in case they don't want to complete their KYC. But if you really a big timer, their KYC approval is relatively fast than other trading platforms.

[carlfebz2]

It just likes the saying "Not your node, not your rule". Binance is more like a Centralized exchange right from the beginning but the recent requests form from different country's regulations authorities are what causes their decrease in the withdrawal limit of non-verified accounts so they also don't have any choice.
The upgraded verification message was sent to all Binance members who are yet to verify her account and I don't see any reason why it will make Binance lose its fan base.

They have strong platform so I also don't think they will lose their customer base. Their offering of SAFU alone will give their traders peace of mind when it comes to their funds especially those who are staking or putting their money in locked/flexible savings. I don't think a lot of people can maximize their daily withdrawal limit, if in case they don't want to complete their KYC. But if you really a big timer, their KYC approval is relatively fast than other trading platforms.

Losing users completely is nearly impossible specially to those old users but when strict KYC procedure or requirement had been asked out even for basic users then those numbers will surely drop to the floor.

For now that limit is still considerable because the price of bitcoin is still high and not all users would actively be withdrawing such amount on daily basis.

Just like on what others been expecting that i wont be surprised if they would go full kyc in near future as regulation becomes more stricter.

[suzanne5223]

It just likes the saying "Not your node, not your rule". Binance is more like a Centralized exchange right from the beginning but the recent requests form from different country's regulations authorities are what causes their decrease in the withdrawal limit of non-verified accounts so they also don't have any choice.
The upgraded verification message was sent to all Binance members who are yet to verify her account and I don't see any reason why it will make Binance lose its fan base.

They have strong platform so I also don't think they will lose their customer base. Their offering of SAFU alone will give their traders peace of mind when it comes to their funds especially those who are staking or putting their money in locked/flexible savings. I don't think a lot of people can maximize their daily withdrawal limit, if in case they don't want to complete their KYC. But if you really a big timer, their KYC approval is relatively fast than other trading platforms.

Losing users completely is nearly impossible specially to those old users but when strict KYC procedure or requirement had been asked out even for basic users then those numbers will surely drop to the floor.

For now that limit is still considerable because the price of bitcoin is still high and not all users would actively be withdrawing such amount on daily basis.

Just like on what others been expecting that i won't be surprised if they would go full kyc in near future as regulation becomes more stricter.

@tippytoes, no doubt about Binance being a strong platform and offering SAFU but they are not the only crypto exchange platform that has all these peculiarities, and what we're talking about here is what major of crypto community users want. Meanwhile, Coinbase also did something back then and lost its customer base.
@carlfebz2, it depends on people's personal decision on the unverified account withdrawal limit decrease but if we consider 1BTC is 1BTC a lot of people won't find the new withdrawal limit for unverified accounts large.

[layoutph]

On the otherside theres a good reason for Binance user verification. It will keep the Binance crypto community clean from fraud. There are so much fraud. People are using Binance for their illegal activity such as money laundering, P2P scamming, and more.