Binance withdrawals limits {0.05 BTC accounts}

[hugeblack]

Almost all of us have heard of the recent update that Binance made in order to reduce withdrawal limits^[1] for accounts that are not verified.
I have an account several years ago and I've been using VPN to access it. I noticed that the withdrawal limits changed to .05BTC about two months ago. Does this mean that the last procedures have been applied to us or will there be more reductions by 2021-08-23?

I also noticed that this message was sent to me yesterday even though the restrictions were suddenly applied.



Finally, the withdrawal limits are not updated daily at 00:00 AM (UTC) but rather 24 hours from the last withdrawal.
Are there any similar stories?


[1] https://www.binance.com/en/support/announcement/9df8225c061b455da5c7cc293cd08a70

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[OmegaStarScream]

At first, I thought you were mistaken but I found an article that talks about this, and apparently some accounts got their limits lowered back in April or May. I couldn't find the criteria or an official announcement from Binance though. But just like I said in my previous post, I don't think the limits will be lowered more. It will probably remain the same (0.05 BTC) instead of 0.06 BTC.

It appears that Binance is really getting pressured. They announced that the API keys will no longer be usable for non-KYC users and they also stopped supporting MYR (Malaysia) and KRW (South Korea) fiat deposits today after being ordered from the local regulators.

[BitMaxz]

They don't have an announcement about the 0.05BTC limit but if you search it through Google you can find an article that his friend contacted Binance support ask why the withdrawal limit reduce from 2BTC to 0.05BTC and I heard it wasn't officially announced even in telegram. I never received an email from Binance that talks about this since I'm a verified user may be only non-KYC users who receive it?

I believe 0.06BTC would be the final decision from Binance and those who already reduced to 0.05BTC might change to 0.06BTC withdrawal limit.
The 0.06BTC current price is $2789.2974 which is very small compared to other exchanges for non-KYC users.
Why not switch to another exchange? Try to check Coinex they have a withdrawal limit to all crypto of around $10k

[JeromeTash]

I never received an email from Binance that talks about this since I'm a verified user may be only non-KYC users who receive it?

I am also a verified user, but I haven't received such a notification. Maybe it was sent out only to non verified users. Even the 0.06 BTC limit is too low in my opinion. I am imagining if BTC dropped to 5K. That's $300 worth of withdrawals every 24 hours 

Kucoin still offers 5 BTC limits for unverified accounts, but I don't know how long they will hold before they also reduce them.

[stompix]

It is normal only non-KYC users would receive this as they are targeted but that thing that happened a few months ago was probably a change in their system that tags "suspicious" users, they didn't go after all the users who weren't verified but after a few of them, probably based on IP logs, volume, or the used addresses. It's no secret anymore that Binance tracks all of these so probably they've just added a few more requirements to the selection process.

As for the OP question, no I don't think that they will set an even lower limit for such cases, it will probably be the same, the 0.06 was just a stunt to make them look like they are doing something about AML laws, the 0.05 they randomly imposed on users is an internal business of theirs. But long term, I doubt they will allow even a satoshi without KYC in a few years and so will other exchanges that want to keep operating in every single country in the world, if you're still planning on doing anonymous buys CEX will not be an option.

I am also a verified user, but I haven't received such a notification. Maybe it was sent out only to non verified users. Even the 0.06 BTC limit is too low in my opinion. I am imagining if BTC dropped to 5K. That's $300 worth of withdrawals every 24 hours 

Wait till it goes to the same level banks offer without KYC 0.0! 

[Darker45]

I haven't received such message yet. Perhaps it will only be sent upon the implementation of the reduction in your individual account. For now, my limit remains at 2BTC since I am an unverified user. I guess the implementation hasn't reached me yet. As per their official announcement, the change will be effective for "existing users in phases starting from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC)."^[1]

But I don't know where your 0.05BTC limit is taken from. Have you made contact with them about it? The official announcement clearly specifies 0.06BTC, and that the "withdrawal limits refresh daily at 00:00 AM (UTC)" and not 24 hours from last withdrawal.^[Ibid.]

Anyway, I guess there won't be further reductions to come anytime soon. 0.06BTC is even too low already.

[1] https://www.binance.com/en/support/announcement/9df8225c061b455da5c7cc293cd08a70

[Tash]

Binance faces homelessness if no country is willing to host them. If a country like Cayman Islands is not interested in your business, things are grim.  More at
https://bitcointalk.org/index.php?topic=5353363.msg57648203#msg57648203

[condoras]

Binance faces homelessness if no country is willing to host them. If a country like Cayman Islands is not interested in your business, things are grim.  More at
https://bitcointalk.org/index.php?topic=5353363.msg57648203#msg57648203

It's true that the Cayman Islands are well-known tax heaven with fewer restrictions but it's not the only one. There are other countries/ tax heavens who can host them (and why not do it?) if they found themselves in front of a dead end. I'm sure though that Binance management knows how to move before that time.
Besides, if they "comply", there will have "no problem"...

[hugeblack]

After a little research, I started to believe that the problem is related to the IP address either because I use VPN or because of the country as I access binance using an IP from UK, is there anyone from the United Kingdom or using an IP from that country facing the same problem ?

I thought about changing my IP address but I think it would make things worse, even though I always delete cookies but such a trick won't work because I think they know my MAC address.

up to this point I moved 95% of my total balance and will decide after 2021-08-23.

Try to check Coinex they have a withdrawal limit to all crypto of around $10k

It's the first time I hear about this platform, any recommendations?

[BrewMaster]

i came here to complain about this. yet another centralized exchange that started placing more and more limits on their users to force KYC on them.
this sucks since now i have to start looking elsewhere and unfortunately i don't think there is currently any decent exchange left without KYC. so back to DEX i guess. at least for now.

what is everyone else going to do? and is this affecting USDT withdrawals too when they say "crypto"?

[The Cryptovator]

CloudFront blocking me to visit the links. A few days back I have created a thread Binance decreased withdrawal limits for basic verified users. The withdrawal limit was 0.06BTC when the article was published (27 July 2021).  I haven't received any mail from Binance about withdrawal, most probably it's because my account is fully verified. I don't think your concern is valid because it will not reduce more. The time frame is complete implementation as far as I know. The changes were effective immediately for new users but for an existing user, it will be effective from 2021-08-04 00:00 to 2021-08-23, step by step they will complete this implementation and it will ends on 23 August 2021.

[condoras]

The changes were effective immediately for new users but for an existing user, it will be effective from 2021-08-04 00:00 to 2021-08-23, step by step they will complete this implementation and it will ends on 23 August 2021.

So if someone still has 2BTC as 24 hrs withdrawal limit, it should probably start moving his funds before changes affect him/ his region/ his country.

up to this point I moved 95% of my total balance and will decide after 2021-08-23.

For me, there is no reason to wait. If you don't pass KYC and become fully verified, your limit will be 0.06BTC. My total balance already matches the new criteria and I'm thinking to even lower it to dust...

[BitMaxz]

It's the first time I hear about this platform, any recommendations?

Coinex doesn't have an announcement thread here but they are own by ViaBTC pool which is one of the well-known BTC pools here on the forum.

If you don't feel safe then check Okex I according to this link https://www.okex.com/academy/en/how-to-kyc-on-okex
Their withdrawal limit for the unverified accounts is 10BTC I don't know if it changes recently.

Another exchange is Kucoin they have a 5BTC withdrawal limit for unverified users
You can read it from here https://support.kucoin.plus/hc/en-us/articles/4401857433241-How-To-Complete-KYC-Verification-PC-Version-

[Azrieli]

It is better to avoid it:

- Binance Holdings Limited (Cayman Islands): All management resigned, company in liquidation

[joniboini]

and is this affecting USDT withdrawals too when they say "crypto"?

I'm pretty sure it does. AFAIK it applies to all of your withdrawals. In short, whatever you withdraw, the total must not exceed 0.06 BTC per 24 hours. It is not exclusive to Binance either, most exchanges that I know of do this. CMIIW.

[dkbit98]

Binance faces homelessness if no country is willing to host them. If a country like Cayman Islands is not interested in your business, things are grim.  More at
https://bitcointalk.org/index.php?topic=5353363.msg57648203#msg57648203

This could happen at any time, everything here looks and smells like a slow death of Binance exchange, and CZ will retire sooner or later like he announced.
They are probably just switching to FTX exchange because they invested a lot in them and they are not under any attack of regulators (yet).

More troubles for Binance exchange coming from UK as London court ordered them to track hackers behind $2.6M Fetch.ai attack.
Now they need to identify exact people behind this hack and I found reply from their representative very alarming, as he said they routinely freeze suspicious customer accounts:

"Binance routinely freezes accounts that are identified as having suspicious activity occurring in line with our security policies and commitment to ensuring that users are protected while using our platform.”

https://cointelegraph.com/news/london-court-orders-binance-to-trace-hackers-behind-2-6m-fetch-ai-attack

[Darker45]

It is better to avoid it:

- Binance Holdings Limited (Cayman Islands): All management resigned, company in liquidation

What is this exactly? These are serious allegations which are at least unfounded and at most a smear campaign against Binance. I am not here to defend the exchange. Although I am a user, I am not a diehard fan of the exchange either. Neither am I a fan of CZ himself. However, I guess to call Binance a scam, to create a site solely for the purpose of accusing it as a scam, to spread false information, and so on is below the belt. I surmise there must be an ulterior motive for this hatred against the exchange.

[Azrieli]

It is better to avoid it:

- Binance Holdings Limited (Cayman Islands): All management resigned, company in liquidation

What is this exactly? These are serious allegations which are at least unfounded and at most a smear campaign against Binance. I am not here to defend the exchange. Although I am a user, I am not a diehard fan of the exchange either. Neither am I a fan of CZ himself. However, I guess to call Binance a scam, to create a site solely for the purpose of accusing it as a scam, to spread false information, and so on is below the belt. I surmise there must be an ulterior motive for this hatred against the exchange.

Open your eyes wider. Maybe then you'll understand.

[TryNinja]

However, I guess to call Binance a scam, to create a site solely for the purpose of accusing it as a scam, to spread false information, and so on is below the belt. I surmise there must be an ulterior motive for this hatred against the exchange.

AFAIK, some dude got liquidated in a high leverage long/short of a shitcoin and went bananas against Binance. I do think Binance is shady asf, but there is no more convenient exchange today (after FTX, in my opinion), and I really don't see them exit scamming anyone when they are earning billions of dollars every year.

In all cases, don't keep your coins there if there are no reasons to do so.

[Darker45]

It is better to avoid it:

- Binance Holdings Limited (Cayman Islands): All management resigned, company in liquidation

What is this exactly? These are serious allegations which are at least unfounded and at most a smear campaign against Binance. I am not here to defend the exchange. Although I am a user, I am not a diehard fan of the exchange either. Neither am I a fan of CZ himself. However, I guess to call Binance a scam, to create a site solely for the purpose of accusing it as a scam, to spread false information, and so on is below the belt. I surmise there must be an ulterior motive for this hatred against the exchange.

Open your eyes wider. Maybe then you'll understand.

I am, or at least trying, but I still don't see Binance as a scam exchange. To be fair, you don't put Binance in a category where the likes of YoBit belongs. 

However, I guess to call Binance a scam, to create a site solely for the purpose of accusing it as a scam, to spread false information, and so on is below the belt. I surmise there must be an ulterior motive for this hatred against the exchange.

AFAIK, some dude got liquidated in a high leverage long/short of a shitcoin and went bananas against Binance. I do think Binance is shady asf, but there is no more convenient exchange today (after FTX, in my opinion), and I really don't see them exit scamming anyone when they are earning billions of dollars every year.

In all cases, don't keep your coins there if there are no reasons to do so.

Margin trading, especially with high leverage, is always courting risk. Billions have been easily liquidated in mere hours due to margin calls. I guess it is not unique to Binance that huge amounts in leveraged positions are quickly wiped out.

Anyway, I also think Binance is shady. And while I am using its platform until now, primarily for lack of a better option, I think I still don't trust it the way I trusted Bittrex and Poloniex years ago.

But calling it a scam, a fraud; spreading obvious lies that "all management resigned" and that the company is in liquidation, even linking it to an non-existent Binance.com casino, and so on are too much of a below the belt attack.

Of course, I always heed the warning not to keep funds in exchange wallets.