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[NeuroticFish]

BREAKING: #Binance to now require all users to complete KYC Verification amid mounting pressure from worldwide regulators.

I've found this ^^ already posted and may be easier to read 
Not a good news, but it's by far not a shock; we knew that this will be coming rather soon, didn't we?

[Azrieli]

- White & Case class action lawsuit: International traders blame Binance for $20 million loss

We warned you. Get off the stock exchange.

[dkbit98]

Oh what kind a circus this is, I think that 0.06 BTC daily withdrawal limit on Binance lasted only one week after they reduced it from 2 BTC.
However, I checked my old account that I don't use anymore and I still don't have any of those new limitations, and it is still showing me old withdrawal limit, maybe it needs time to be applied to all users.
There is currently class action lawsuit against Binance so that could be one of the reasons they are doing this.

[NeuroticFish]

I can say one thing: DO NOT BELIEVE THAT YOU HAVE THE OPPORTUNITY TO WITHDRAW THE FUNDS before the date indicated in the announcement

Indeed, the date can change, and meanwhile technical problems (real or not) can happen.
But Binance was fair in this kind of matters until now (unlike all the other exchanges), so let's not just freak out  

Doing all the needed tasks earlier is advised and healthy, but rushing them is also unadvised (real technical problems can also be triggered if big number of users freak out).

[stomachgrowls]

BREAKING: #Binance to now require all users to complete KYC Verification amid mounting pressure from worldwide regulators.

----

I've found this ^^ already posted and may be easier to read 
Not a good news, but it's by far not a shock; we knew that this will be coming rather soon, didn't we?

Well, ive been expecting this too and thats way too fast. 

This is what would happen if government would really be that strict on any platforms or services out there.If they wont deal up or wont follow then its say goodbye to their business.
Owner itself wont really be dumb on just exchanging his business into some changes even though its really a hard one.

Sorry for those who do hate KYC but now they dont have any choice neither to deal with it or would jump into another one.

[AdolfinWolf]

What about their whole P2P saga (https://p2p.binance.com/en)

Site is blocked for me but I remember that this was supposed to become a thing undistinguishable from the "normal" binance, no? And not like current P2P exchanges where you have to manually take, but rather functioning like their normal trading engine, no?

I think this marks the end of the golden age of binance, though unlike Poloniex they seem very proactive about the whole situation. I actually doubt they will lose that many customers apart from some XMR swappers. People are already very accustomed to KYC anyway. Much more than they were when Bittrex and Poloniex went nuts anyway

Oh what kind a circus this is, I think that 0.06 BTC daily withdrawal limit on Binance lasted only one week after they reduced it from 2 BTC.

When was this 0.06 limit? I've withdrawn more than that within a day over several accounts created this year in the last month or so. Never noticed it.. huh.

[mindrust]

Now they became more like a bank than a crypto exchange.

As far as I know it is impossible to get an anonymous bank account. You'll always have to provide your ID and maybe some other documents.

Now Binance is no different.

BinanceBank.

And we thought crypto was going to kill the banks.

[condoras]

Oh what kind a circus this is, I think that 0.06 BTC daily withdrawal limit on Binance lasted only one week after they reduced it from 2 BTC.
However, I checked my old account that I don't use anymore and I still don't have any of those new limitations, and it is still showing me old withdrawal limit, maybe it needs time to be applied to all users.

Same here. My account still has the "old" daily withdrawal limitation of 2BTC and no e-mail or notice for getting the full KYC procedure. It seems that they will integrate the changes country by country and not region by region. Seems though a bit odd to act like this...

There is currently class action lawsuit against Binance so that could be one of the reasons they are doing this.

They tried to avoid it but the margins are narrowing day by day for them and with this lawsuit against them, there is no other way but to follow and comply.

Owner itself wont really be dumb on just exchanging his business into some changes even though its really a hard one.

Sorry for those who do hate KYC but now they dont have any choice neither to deal with it or would jump into another one.

If he wanted to dump his business, he would do it by now. Since he decided to keep it, then he must comply, and that is what he does.
Indeed for us there is no other choise(?) but to do the same if we want to trade/ deal without restrictions.

[SFR10]

Well, as expected, Binance is introducing KYC for all users.

I'm going to guess what will happen next: They'll lower the limit for the intermediate verified users ^{[probably in a month or two]}, so they would be forced to go through the advance verification process!

Do not believe that without KYC you have the opportunity to withdraw funds before the date indicated in the announcement, the end of October.

Exactly:

• Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.

This is what would happen if government would really be that strict on any platforms or services out there.

They could've avoided "some of it" if they didn't choose to "completely" ignore their warnings in the first place.

[TryNinja]

When was this 0.06 limit? I've withdrawn more than that within a day over several accounts created this year in the last month or so. Never noticed it.. huh.

The emails started rolling out just 4 weeks ago. My unverified account had until yesterday (19 Aug) until its limit was decreased.

And we thought crypto was going to kill the banks.

You still don't need to do KYC or open any centralized account to hold BTC or most crypto, all of that is unrelated. It was always an utopian idea to expect the centralized exchanges to be able to keep doing whatever they wanted without getting hunted by the regulators. The more crypto grows, the more rules will be enforced by the governments.

[OmegaStarScream]

When was this 0.06 limit? I've withdrawn more than that within a day over several accounts created this year in the last month or so. Never noticed it.. huh.

It was announced about a month ago, and it was supposed to take place between the 04th of august and the 23rd (for existing users). Some users also got the limits lowered to 0.05 BTC instead of 0.06 BTC around April or May.

[hugeblack]

I wasn't expecting it to happen so quickly but it looks like it did, I'll check my account now to see the status of the new restrictions.
I checked my account and I withdrew the rest of the money, I had about 1% of my total in the past, I withdrew it and kept less than 1k.
Personally, I see that they will do more restricting the account to reach full identity verification.

Up to this point my old limits 0.05 BTC and all services still working fine.

[The Sceptical Chymist]

There is currently class action lawsuit against Binance so that could be one of the reasons they are doing this.

Maybe, but I doubt it.  One class action lawsuit probably wouldn't cause a global company like Binance to drastically change its policies like this, even if they were getting pressure from one or more countries' regulators.  I have a feeling that this has been in the works for a while, and I'm not surprised that they've made these changes whatsoever.

The good thing is that they're allowing existing customers to make their own decision as to whether to comply with the KYC requirement and allowing them to withdraw their funds without having to go through the KYC process.  I don't remember the names of the other exchanges that didn't go about it this way, i.e., they locked up customer funds pending KYC verification, but I think there were a number of them.  So props to Binance for that at least.  

And I'm sure they're not doing this because they want to.  They're doing this because either they're being forced to, or they can see the writing on the wall as far as regulation goes and want to get ahead of things in order to stay in business.

Hope for Binance's integrity? Seriously? No thanks.

Try to see it from their point of view.  They can either comply with regulators--who are all going to require KYC from businesses that deal with money--or they can operate outside the law and eventually go out of business altogether.  What would you have them do?

Believe me, I don't like KYC requirements any more than you do and I wouldn't use Binance even if I could (I'm in a restricted state).  But all centralized exchanges are moving toward becoming compliant with government regulations, whether we like it or not.

[stompix]

What about their whole P2P saga (https://p2p.binance.com/en)
Site is blocked for me but I remember that this was supposed to become a thing undistinguishable from the "normal" binance, no? And not like current P2P exchanges where you have to manually take, but rather functioning like their normal trading engine, no?

Probably it will slowly die a forgotten death, they are taking actions on every currency, removing pairs, removing funding options, then shut it down completely for everyone. The authorities have started to get pissed at CZ's excuse for being global, not needing licenses all that bs, he will have to comply, and the way Binance is accepting every kick in the ass and thanking authorities makes me think he has received some serious warnings.

And we thought crypto was going to kill the banks.

Yeah right. With 300k transactions, a day which half of them are probably the results of people wiring money or paying with CC cards for their bitcoin purchases the killing was more of a story of banks making millions in fees from all that fiat moving around. But probably the ones laughing the most are Visa and Mastercard when looking at the fees they get from crypto cards..

As for the main story, who didn't see this coming? Well, maybe not this fast but it was clear it will happen. And the rest will take notice, so if you think of moving your coins to an exchange that currently doesn't require KYC, do it with small amounts...I have a feeling every exchange had an urgent meeting after the news broke out, grabbing some extra popcorn for the weekend and Monday morning!!!

[pugman]

I like how so many people are surprised like "Oh my god how could binance do this 1!1!1!1!!1111"

Well, didn't we see this happen in 2017-2018 when the best exchanges at the time(bittrex and Poloniex) made KYC compulsory and then became the most shittiest exchanges? Back then, Binance took the opportunity and exploded in popularity. Question is, will there be a binance v2(say FTX for example) take over the spotlight from binance.

Binance is still a very good exchange at what all services they offer and many people are actually now willing to give in their KYC because of it in contrast to before where the fight for anti-kyc was still dominant enough. I want to see a new exchange boom up to the top, and if they are trying to be compliant at least do it properly. Stop pulling an OnlyFans^[1] in the crypto scene.

^[1] Reference: Onlyfans allowed users on their platform to post sexually explicit content and thats only reason they blew up and when they wanted to become more legit they banned sexually explicit content to attract banks and centralized corporateshits. Fun fact: This ban happened 2 days ago.

[Darker45]

Wow! Things escalated rather quickly. From 2 BTC daily limit for unverified users down to just 3% of it at 0.06 BTC all of a sudden, with others even complaining that theirs is 0.05 BTC. From basic verification to intermediate verification compulsory for every single user. It seems Binance is not just complying with government regulations; they are going the extra mile for them.

What about their whole P2P saga (https://p2p.binance.com/en)

There's probably not much difference as far as Binance P2P is concerned. In the first place, KYC was already mandatory even before for every Binance user to get access to their P2P platform.

[mindrust]

Wow! Things escalated rather quickly. From 2 BTC daily limit for unverified users down to just 3% of it at 0.06 BTC all of a sudden, with others even complaining that theirs is 0.05 BTC. From basic verification to intermediate verification compulsory for every single user. It seems Binance is not just complying with government regulations; they are going the extra mile for them.

What other choice they got?

What choice did Changelly have?

Companies don't have any other choice than complying with the government rules. Warren Buffett explains this very well.

He says there are 3 types of shareholders in Berkshire.

"Holders of the A shares , holders of the B shares and  the AA shareholders.

AA shares are not public. They are owned by the government."

These AA shares are what every company in the world issues without knowing. The government is any company's biggest partner. They own 30 to 50% percent of your annual income.

Binance isn't an exception.

And the latest news I've read, Binance is kind of having a hard time finding a government partner which sounds like a good thing but it is not, because a company cannot survive without a government. It is a symbiotic relationship.

[Darker45]

Wow! Things escalated rather quickly. From 2 BTC daily limit for unverified users down to just 3% of it at 0.06 BTC all of a sudden, with others even complaining that theirs is 0.05 BTC. From basic verification to intermediate verification compulsory for every single user. It seems Binance is not just complying with government regulations; they are going the extra mile for them.

What other choice they got?

I am not sure which government requires them to decrease the daily withdrawal limit from as high as 2BTC to just a mere 0.06BTC. In my mind, this is just Binance trying to please the powerful regulators in order to keep their business operations in whichever jurisdiction afloat.

I fully agree that there should be a symbiotic relationship between governments and private enterprises. I guess that's the healthy way of doing business. However, there's a lot of conflict and probably unwanted compromises, too, when it comes to certain aspects such as, in this case, privacy.

[mindrust]

Wow! Things escalated rather quickly. From 2 BTC daily limit for unverified users down to just 3% of it at 0.06 BTC all of a sudden, with others even complaining that theirs is 0.05 BTC. From basic verification to intermediate verification compulsory for every single user. It seems Binance is not just complying with government regulations; they are going the extra mile for them.

What other choice they got?

I am not sure which government requires them to decrease the daily withdrawal limit from as high as 2BTC to just a mere 0.06BTC. In my mind, this is just Binance trying to please the powerful regulators in order to keep their business operations in whichever jurisdiction afloat.

I fully agree that there should be a symbiotic relationship between governments and private enterprises. I guess that's the healthy way of doing business. However, there's a lot of conflict and probably unwanted compromises, too, when it comes to certain aspects such as, in this case, privacy.

My point is:

Could they say "no" to the governments if they were the ones that asked binance to lower their withdrawal limits? No. Impossible.

The government can and ask whatever they want from them. If the company don't like the government, they can switch countries.

However, what happens if no government like binance? Then they'll become a company without a partner which means they cannot survive.