ㅤ

[OmegaStarScream]

What happened to the 0.06 BTC limit exactly, is it canceled since KYC will become mandatory on October? They were supposed to apply it to my account on the 17th of the month but I can still withdraw up to 2 BTC per day.

[1713940523]

1713940523

[1713940523]

1713940523

[1713940523]

1713940523

[OmegaStarScream]

Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification. This change is effective immediately for new account registrations and will be made 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).

I also have a withdrawal limit of 2 BTC.

I'm well aware of that date, however, I have received an email on the 14th of the month saying that the restrictions will apply automatically on the 17th but nothing has happened so I doubt they would do it tomorrow.

[dkbit98]

What happened to the 0.06 BTC limit exactly, is it canceled since KYC will become mandatory on October? They were supposed to apply it to my account on the 17th of the month but I can still withdraw up to 2 BTC per day.

Sneaky behavior from Binance and it looks like they performed some acting performance or stunt for general public and twitter.
Most of the people I know still have same old withdrawal limits and they are clearly not following their own rules that are changing all the time.
I still didn't receive any mail about this changes, and we are way passed UTC time 2021-08-23 00:00 AM and once again they showed that people shouldn't trust them.

[cafucafucafu]

Lmao, surprise surprise.

Looks like the golden days of Binance are now over and people are simply going to move over to a better exchange that doesn't force them to take KYC now. CZ's probably going to try to minimise damage by stepping down too.

This was obviously an inevitability that any sane person would have seen coming from a mile away. Although the search for alternatives would be interesting - all dominant players in the marketplace right now are regulated and require KYC, and those who don't are simply way too shady.

[examplens]

Does anyone else doubt that they can also replay with cancellation dates and no KYC withdrawals until the end of October?

it is not the end of October, but it's 19.October. 10+ days less.
Also, if I understand correctly, everyone can withdraw money from there, even without KYC. but unverified accounts are limited to withdrawals and closing trading positions only.

Existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption. This will be carried out in phases to minimise user-experience disruption, from now through 2021-10-19 00:00 AM (UTC). Existing users will be informed directly with more details. Once users complete the Intermediate Verification, they will be able to resume full access to Binance products and services.

https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

[UmerIdrees]

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

Nothing new or special for the regular binance users. If you are using binance for a long time, you must have participated in IEO's and P2P dealing. For all this , we need to have KYC and most of the people accounts may already have been KYC approved. I don't think it will create much panic expect for the few who will never want KYC ever.

[mindrust]

- Huobi Global
- KuCoin
- Poloniex
- OKEx
- Bybit

Most of these exchanges are either scammers or plain suck. All but Kucoin.

I've been using Kucoin but binance going down like this made me nervous because every other guy that don't  want to do KYC will come to Kucoin now and sooner or later Kucoin will have to make KYC mandatory like Binance.

[Potato Chips]

Nothing new or special for the regular binance users. If you are using binance for a long time, you must have participated in IEO's and P2P dealing. For all this , we need to have KYC and most of the people accounts may already have been KYC approved. I don't think it will create much panic expect for the few who will never want KYC ever.

Binance's attemps to avoid strict regulation says it's not only a few, like moving from one country to another, branching out strict places like US and most recently, trying the .06BTC band-aid solution.

In addition, I don't think IEO which hype only lasted for a short period of time and is now in a vegetative state hold such power.

P2P's 24H ATH trading volume as of January 2021 was only 54M USD and spot's has like billions (assuming reported numbers are close to accurate at least)

Last year, Binance P2P processed $7 billion worth of transactions made through 3.8 million orders, with daily volumes reaching as high as $54 million.

[condoras]

Today I receive an e-mail from Binance informing me that I have to pass "Intermediate Verification", in order to have complete access to all the Binance services.
If I did it in the next 2 weeks, they will credit me a $5 voucher that can be used for paying their trading fees.
So I'm guessing that time has come, at least for my region/ country...

P.S: It seems that if someone doesn't get fully verified/ "comply", restrictions will be very tight...

[OmegaStarScream]

Today I receive an e-mail from Binance informing me that I have to pass "Intermediate Verification", in order to have complete access to all the Binance services.
If I did it in the next 2 weeks, they will credit me a $5 voucher that can be used for paying their trading fees.
So I'm guessing that time has come, at least for my region/ country...

I've already seen that on Twitter. That's just a way to encourage people to give away their identity and verify their accounts, the restrictions are not going to apply until October as already mentioned.

Most of these exchanges are either scammers or plain suck. All but Kucoin.

I've been using Kucoin but binance going down like this made me nervous because every other guy that don't  want to do KYC will come to Kucoin now and sooner or later Kucoin will have to make KYC mandatory like Binance.

Kucoin might be legit but they can be very strict sometimes. I was asked not a long time ago to verify my identity when I forgot my trading password even though I had access to both my email and 2FA code... They didn't lock my account after I made it clear that I don't want to submit my documents but still, I don't think that's the best way to deal with someone forgetting their password.

[Flep182]

Nothing new or special for the regular binance users. If you are using binance for a long time, you must have participated in IEO's and P2P dealing. For all this , we need to have KYC and most of the people accounts may already have been KYC approved. I don't think it will create much panic expect for the few who will never want KYC ever.

Binance's attemps to avoid strict regulation says it's not only a few, like moving from one country to another, branching out strict places like US and most recently, trying the .06BTC band-aid solution.

In my opinion, it's not just avoiding stricter regulation on Binance. They are connected with the "real world" of finance and they are regulated.
So in this case the regulations for banks regarding KYC and AML seep into Binance. We've seen this with UK banks blocking payments to Binance, but as long as they're not "trusted" enough for banks, it'll keep happening until they have accepted a similar level.
As long as you will be able to transfer fiat to Binance, they'll be communicating vessels with the banks, also on KYC requirements.

[OmegaStarScream]

I received an email yesterday asking me to verify my identity to receive a 10 USDT Cashback and if I don't before the 20th of this month, I won't be able to use my account for anything but withdrawals. Just bringing this to everyone's attention, in case you had plans to do some more trades there.

Please complete the verification process by 20-9-2021 11:59 PM (UTC), or your Binance account will be restricted to withdrawals only.

[Potato Chips]

I received an email yesterday asking me to verify my identity to receive a 10 USDT Cashback and if I don't before the 20th of this month, I won't be able to use my account for anything but withdrawals. Just bringing this to everyone's attention, in case you had plans to do some more trades there.

Please complete the verification process by 20-9-2021 11:59 PM (UTC), or your Binance account will be restricted to withdrawals only.

Can we get an update to this? I see people still having the 2BTC daily withdrawal limit when it should have been .06BTC... wouldn't be weird if the same happens again.

[OmegaStarScream]

I received an email yesterday asking me to verify my identity to receive a 10 USDT Cashback and if I don't before the 20th of this month, I won't be able to use my account for anything but withdrawals. Just bringing this to everyone's attention, in case you had plans to do some more trades there.

Please complete the verification process by 20-9-2021 11:59 PM (UTC), or your Binance account will be restricted to withdrawals only.

Can we get an update to this? I see people still having the 2BTC daily withdrawal limit when it should have been .06BTC... wouldn't be weird if the same happens again.

It all looks good actually. We were not supposed to get our limits lowered but rather have KYC enforced. That's still going to happen, but not until the 19th of October and AFAIK, The 0.06 BTC thing is no longer valid.

Yesterday, everyone's account permission has been changed to withdraw-only, meaning you won't be able to do anything on the platform except for withdrawing funds. This is just meant to make people more aware of the KYC situation, and also give these who are not willing to comply more time to withdraw their funds, so there are not complaints later.

[swogerino]

I just saw this in my email today and immediately did the verification as I only withdraw cryptos from Binance,in fact I only use it to exchange my ETC to another currency to withdraw to one of my wallets.Then I use another exchange to withdraw to my bank where I am verified.I think Binance did this as they were forced to because they had an order to comply otherwise they would be shutdown in most parts of the world so cannot do much but to comply if we want to continue to use the most widely used exchange in the world at the moment.

After doing the verification I can withdraw now 50.000 dollars daily which is just a bit more than one Bitcoin which for me is good enough compared to that 0.06 Bitcoin or 3000 dollars daily.

[OmegaStarScream]

-snip-
After doing the verification I can withdraw now 50.000 dollars daily which is just a bit more than one Bitcoin which for me is good enough compared to that 0.06 Bitcoin or 3000 dollars daily.

Yes but again, that's not comparable since the 50K you're referring to is only withdrawable if you verify your identity while the 0.06 BTC was going to be for the unverified users as well, but it's gone now.

[hugeblack]

It seems that the new restrictions are related to new metrics different from the reasons why the account was reduced to about 0.05BTC, because my account was reduced in the amount of withdrawals from it several months ago and I have not been requested to verify identity yet.

I think it will happen in the coming days, but I am happy to move to kucoin for now. 5 BTC without kyc (they have lower volumes than binance but it is good)

[pugman]

It all looks good actually. We were not supposed to get our limits lowered but rather have KYC enforced. That's still going to happen, but not until the 19th of October and AFAIK, The 0.06 BTC thing is no longer valid.

Yesterday, everyone's account permission has been changed to withdraw-only, meaning you won't be able to do anything on the platform except for withdrawing funds. This is just meant to make people more aware of the KYC situation, and also give these who are not willing to comply more time to withdraw their funds, so there are not complaints later.

Wasn't everyone's accounts who weren't verified turned to withdraw-only status? Cause it is for me, where I think I can only withdraw until mid october and I still have my daily BTC withdrawal rate of 2.0 BTC a day. Isn't it the same for everyone?

Also wanted to know, what are the thoughts of everyday binance users who didn't verify yet. Are y'all gonna verify or go find another exchange? Curious.

[AmoreJaz]

It all looks good actually. We were not supposed to get our limits lowered but rather have KYC enforced. That's still going to happen, but not until the 19th of October and AFAIK, The 0.06 BTC thing is no longer valid.

Yesterday, everyone's account permission has been changed to withdraw-only, meaning you won't be able to do anything on the platform except for withdrawing funds. This is just meant to make people more aware of the KYC situation, and also give these who are not willing to comply more time to withdraw their funds, so there are not complaints later.

Wasn't everyone's accounts who weren't verified turned to withdraw-only status? Cause it is for me, where I think I can only withdraw until mid october and I still have my daily BTC withdrawal rate of 2.0 BTC a day. Isn't it the same for everyone?

Also wanted to know, what are the thoughts of everyday binance users who didn't verify yet. Are y'all gonna verify or go find another exchange? Curious.

if you are happy with binance services, you will comply with their kyc requirements. anyway, their approval is very fast. but for those who don't want to undergo this procedure, they will opt to use the services of other exchanges. i guess, binance is doing the implementation of kyc to all users so as to comply for possible government requirements where they are currently operational. they don't want to get trouble so they will enforce this kyc thing before any prob arises.

[OmegaStarScream]

Wasn't everyone's accounts who weren't verified turned to withdraw-only status? Cause it is for me, where I think I can only withdraw until mid october and I still have my daily BTC withdrawal rate of 2.0 BTC a day. Isn't it the same for everyone?

Also wanted to know, what are the thoughts of everyday binance users who didn't verify yet. Are y'all gonna verify or go find another exchange? Curious.

Yes, that happened yesterday but that was not the plan at first as I previously mentioned. They were supposed to simply lower the withdrawal limit and not enforce KYC.

Personally, I don't see myself verifying my identity unless, for some reason, I find myself stuck with no alternatives but for now, I would go with OKEX since I didn't have a good experience with Kucoin.