All Binance users are now subject to immediate KYC verification

[NotFuzzyWarm]

Exchanges selling information I am not worried about. Regulated financial business such as banks, trading institutions, etc are not allowed to do that in most of the countries they operate in. Hacks into their databases - yes that IS a concern same as say the recent T-Mobile hack in the US where pretty much ALL of the 'secure' customer data for over 40 million of their customers was gotten by hackers. Just google T-mobile hack.

Casinos and such, ja a good chance some data will be sold 'for Marketing' purposes...

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[dansus021]

i know this gonna be happen sooner or later, because in the past bittrex.com is one biggest exchange do the same to all his member need to do kyc because security reason or i would say government reason  

[Bitcoin_Arena]

I don't see it as a problem. For average users, BTC0.06 daily limit is still high. Still better than those exchanges that are asking for KYC even for small withdrawals.

Have you read the announcement carefully, or you are just replying because you feel like you need to?

It's very clear that after a certain period, no one is going to be left out. Old or new users. If you want to continue trading on Binance. You have to first pass KYC verification just like Bitmex is doing right now.

Are you willing to bet on binance keeping your data safe after an ugly past? I certainly wouldn't even have any hope.

Overreacting for me. 100% I will trust Binance for that since I always used them especially the P2P part. If you don't use Binance regularly, then just ignore the KYC, simple as that. And besides in general, our identity is not always private.

I am being a realist here. It's up to you if you trust them 100%. That doesn't stop me from point out their flaws and saying the truth.

[noorman0]

So this is really happening now? According to my prediction, all services that have government intervention will slowly become a centralized system.

For now, only a handful of law-friendly countries allow users to spend their crypto directly, the rest still rely on centralized exchanges (where KYC is a mandatory requirement) as they need to exchange fiat instantly in order to spend their crypto. I don't think most of the binance users will really abandon it as far as the assumption that KYC requests are common for them.

[Sithara007]

I was expecting this for quite some time. Binance was the only major exchange that held out for so long, and now they have also fallen in line. And I urge the cryptocurrency users not to have a false sense of security. This is not going to be the end of it. Next, the government will try to destroy the DEX and P2P platforms. And after that, they are going to take on the online wallets. Imagine going through facial recognition to set up a cryptocurrency wallet. The ultimate target is to identify all the cryptocurrency users, before imposing a blanket ban on Bitcoin and other cryptos.

[777Jolami]

All Binance users are now subject to immediate KYC verification


those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

I am not trying to try a new account on binance entirely.

But if all this becomes forced, it is quite certain that the majority of the community will leave CEX, it is no longer a strong front, Binance begins to be completely controlled after the related incidents to their legislation. We need DeX/Defi to be perfected quickly.

[Alphabit]

So this is really happening now? According to my prediction, all services that have government intervention will slowly become a centralized system.

For now, only a handful of law-friendly countries allow users to spend their crypto directly, the rest still rely on centralized exchanges (where KYC is a mandatory requirement) as they need to exchange fiat instantly in order to spend their crypto. I don't think most of the binance users will really abandon it as far as the assumption that KYC requests are common for them.

 
I share your thoughts on this. That Government has so much power to regulate and implement rules and laws in their favor. What they want to achieve is to ultimately identy and tax everyone, this is not democracy from my eyes. The
obvious agenda is to own and centralized everything as usual. We can't dip in their pot, they gave themselves the right to dip in ours.

[Leviathan.007]

I was expecting to see Binance doing such a thing. Since many governments are attacking the cryptocurrencies and bitcoin because of the money laundry stuff and fraudulent, all the exchanges such as Binance and the other exchanges are forced to obey some rules and do some steps for money laundry systems and obey the FATF stuff or they will be known as an illegal company and soon the government will raid their companies and put them and their funds in danger, so Binance had to do such thing and I expect more exchanges forcing users for KYC soon. Here the decentralized exchanges such as Unisawp will be more useful.

[ethereumhunter]

We can not do anything instead follow what Binance wants. But we have an option to use the other exchanges which do not require KYC. But the members can still withdraw their funds with limitations and that was 0.06 btc, that still big money with the bitcoin price now. As long as we do not have a problem using Binance, we can continue trading on that exchanges. But maybe we will see some exchanges that do not have strict rules like Binance so we do not have to worry about KYC.

[DapanasFruit]

Well, this is the big reason why we have DEX but still I am not really sure how long can this thing can go without the required KYC which the government can be imposing to crypto exchanges operating in countries like USA. Of course, we know that the biggest reason for this regulatory move is to make sure that everyone is paying their taxes up to the last cents. Binance has no choice to bow down to regulatory pressures otherwise it is the very business it has that will be affected. Either you do the KYC or what you can do with your account can be limited to some aspects.

[pooya87]

those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone,

To be fair these days were gone for a very long time. I think last time we could trade without KYC was some time back in 2016.

now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document.

It makes sense for fully regulated and non-shady exchanges to need KYC specially if they want to work with fiat but an exchange that doesn't even have a clear headquarters, is shady and doesn't work in any legal jurisdictions asking for KYC documents is just a big red flag.
At the very least Binance didn't scam its users like Bittrex did. I think the days of Binance is also over like its predecessors that did the same thing. We should soon see another shitty altcoin exchange like Binance replace Binance and be the #1 for a couple of years before it too is replaced.

[harizen]

As a long-time Binance verified user, I don't see that as a big deal to me because I always used the exchange (obviously). My bank account was also linked there for faster payout and small fees. Privacy concern? Nah I already complied with lots of KYC on big platforms so be it if that will violate my privacy policy. I'm kind of used to it.

But we have an option to use the other exchanges which do not require KYC.

Like what centralized exchanges are these that can withdraw without KYC? Binance so far, at least in my own knowledge, still has the best limits for basic accounts. It will take time before a mandatory KYC will be implemented there, I guess.

But maybe we will see some exchanges that do not have strict rules like Binance so we do not have to worry about KYC.

Yes, I agree with you there but I doubt they have the same trust and reputation closer to Binance. In other words, risky to try those exchanges.

[goinmerry]

I don't see it as a problem. For average users, BTC0.06 daily limit is still high. Still better than those exchanges that are asking for KYC even for small withdrawals.

Have you read the announcement carefully, or you are just replying because you feel like you need to?

It's very clear that after a certain period, no one is going to be left out. Old or new users. If you want to continue trading on Binance. You have to first pass KYC verification just like Bitmex is doing right now.

Chillax.

Then just think of it later. Why being affected. Accept the fact that all centralized exchanges will soon implement KYC especially on the top crypto exchange today which is Binance. Do you really think Binance will not force a mandatory KYC soon? It's been years since they give that no KYC opportunity to non-basic accounts. It's even good that they still implement first the BTC0.06 for non-verified accounts rather than completely removing their perks as non-verified. If you are using Binance regularly then why do overreact for that privacy leak or something. I also said I'm already KYC verified there because of P2P.

I am being a realist here. It's up to you if you trust them 100%. That doesn't stop me from point out their flaws and saying the truth.

And just to be clear I also said that just ignore it if you are not using the platform. Why overreact to something that you are not using in the first place. Don't be a representative to those who are not using it. You don't understand the advantages of using the platform. Just to be clear, I'm not defending or promoting Binance here. JI just like their service compare using our local crypto exchange.

I am also not here to change your views. Who am I to do that. So be it if that's your stand. I truly respect it.

[famososMuertos]

That was already sounding and the theme was developing like a novel or the classic phrase "the winner is ...." and you don't finish saying the name.

This was announced loudly, whoever did not withdraw on Binance the money from him when he could, without passing the process, was delusional.

The traditional system continues to impose itself slowly and penetrates more to the idea (Bitcoin) of no KYC.

[kryptqnick]

I'm surprised with this decision, to be honest, as it seems a little too much to me. I've processed deposits and withdrawals on Binance with no KYC before, and I have 1 Polkadot on Binance right now. What's interesting is that the mandatory KYC applies to new users, but withdrawals will be allowed without verification for them, if I understand correctly. And they still have a daily limit of 0.06 BTC (which is $3k now) of verification-free withdrawals. So for now, it sounds okay to me. But if I want to sell my one DOT for BTC, does it mean that now I'll need to go through KYC for something worth $30? I think it's a little ridiculous if that's the case, and I don't understand why they need to make KYC mandatory for all new users, regardless of the sums of money involved. Money is laundered in big chunks, so it's not justified to violate the privacy of those who trade small amounts.

[Chato1977]

Not all users but new users will be subjected to KYC verification.
Updates to Binance Services - https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

But old users can still use the platform but with reduced daily withdrawal limit to 0.06btc (for basic verification).

Updates to Daily Withdrawal Limits - https://www.binance.com/en/support/announcement/9df8225c061b455da5c7cc293cd08a70

So for old traders, they can still use binance but with reduced limits.
If you are just a small timer, this is still good because not many traders can max out their daily limit.

Damn i thought the title says it all , but now that you clarified at least i can breath again.

i am a small trader and i only trade with little amount from time to time so i think there will never an issue on my part as this 0.06 daily limit is cool for me.

i wont even withdraw 0.01 per transaction lol.

[buwaytress]

Verified myself some time back already. My policy has always been that if the site requires KYC, might as well do it or be ready to do it. Hate the idea of being blindsided with KYC and risk getting funds withheld if not able to complete. Just checked and the old limits are still in place, though I wonder also how they'd be doing withdrawals for the EU now that they're clamped down on old routes.

[Mr.sprin]

It's true that right now the biggest market in the crypto world is Binance, so it's only natural that they ask each member of the KYC to increase security.

[jossiel]

Well, the new users probably won't feel what we've felt before that there's no mandatory KYC that's needed to fill.

Here it goes binance, they're just doing their job as they grow. The government is eyeing them and want them to be subjected with their rules and standards.

[Semar Mesem]

All Binance users are now subject to immediate KYC verification


those old days where a person could create an account on an exchange and trade smoothly without having to run the risk of delivering documents are gone, now are coming dark times where each person needs to have documents to do KYC and be able to trade and pray that the exchange never sell your document. the era of anonymity is coming to an end, at least on the part of using exchange and it won't surprise me if a few years from now also online casinos related to cryptocurrencies start to demand KYC right after account creation

This is of course sad because the era of anonymity is over, KYC verification is something we are wary of because there is no guarantee that they will not provide data to the country if it is needed, I found out these days because Binance is still a trending topic on Twitter, https://twitter.com/cz_binance/status/1428614958846148609