All Binance users are now subject to immediate KYC verification

[Slow death]

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

[1714309723]

1714309723

[1714309723]

1714309723

[TimeTeller]

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.

[Oceat]

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.

Yeah, at least with  0.06BTC it's still enough for small time traders they can still withdraw.
Binance really need to follow because they were hot on the government or else they might be gone for good if they don't comply which they really build a solid reputation over the years.

People have a choice to comply the KYC or not at least for the old ones but for the new one this looks really bad for them I don't know if they like it or might try to find another exchange.

[verita1]

Impressive! This is a resounding change in Binance I think that Binance was forced to take this measure due to the latest events. We know that other exchanges have not required it so far by the KYC / AML but I am in solidarity with your concern, the regulations are being noticed. Seeing the KYC issue in the future will undoubtedly affect cryptographic businesses because in order to operate in the regulations, casinos could also be included. We are witnessing a phase of bitcoin where nations begin to establish their regulations for its use.

[hatshepsut93]

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

There already is a crypto casino that does KYC, it's called crypto-games, though I don't think it's mandatory for everyone yet. The era of anonymous crypto services has been disappearing for a long time already, the governments were never going to ignore crypto completely. So you can't really blame Binance here for spying on you, they have no choice, it's either they do KYC or they get banned in most countries in the world.

[NotFuzzyWarm]

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

There already is a crypto casino that does KYC, it's called crypto-games, though I don't think it's mandatory for everyone yet. The era of anonymous crypto services has been disappearing for a long time already, the governments were never going to ignore crypto completely. So you can't really blame Binance here for spying on you, they have no choice, it's either they do KYC or they get banned in most countries in the world.

I agree and view it as part of the growth process of BTC as it matures as a currency leading to more and more acceptance of it world wide. If it is going to be used like fiat aka 'Money' then it has to adhere to the same rules and definitely includes those regarding buying/selling/trading of assets be they crypto, stocks, bonds, metals, FOREX, whatever.

[Boov]

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

How devastating if that idea about selling each users documents will exactly going to happen in the future, sad to say as binance user I am worried on that situation.
The demand of KYC instated a good practice purpose as binance administration told us, but on your perspective it made me think of different possible things that might arise someday.

[Slow death]

So for old traders, they can still use binance but with reduced limits.

in fact this measure is for all users, if you read this part you will see this:

Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.


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.

we are reaching a time where each person will have to do KYC on all exchanges if they want to trade

There already is a crypto casino that does KYC, it's called crypto-games, though I don't think it's mandatory for everyone yet. The era of anonymous crypto services has been disappearing for a long time already, the governments were never going to ignore crypto completely. So you can't really blame Binance here for spying on you, they have no choice, it's either they do KYC or they get banned in most countries in the world.

Governments haven't started chasing online casinos luckily yet, but a few years from now we're going to have a really bad time with KYC in casinos. I did KYC in binance years ago and I have no problem doing KYC, my problem is that it doesn't make sense to do KYC on a site where we don't know where the physical office is and the anonymous owner

[CLS63]

Crypto exchanges will have to demand KYC from all their users in the future. Because they are audited by governments. They can't hide anything and I can't say that they even care about it. They just want to make sure that every account is real and belongs to a unique person. This helps them find the people who are laundering money etc. easily. But it also changes the important things about Bitcoin which is anonymity. But people don't have another choice if they really want to trade with cryptocurrencies.

[NotFuzzyWarm]

Folks, don't forget that KYC works both ways. By being required to collect your information proving to them (and Government tax authorities) who you are, regulated companies - including the casinos - are required to provide ready access to you the User of their services the same access to their pertinent legally required business information.

Frankly, if they refuse to do that or even balk it - to me common sense screams 'don't do business with them!'

[Slow death]

Folks, don't forget that KYC works both ways. By being required to collect your information proving to them (and Government tax authorities) who you are, regulated companies - including the casinos - are required to provide ready access to you the User of their services the same access to their pertinent legally required business information.

I understand this, my problem is that how governments allow anonymous sites and with anonymous owners sin for their customers to do KYC? where part of this can be fair? customers should not be anonymous but sites are anonymous and site owners are anonymous, i can't understand that

[NotFuzzyWarm]

Regulated exchanges DO provide it. Case in point, here is the start of information about Coinbase From there you just have to follow the trails on who's-who, where their legal contacts are and DYOR from there.

I for one will never use a site ran by untraceable owners.

[Bitcoin_Arena]

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.

I suggest you read the whole announcement again and internalize it. You must be mistaken into thinking  old users will be left out in the new development. There's no exception. We all know the pressure that Binance has been facing lots of pressure from regulators of late, and it's about time they craved in or get sued and fined. Don't be naive  

my problem is that it doesn't make sense to do KYC on a site where we don't know where the physical office is and the anonymous owner

But you did KYC years ago regardless  
Binance isn't yet clear about their HQ. I tried reading about their HQ and almost  got my head spinning  

[Rengga Jati]

All Binance users are now subject to immediate KYC verification

Well yeah, it is not about like or not, but it seems a must and we have no choice if we still want to use Binance.
Actually, I personally have done that KYC in Binance in order to do some transactions there (especially P2P).
Doing KYC on some platforms will be always a risk. Because we don't really know the security system and also the safety of our data. There are so many negative issues about KYC.
Hopefully, Binance will also concern about this and ensure their users about the security of the users' data.

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

I think not. It is precisely if not do KYC for old members, they can only do:

account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption.

This will really limit us to access Binance and use their products.

[michellee]

Sooner or later, all exchanges that look bigger than else will have KYC. It already happened a long ago. Once Poloniex started bigger, they require KYC for their members and so do with Bittrex. And now, when Binance became bigger than other exchanges, it will require KYC to the members. For old members, they will need KYC sooner or later. That will be a matter of time, especially if they open their branch office in another country that does not allow crypto or the government allows crypto as trading or commodity.

It seems crypto takes attention to the government because they see crypto now become famous and someone can earn a million dollars quickly. That will be a huge tax for them if they can know who the members are. DEX will take part for the crypto members who do not like KYC and that will become bigger too and give convenience to the members.

[Bitcoin_Arena]

Hopefully, Binance will also concern about this and ensure their users about the security of the users' data.

Well, don't just hope. In fact, don't have any, because  It turns out, one of the biggest exchange's customer KYC data was leaked about two years ago and Binance even confirmed it; Binance Confirms Hacker Obtained Its Users' KYC Data from 3rd-Party Vendor

Like the old saying goes, "No, system is perfect"
Are you willing to bet on binance keeping your data safe after an ugly past? I certainly wouldn't even have any hope.

[dothebeats]

Is it not for new users only? My account can still withdraw bitcoins and other crypto from the platform, though I'm not exactly sure how much is the new limit imposed. I haven't received any email asking me to submit KYC documents in order to continue trading with Binance, and there isn't any account notifications on my end regarding the change being mandatory.

Perhaps I still need to submit something in order to continue trading. It's just weird that I haven't received anything on my end in this big of a change.

[meanwords]

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

For now, it's not a really big issue because old customers can still use the full service of Binance (with a limited withdrawal of course), though the question is, how long will this last? There's no doubt that Binance will eventually require even old users to pass their KYC due to government requiring legal documents and some compliance.

[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.

All users who are dealing with large money in Binance have surely verified already.

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.

[EdenHazard]

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

that is the consequences of being popular, you will be seen by everyone especially those bureaucrat bastards... i know this time will coming.. and i hate it.

any option than binance now? i guess no.