Do you already noticed about the changing of identity verification of Binance ?

[jerry0]

Also what account verification am I on?  I never submitted any KYC documents.  So I am basic non KYC right?  But you cannot go below that... correct?


So how many total verification is there on binance?


Non KYC basic
KYC Intermediate
KYC Advanced?



Is that accurate?



Also could people who never submitted KYC documents at the moment still trade?  I am considering trading my altcoin for btc or usdt/usdc and then cashing out.


Also the 0.06 btc withdraw limit... so if you withdraw an altcoin or usdt/usdc... its basically whatever is equal to the 0.06 btc withdraw limit?

This is all about the upcoming changes in their policies not about the current scenario and it seems they are going to implement these changes in the multiple phases so you can keep trading there until you account get into their policy change.

If they made changes then you can't be able to continue your trading activities unless you submit KYC details but if you are not ready to accept the changes then you are free to withdraw your funds available there as per mentioned in OP.

Well aren't they going to implement these changes in a month though?  It does give a date in that message when you check the binance site.


Again I never sent in verification documents.  So that means for the next month or so, I could still withdraw up to 0.06 btc a day without any issue right? 


So if I do not plan on submitting KYC, then make sure i withdraw my balance within a month... is that correct?  Otherwise i wouldn't be able to withdraw anything at all once that day comes? 

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[jrrsparkles]

snip~

Well aren't they going to implement these changes in a month though?  It does give a date in that message when you check the binance site.


Again I never sent in verification documents.  So that means for the next month or so, I could still withdraw up to 0.06 btc a day without any issue right? 


So if I do not plan on submitting KYC, then make sure i withdraw my balance within a month... is that correct?  Otherwise i wouldn't be able to withdraw anything at all once that day comes? 

I am not sure that, they already started to rollout their policy changes already or not but it may happen anytime maybe in a month or later.

But since you are an existing user there will be no issues for you to withdraw whatever funds you have.

[jerry0]

I been an existing user for a long time at binance.  But if i don't submit KYC documents by next month, doesn't that mean I wouldn't be able to withdraw my funds though?  That seem to be what the message is saying?

[nelson4lov]

I been an existing user for a long time at binance.  But if i don't submit KYC documents by next month, doesn't that mean I wouldn't be able to withdraw my funds though?  That seem to be what the message is saying?

No. Not at all. According to Binance:

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.

So basically, the only thing you can do from a non KYC account like yours is only to withdraw and nothing more. I'm unclear about if there's a deadline but I'm not sure there is considering Binance can't be penalized for such as they already restricted users to all aspects of their platform - Futures, p2p, etc.

[Hamphser]

I been an existing user for a long time at binance.  But if i don't submit KYC documents by next month, doesn't that mean I wouldn't be able to withdraw my funds though?  That seem to be what the message is saying?

When you do read up;

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.

You do only have 1 month starting from now for you to verify or have KYC for your account permissions to stay up on normal or the way it works  and its clearly stated.

Pasting the same source: https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca
 

[Potato Chips]

Binance is under a lot of pressure from authorities, it wouldn't be weird if they take back their NO kyc but withdraw OK promise. Best to not feel secure about this and withdraw funds ASAP if you're someone who doesn't want to verify their account.

and IIRC @jerry0 is a US person (?), another reason to withdraw ASAP if so.

[sheenshane]

Binance is under a lot of pressure from authorities, it wouldn't be weird if they take back their NO kyc but withdraw OK promise. Best to not feel secure about this and withdraw funds ASAP if you're someone who doesn't want to verify their account.

and IIRC @jerry0 is a US person (?), another reason to withdraw ASAP if so.

Dont leave any if you have an account in Binance, withdraw it as long as possible until the deadline comes.

On the Binance side, there's nothing they can do is to follow the financial regulators that now targeted those big exchange companies like Binance and next to other's who did not comply with KYC but it is a centralized exchange.

The heavy regulation has occurred to Binance because it is being accused by the authorities that they are helping unknown large transactions and accepting tips from it which is not a good idea.  It could be from the money laundering issues.  Just withdraw your fund on Binance and transfer it quickly to your Bitcoin wallet.

[jerry0]

Okay so can others confirm this then?


So if you do not plan to submit any KYC to binance and you have coins there... you should withdraw it within the next month correct?  Whether its btc, altcoins or whatever it is?


But are we allowed to trade btc or altcoins or other coins before we withdraw?  Or we cannot?  Again im talking about people who never submitted any KYC.  Also the max withdraw is 0.06 btc right?  So if you withdraw an altcoin, the max you can withdraw in one day is equal to 0.06 btc?  So if someone had like 0.5 worth of btc on binance to make it simple and do not plan on submitting KYC, they should be withdrawing the max 0.06 btc for the next 9 days etc?


So what if you have some a few altcoins and btc but tiny amount?  But that total amount is say a bit more than 0.06 btc total if you add the altcoins and btc etc? 


Just withdraw the max one day and then the rest the next day?  I have altcoin and a very tiny amount of btc there.

[Kong Hey Pakboy]

You can just do the level one verification of Binance, it's not like you're shelling in and out thousands of bitcoin, their most basic one is already good enough with 2 bitcoin as the largest withdraw limit for the day.

[jrrsparkles]

Okay so can others confirm this then?


So if you do not plan to submit any KYC to binance and you have coins there... you should withdraw it within the next month correct?  Whether its btc, altcoins or whatever it is?


But are we allowed to trade btc or altcoins or other coins before we withdraw?  Or we cannot?  Again im talking about people who never submitted any KYC.  Also the max withdraw is 0.06 btc right?  So if you withdraw an altcoin, the max you can withdraw in one day is equal to 0.06 btc?  So if someone had like 0.5 worth of btc on binance to make it simple and do not plan on submitting KYC, they should be withdrawing the max 0.06 btc for the next 9 days etc?


So what if you have some a few altcoins and btc but tiny amount?  But that total amount is say a bit more than 0.06 btc total if you add the altcoins and btc etc? 


Just withdraw the max one day and then the rest the next day?  I have altcoin and a very tiny amount of btc there.

Yes, if you don't have a plan to submit KYC to binance then better withdraw your funds ASAP and if you have something like 5BTC then if its not possible to withdraw the funds in the one month period then you can still withdraw them after the time because as per OP the existing users are allowed to withdraw their funds completely.

The same goes to the altcoin as well, you can keep withdrawing everyday until you hit the complete wipeout.

[tvplus006]

...But are we allowed to trade btc or altcoins or other coins before we withdraw?  Or we cannot?  Again im talking about people who never submitted any KYC. ...

Currently, traders who have not passed the verification on the Binance can no longer trade on the exchange. For such traders, only the withdrawal of their funds from the exchange is available. But if you change your mind and still decide to pass KYC, then after passing the verification, trading will be available to you again.

[SquallLeonhart]

You can just do the level one verification of Binance, it's not like you're shelling in and out thousands of bitcoin, their most basic one is already good enough with 2 bitcoin as the largest withdraw limit for the day.

I do understand people who do not want to give their KYC to casinos because it is a casino and you may not want to have your information there, but I do not get it when it is in the exchange world. At the end of the day we are talking about exchanges, if it is illegal in your nation then you will not use it anyway, but if it is legal then all you have to do is give a few of your address, name etc etc and also show your face on binance app, that is literally it for the base one.

You could go with higher one with ID and so forth and get a bigger deal, but for the base one you just have to write some info and show your face to an app, how hard is that? Like I said, KYC is not something I like doing neither for casinos, but for binance? They are trustworthy enough to give a few info and a picture, that is not really too much to ask to participate to the biggest crypto exchange in the world.

[Fredomago]

You can just do the level one verification of Binance, it's not like you're shelling in and out thousands of bitcoin, their most basic one is already good enough with 2 bitcoin as the largest withdraw limit for the day.

I do understand people who do not want to give their KYC to casinos because it is a casino and you may not want to have your information there, but I do not get it when it is in the exchange world. At the end of the day we are talking about exchanges, if it is illegal in your nation then you will not use it anyway, but if it is legal then all you have to do is give a few of your address, name etc etc and also show your face on binance app, that is literally it for the base one.

You could go with higher one with ID and so forth and get a bigger deal, but for the base one you just have to write some info and show your face to an app, how hard is that? Like I said, KYC is not something I like doing neither for casinos, but for binance? They are trustworthy enough to give a few info and a picture, that is not really too much to ask to participate to the biggest crypto exchange in the world.

Still opinion based and self explanatory, but in the sense of doing business completing KYC increased your capabilities to use Binance services, with how I understand for those who don't huge amount of assets by completing the level 1 already allows you to deal up to 2btc enough for small traders to consume per daily transactions.

In your case, I agree that Binance gained trust from more users and those who really actively using this exchange there's no problem in completing KYC.

Your investment your decision to make. Just do your own research and weight the pro and con, then decide from how you understand the purpose.

[Potato Chips]

So if you do not plan to submit any KYC to binance and you have coins there... you should withdraw it within the next month correct?  Whether its btc, altcoins or whatever it is?

The best time would be this instant. But if you're prepared for a much greater risk, you can wait before your account becomes withdraw only. Note that not everyone has the same deadline, binance should inform you thru email, should look like this:

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.

But are we allowed to trade btc or altcoins or other coins before we withdraw?  Or we cannot?  Again im talking about people who never submitted any KYC.  Also the max withdraw is 0.06 btc right?  So if you withdraw an altcoin, the max you can withdraw in one day is equal to 0.06 btc?  So if someone had like 0.5 worth of btc on binance to make it simple and do not plan on submitting KYC, they should be withdrawing the max 0.06 btc for the next 9 days etc?

So what if you have some a few altcoins and btc but tiny amount?  But that total amount is say a bit more than 0.06 btc total if you add the altcoins and btc etc? 

Just withdraw the max one day and then the rest the next day?  I have altcoin and a very tiny amount of btc there.

The daily withdrawal limit depends per account, you can check yours by going to the withdrawal page of any coin. Also, yes, if your limit is .06BTC and have more than .06BTC, the excess would have to go thru the next day.

You should still be able to trade unless your account becomes withdraw-only or you have other situation which only applies to you e.g. suspicious account flag

[jerry0]

I'm confused by the two different explanations on this.


As of now, I never submitted any KYC.  So as of now I could withdraw up to 0.06 btc a day until that date.  But if i do not plan on submitting any KYC, i should withdraw the max everyday.  Though I wouldn't need to do that since I don't have that much there.


But as of now... is my account WITHDRAW Only?  Someone mention if i wait longer, then my account would be withdraw only... but isn't that my account status already at the moment?



I cannot do any trade at the moment with my account right?  So if after that date, I still did not withdraw my funds, does that mean I cannot withdraw if I don't submit any KYC after that date?



Also wouldn't this mean if someone can't submit KYC due to their country restriction or say they used a fake name, they need to withdraw their entire balance before that date since they won't pass the KYC?  But if they have a high balance where even withdrawing 0.06 btc a day everyday wouldn't be enough to withdraw their entire balance, then they are screwed so to speak? 

[jerry0]

I got an email that said to continue using binance, i must verify my account within a certain date... otherwise, your account permissions will be temporarily changed to withdraws only.


Does this mean right now at the moment, I could still trade?  Yes or No?

[Hamphser]

I got an email that said to continue using binance, i must verify my account within a certain date... otherwise, your account permissions will be temporarily changed to withdraws only.


Does this mean right now at the moment, I could still trade?  Yes or No?

Just as i had said earlier above : https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

New users would definitely need to verify for you to able to make use of their services including trading but if you are an old one and isnt still verified then you could still
make use of their service including trade until on the given time that they had stated.

[tbct_mt2]

I got an email that said to continue using binance, i must verify my account within a certain date... otherwise, your account permissions will be temporarily changed to withdraws only.


Does this mean right now at the moment, I could still trade?  Yes or No?

You can log in your account and check it. You will know that you can trade or not if you are still not verified.

I think if Binance announced that your account is already restricted, you will no longer be allowed to trade. You can make withdrawal only if you reject to do your identity verification.

[jerry0]

Is there a way to confirm if ones binance account cannot be allowed to trade and can withdraw only?



I logged into my binance account and went to classic trade and went to see if i could trade my altcoin for btc.  Thus it seem like i could click on sell that altcoin.  But when you click on sell altcoin... does it automatically trade to btc?  Or it ask for confirmation?  Just want to make sure.



Do you recommend me to sell the altcoin for btc or stablecoin or just withdraw the altcoin?



When i look at withdrawing btc... i literally have like 8 dollars worth of btc only on binance.  When i went to withdraw btc... it ask what network?  How come the first two network cost like under twenty cents but the btc cost like 0.0005 btc?  So which would one choose then?  Again... i dont even have 0.0005 btc balance.



I have around 2000 usd worth of an altcoin on binance and about 8 dollars worth of btc on binance. 



How do you recommend i withdraw this?  Seems like i could even withdraw my whole balance at once with the 0.06 btc withdraw limit.



My options seem to be



Sell that 8 dollar worth of btc for that usdt/usdc?   Then withdraw either the usdt/usdc and the altcoin to my wallet?


Sell that 8 dollar worth of btc for that same altcoin I have.  Then withdraw that altcoin whole balance?


Sell the altcoin for btc.  That altcoin can only be traded for BTC or ETH.  Then withdraw the whole btc balance?


Sell the altcoin for btc.  Then sell my btc for either usdt or usdc.  Then withdraw either the usdt/usdc?




What is my best option here?  My issue with keeping that altcoin is im not sure if i could even sell it in the future because I cannot use many exchanges.  It is also an ETH coin so people say im going to pay lot of fees.


But if i trade it all for usdt/usdc... wouldn't i incur lot of fees as well?  I mean i dont mind keep usdt or usdc as its a stablecoin.

[Rafae]

This is probably a question that remains open, and indeed, there are many nuances that I wanted to know about.