Old accounts still able to withdraw more on binance or just error of display?

[BNO]

a couple of weeks ago binance anounced that it reduces the withdrawal limit to 0.06BTC. I withdrew all my funds. Today l looged in again it shows me
for "24h remaining limit": 2BTC.

Now i wonder is it for old accounts (several years old)still the 2 BTC?
Has someone tried this to withdraw from an old account without verification?

Greetings to ya all!

[JeromeTash]

Please move the thread to Exchange board - https://bitcointalk.org/index.php?board=223.0

I have a fully verified old Binance account, so I am not able to tell if it's happening to more accounts or not, but one weird thing I noticed when I was trading on their p2p platform recently is that Regular users (Users who have not verified their KYC) are still able to make orders which ks confusing

Because initially, trading p2p was not even possible if one's account wasn't verified. Something doesn't add up.

[Pbacala]

a couple of weeks ago binance anounced that it reduces the withdrawal limit to 0.06BTC. I withdrew all my funds. Today l looged in again it shows me
for "24h remaining limit": 2BTC.

Now i wonder is it for old accounts (several years old)still the 2 BTC?
Has someone tried this to withdraw from an old account without verification?

Greetings to ya all!

I am not verified on binance since 2018 and my limit is still 2BTC and I withdraw daily more than 0.06btc

[bL4nkcode]

Now i wonder is it for old accounts (several years old)still the 2 BTC?
Has someone tried this to withdraw from an old account without verification?

It has nothing to do if you're an old user or new, their new policy requires all their users to take full kyc verification to get a higher withdrawal limits or to enable withdrawal feature. If you still want to use your binance account, then it's good to say that you need to do their kyc verification.

[Pbacala]

Now i wonder is it for old accounts (several years old)still the 2 BTC?
Has someone tried this to withdraw from an old account without verification?

It has nothing to do if you're an old user or new, their new policy requires all their users to take full kyc verification to get a higher withdrawal limits or to enable withdrawal feature. If you still want to use your binance account, then it's good to say that you need to do their kyc verification.

Sorry to say but you are wrong, i use binance daily not verified and I have no problems and my limit is 2btc right now

[BNO]

Sorry to say but you are wrong, i use binance daily not verified and I have no problems and my limit is 2btc right now

Oh this is interesting.. Just to understand who tried to withdraw 2 btc or it just showed the message (like my account shows)?

I have a fully verified old Binance account, so I am not able to tell if it's happening to more accounts or not, but one weird thing I noticed when I was trading on their p2p platform recently is that Regular users (Users who have not verified their KYC) are still able to make orders which ks confusing

Yeah that points in the same direction. I think old accounts are somewhat exemptfrom the new rule..

[RickDeckard]

Sorry to say but you are wrong, i use binance daily not verified and I have no problems and my limit is 2btc right now

Binance has been walking on very thin ice for a while now. The main problem within Binance is that in most countries where it operates the company isn't regulated[1] and while it's CEO has been fighting for a while against regulation, recent events have geared Binance towards being a centralized exchange rather than keep trying to push regulation. In 2019, for example, due to the lack of regulation Binance was banned to operate in the United States[2]:

In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened Binance.US, a separate exchange registered with the United States Financial Crimes Enforcement Network and designed to comply with all applicable US laws.[33] The US variant has been praised for offering a very similar interface and feature set to its worldwide counterpart. However, it is currently banned in seven states.[34]

This year, however, things got a bit heated when they announced (around April) the so called "Stock Tokens" - which are tokens that are tied to the value of a certain company, so instead of buying a stock from Tesla from S&P500 you could instead buy it's "tokenized" version in Binance. This led to fierce warnings from multiple countries, such as UK[4] and Germany[5], due to the fact that this kind of product could be seen with ties/relationship with securities products, which a service cannot offer if it isn't regulated to do it[5]:

The posting of an announcement that advertises a security token can be seen as an invitation or an advertisement, and could amount to “dealing” in securities, if it is intended to induce others to purchase or sell these “securities”, said Gaven Cheong, a partner at law firm Simmons & Simmons.

The pressure from multiple countries led Binance to announce - around 6th of June - the immediate suspension of this kind of activity[6]:

Today, we are announcing that we will be winding down support for stock tokens on Binance.com to shift our commercial focus to other product offerings. Effective immediately, stock tokens are unavailable for purchase on Binance.com, and Binance.com will no longer support any stock tokens after 2021-10-14 19:55 (UTC).

However some countries were still uneasy with Binance modus operandi and some ended up banning the company from operating in their country, as it was the case with UK[7] following a publication from the Financial Conduct Authority on 26th of June. This chains of events (and perhaps the build up of years of pressure from other countries) led to Binance step back on their stance namely regarding Know Your Customer procedures - something that they would only ask you to do if you withdrew > 2 BTC daily which was seen as a potential money laundering from regulators. On 20th of August they announced[7] the following changes:

• 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.

Even though the announcement doesn't specifically detail what are the limits for the existing customers that choose not to complete the process, if we dig further into their announcements we find one dated from 27th of July[8]:

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).

All of this to tell you that no, no account is exempt from having their limits downgraded - at least according to every announcement that I saw related to the topic. If we were still around mid August I could accept that you could withdraw > 2 BTC daily (since this was a phased transition) but we're almost 1 month out of the ending period. Are you sure that you're reading the limits in a right way?
[1]https://www.scmp.com/business/banking-finance/article/3148809/binance-battles-regulatory-headwinds-worlds-largest
[2]https://en.wikipedia.org/wiki/Binance
[3]https://www.coindesk.com/business/2021/04/22/binances-tesla-coinbase-stock-tokens-under-scrutiny-from-uk-regulator-report/
[4]https://www.coindesk.com/markets/2021/04/28/binances-stock-tokens-may-violate-law-germanys-financial-watchdog-says/
[5]https://www.scmp.com/business/banking-finance/article/3130489/binances-marketing-security-token-based-tesla-stocks
[6]https://www.binance.com/en/support/announcement/3a0304f3ee1c43668959c1b01f610d59
[7]https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca
[8]https://www.binance.com/en/support/announcement/9df8225c061b455da5c7cc293cd08a70

[BitMaxz]

It seems there is an update on Binance about non-KYC accounts. According to them, the only thing that you can do for old non-KYC accounts is to withdraw but you can't trade or deposit or use any services except withdraw option.

Here's the new update posted September 15, 2021

- https://www.binance.com/en/support/announcement/96f8819ce9bd429a8e733f87e92a2207

And it seems that the limits for non-KYC accounts is not implemented yet according to that link.

[Potato Chips]

If you're wondering why your unverified account limit still hasn't changed to .06BTC, same situation. I asked binance about this weeks ago cause it's way passed Aug 23, below was their response



Fast forward to today and I still have 2BTC daily withdrawal limit. But I've only tried withdrawing small amounts there ever since the "KYC for all" announcement, anymore and I wouldn't feel safe.

From their response, this whole situation looks more of a mistake on their end, I wouldn't think my account is exempted from anything.

[Darker45]

All I know is that the new policies are not yet fully implemented. It will be fully implemented soon. But it seems the dates are not strictly followed and the policies still changing from time to time.

For now, my unverified account still has the 2BTC daily limit. I also still have some open orders. Deposit was also successfully made just yesterday. In other words, nothing has changed since the announcement came as early as July if I am not mistaken.

It somehow got me thinking Binance is saying something and doing another.

[bL4nkcode]

Sorry to say but you are wrong, i use binance daily not verified and I have no problems and my limit is 2btc right now

Lucky you. I only state based on their announced policy, but based on you've said seems like they are still working on it. And what Potato Chips' said is the main reasons.

[Mkmanik]

I am not verified on binance since 2018 and my limit is still 2BTC and I withdraw daily more than 0.06btc

I don't know how it is possible. They already announced without KYC people cant able withdraw funds from the Binance exchange. Still, you can able to withdraw 2btc!! Try to check your KYC page again. Hope something is there I also have an old account at Binance, a few days ago I tried to log in and trade, but Binance asking me to do KYC. Without KYC I can't able create an API key. overall, if anyone wants to use Binance exchange he needs to do KYC, without it people cant able use Binance anymore.

[LoyceV]

Sorry to say but you are wrong, i use binance daily not verified and I have no problems and my limit is 2btc right now

Binance has been walking on very thin ice for a while now.

I get the impression they try get away with not enforcing KYC for as long as they can. Their announcement is kinda funny:

These restrictions are being implemented in phases to minimise user-experience disruption.

If they wanted to minimise disruptions, they shouldn't reduce account limits at all.
If they're forced to do it, there's no point in doing it "in phases".

I can only conclude they want to keep their non-KYC business as long as possible.

[RickDeckard]

I can only conclude they want to keep their non-KYC business as long as possible.

I fully agree with you, although they have more offerings regarding coins than other exchanges (and other services), I'm sure that a vast majority of its users joined Binance due to their big - at least when compared to other exchanges - non-KYC withdraw limit. Most of them don't even allow you to withdraw your fiat at all if you didn't went through their KYC procedures(see Bitvavo[1], Kraken[2], Coinbase[3] for example) - one can't simply look into this factor and don't see that Binance has a vantage point when compared to other exchanges - one can easly see the 24h volume of each in websites such as coinmarketcap[4] or Statista[5].

My take ? As I said, at the time of their announcement that they would lower the BTC withdraw limits Binance was on the eyesight of major regulators and they wanted to please them in any way possible to reduce the "heat". The solution? Just give what they wanted to hear - "lower" the limits. This generated tons of news around the internet and for sure the regulators were satisfied with this step, but I also think that Binance threw a bit of sand into the regulators eyes with this measure - I would say that they for sure don't want to rush at all this transition (let alone for their big clients) - so they kinda "announced" it but they don't want to comply 100 % with it for as long as they can (or as long as regulators remember their announcement and don't remember to check back on their promise ...).

[1]https://support.bitvavo.com/l/en/article/paf0hdisd6-verification-level-requirements-for-private-accounts
[2]https://support.kraken.com/hc/en-us/articles/360001395743
[3]https://help.coinbase.com/en/coinbase/managing-my-account/verify-my-identity/eu-verification-levels-faq
[4]https://coinmarketcap.com/rankings/exchanges/
[5]https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/

[jrrsparkles]

I am not verified on binance since 2018 and my limit is still 2BTC and I withdraw daily more than 0.06btc

I don't know how it is possible. They already announced without KYC people cant able withdraw funds from the Binance exchange. Still, you can able to withdraw 2btc!! Try to check your KYC page again. Hope something is there I also have an old account at Binance, a few days ago I tried to log in and trade, but Binance asking me to do KYC. Without KYC I can't able create an API key. overall, if anyone wants to use Binance exchange he needs to do KYC, without it people cant able use Binance anymore.

Existing users can still withdraw their funds even if they are unverified and the daily withdrawal limit will be 0.06btc, so if someone is having more than this amount can withdraw it in multiple days. Only thing is they can't able to trade anymore but still people claims that they are trading with unverified account but we don't know how long it is going to be like that.