Does Binance need kyc to do any trading?

[QuickAccount]

Hey guys! I got a quick question. I have heard that on binance, you dont need to submit a KYC as long as youre not trading over 0.06 btc a day. Is this true with Binance.us?

Thanks in advance!

[jackg]

Not sure about binance US but I've heard there's a policy of new accounts needing kyc before you can trade with them now?

[Charles-Tim]

The terms of service has changed, any new Binance user will need to be verified (intermidiate verification) that will require also your ID verification. Old users are still given till Oct 19 while Binance is indicating any account with just basic verification can be restricted at any time while the old user will not be able to trade or do any other thing than to withdraw, so you have to be verified.

[Lanatsa]

Hey guys! I got a quick question. I have heard that on binance, you dont need to submit a KYC as long as youre not trading over 0.06 btc a day. Is this true with Binance.us?

Thanks in advance!

Good on before but not on this upcoming update.
They would requiring all users for Intermediate Verification.Therefore, there would be no already that limit of 0.06/day.
https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

For new users then it would be effective immediately but for old users they do still have 20 days from now as of writing for them to comply.

[South Park]

Hey guys! I got a quick question. I have heard that on binance, you dont need to submit a KYC as long as youre not trading over 0.06 btc a day. Is this true with Binance.us?

Thanks in advance!

It seems this is no longer true, binance was probably the best exchange if you were a trader with a low amount of money and wanted to retain some privacy, but it seems they are trying very hard to comply now with KYC policies so you are better off taking your business to another exchange if you still want to retain some privacy, it is a shame as this was in my mind the only reason to use this centralized exchange and now that it is gone I suppose it will lose its popularity among the members of the forum.

[Charles-Tim]

I don’t see any reason to remain anonymous on Binance platform, well its your personal choice.

For privacy.

KYC is dangerous than people think, exchange data breach makes it worse.

[DoublerHunter]

^ For Binance.com here is the thread discussion about their KYC compliance.
https://bitcointalk.org/index.php?topic=5355551.0.
I think if anyone is not sure just simply go to their TOS and read it carefully, it has now changed because the new KYC was implemented, you cant do trading and withdrawal if there is no basic KYC for the level one account, probably it needs at least level one.

[Oasisman]

I don’t see any reason to remain anonymous on Binance platform, well its your personal choice.

For privacy.

KYC is dangerous than people think, exchange data breach makes it worse.

Yes exactly!
I guess everybody wants privacy when we engage in cryptocurrency, but the anonymity feature has been gradually lost due to regulations.
And though an exchange is trusted and seems safe but still it is susceptible to any kinds of harm from attackers who's intention is to break through and steal the clients data.

I may be against the KYC, but I don't have a choice but to comply because I'm using their platform. Worst thing now is, it is mandatory already.

[JeromeTash]

Of course, you need to first under KYC verifications before using their exchange. Do you think SEC and FIN CEN would allow Binance.us to operate without identifying all their users?Nop!
Just read through their terms of service - https://www.binance.us/en/terms-of-use

[AmoreJaz]

I don’t see any reason to remain anonymous on Binance platform, well its your personal choice.

For privacy.

KYC is dangerous than people think, exchange data breach makes it worse.

Yes exactly!
I guess everybody wants privacy when we engage in cryptocurrency, but the anonymity feature has been gradually lost due to regulations.
And though an exchange is trusted and seems safe but still it is susceptible to any kinds of harm from attackers who's intention is to break through and steal the clients data.

I may be against the KYC, but I don't have a choice but to comply because I'm using their platform. Worst thing now is, it is mandatory already.

as already posted above by some users, it is already mandatory to all users in binance. though they are giving enough time for old users to comply. but it means, they still need to verify their identity before fully using the binance services again. but if you don't want to comply, they are giving the users to withdraw their funds up until oct 19. so hopefully, those users will read this announcement and not be surprised when its time for them to do trading or withdrawal after this date (no more 0.06BTC daily withdrawal for unverified). you will also receive their email regarding this change so you should think if it is worth to undergo kyc or not.

[Sayeds56]

Hey guys! I got a quick question. I have heard that on binance, you dont need to submit a KYC as long as youre not trading over 0.06 btc a day. Is this true with Binance.us?

Thanks in advance!

Yes! you need to complete requirement of KYC before you trade and withdraw funds from Binance ( Please click below given link to know further details in this regard)  and I would suggest you to go ahead it is a reliable Exchange and they provide huge opportunities to make profit in various activities on their platform.

https://www.techvisibility.com/2021/08/20/binance-updates-verification-rules-what-you-should-know/

[Issa56]

Seriously binance is now getting very hard to use now before kyc is not really mandatory for every binance members but there is a limit which you can withdraw in a day but now before you can trade any coin you will have to verify your kyc first, which I don't really agree with kyc because you are definitely revealing your identity for people.

[livingfree]

I think they've got a different policy with binance.us.

I've looked at their policy and they're saying a 'successful' registration is when you included the KYC part. That's why the .us is requiring kyc for its customers.

[Myleschetty]

Seriously binance is now getting very hard to use now before kyc is not really mandatory for every binance members but there is a limit which you can withdraw in a day but now before you can trade any coin you will have to verify your kyc first, which I don't really agree with kyc because you are definitely revealing your identity for people.

Finance is a centralized exchange to begin with, which means at some point Binance will have to make KYC a must for all their users cause it was a centralized exchange right from the beginning and that's the reason why they have to obey the rules and regulations of the authority.

If you value your privacy make use of the p2p exchange.

[Oceat]

I don’t see any reason to remain anonymous on Binance platform, well its your personal choice.

For privacy.

KYC is dangerous than people think, exchange data breach makes it worse.

Yes exactly!
I guess everybody wants privacy when we engage in cryptocurrency, but the anonymity feature has been gradually lost due to regulations.
And though an exchange is trusted and seems safe but still it is susceptible to any kinds of harm from attackers who's intention is to break through and steal the clients data.

I may be against the KYC, but I don't have a choice but to comply because I'm using their platform. Worst thing now is, it is mandatory already.

as already posted above by some users, it is already mandatory to all users in binance. though they are giving enough time for old users to comply. but it means, they still need to verify their identity before fully using the binance services again. but if you don't want to comply, they are giving the users to withdraw their funds up until oct 19. so hopefully, those users will read this announcement and not be surprised when its time for them to do trading or withdrawal after this date (no more 0.06BTC daily withdrawal for unverified). you will also receive their email regarding this change so you should think if it is worth to undergo kyc or not.

I haven't been using their exchange for a while now and it surprised me to read this news on Binance that they are making the KYC as mandatory. As the above said, I still have some 20 days to think whether to submit to their KYC policy or might as well change another exchange. But this decentralization to any exchanges are slowly disappearing I don't know if there will be any exchanges left without requiring KYC to their customers. The government is really pushing it to tag people everywhere.

[BitMaxz]

It seems that Binance .com and .us have different policies about KYC. I couldn't find that you can trade on Binance.us with a limit 0.06BTC even on their announcement or blog they didn't mention it.

I think you heard it from another exchange, not on Binance?

I suggest if you don't want to submit a KYC process go to another exchange like Okex they still not asking for a KYC with a 10BTC limit daily.

[cabron]

You might wanna read this thread for more information about what you are asking.  Binance has the habit of changing terms at any moment, you'd be updated when you read your emails every time.

I also received an email about updating my KYC information in them. Updated mine anyway even when I don't trade these days because of the market. Binance US may have different terms this time.

[tranthidung]

It seems that Binance .com and .us have different policies about KYC. I couldn't find that you can trade on Binance.us with a limit 0.06BTC even on their announcement or blog they didn't mention it.

Binance is smart and they tried to comply with the US. regulation years ago around the trade war between the US. and China. The latest upgrade on KYC of Binance.com is because of massive attacks on Binance in multiple nations.

I think you heard it from another exchange, not on Binance?

I suggest if you don't want to submit a KYC process go to another exchange like Okex they still not asking for a KYC with a 10BTC limit daily.

It is exactly about Binance. Previously if you don't pass KYC, you are allowed to withdraw up to 2 BTC daily. Now, the limit is 0.06 BTC daily.

• Important Changes About Binance Identity Verification
• Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification

[Charles-Tim]

It is exactly about Binance. Previously if you don't pass KYC, you are allowed to withdraw up to 2 BTC daily. Now, the limit is 0.06 BTC daily.

How about the full implementation of the new TOS about KYC, people that just want to register will have to verify before they can make use of Binance while old users are giving till Oct 19th in a way Binance is pressurizing that users account can be restricted anytime before Oct 19, while restricted accounts will only be able to only withdraw.

[zanezane]

Seriously binance is now getting very hard to use now before kyc is not really mandatory for every binance members but there is a limit which you can withdraw in a day but now before you can trade any coin you will have to verify your kyc first, which I don't really agree with kyc because you are definitely revealing your identity for people.

It's not, you don't have to fully verify your account, just have the email and phone number confirmed and you're already good to go since the daily limit for withdrawals which is what many look for is around 2 bitcoins.