Binance exchange KYC update

[Beparanf]

I made KYC for Binance exchange already when I started using it at first times. Because it was restricting some features for me to use. And I didn't see it as a problem to make KYC for the exchange. Because this is the most credible cryptocurrency exchange in the market considering its score. I trust it about that they won't use my private information for bad things. And seeing this news didn't make me surprised much. It looks like they want to be more serious in their job.

And I believe the OP is already late. Though I submitted my KYC when I started using their p2p services as it requires KYC verification. But binance has been sending emails also about this new KYC protocol on their site. So hopefully, those who don't want to submit will have enough time to withdraw their funds. They already allotted enough time. But I guess, some will be surprised after this deadline.

It's there responsibility to check there balance regularly since they are leaving there money on a centralized exchange without a KYC verification. Avoiding KYC means user don't to exposed identity to exchange he is very cautious so I believe only few of this guys leaves there money on exchange and also Binance do a proper transition on this matter. Binance needs to comply to AML policy to stay on this business so user don't have a choice  to just follow on this new requirements if they still want to use CEX which is the easiest way to trade and convert into fiat which DEX doesn't offer.

[tvplus006]

Finally it looks like binance exchange is planning to compulsory KYC verification? ...

I think you don't need the Binance exchange because you use it too rarely. Otherwise, you would have noticed the announcement of the new trading rules on the stock exchange long ago and have already made a decision for yourself about your further actions regarding verification on the stock exchange. You still have time until October 15 to pass KYC or withdraw your funds from the Binance.

[Vishnu.Reang]

The government is tightening screws on the cryptocurrency sector. Binance was one of the last mainstream CEx platforms to offer relaxed KYC norms and now even they have made it mandatory for all the users. Now the next target may be P2P exchanges. Some, like Localbitcoins have already made KYC mandatory. Others like Bisq have resisted so far. Anyway, once they implement KYC, then they will become more like CEx platforms. There is no point in claiming to be P2P, when they ask for all sort of documents.

[Rocky993]

Everyone trusts the Binance Exchange the most to save small funds.  And for any crypto exchange, binance exchange is used more.  Safe withdrawal of funds and my personal opinion kyc must use exchange for Diposit is the most logical.  And at any time you do not have to lose the fund in the end by getting entangled in the fence of different rules from any direction, in that case it is most reasonable to use exchange by kyc.

[Jawadu]

After seeing this information I immediately took my coins from Binance and transferred them to another exchange. I have a voter ID, but Binance needs a driver's license due to the country I am in because KYC rules also differ from the laws of the countries they provide their services, so I will use Binance again from December because that is when I will get my driver's license and verify my account.

[Silberman]

Finally it looks like binance exchange is planning to compulsory KYC verification?  I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

Unfortunately yes, it seems that binance is trying to look to change their business model, they will still remain an exchange but instead of relying on the little guy and defend them and refuse to enforce KYC as they did for many years now those people will need to move to another exchange or begin to use decentralized ones as it is obvious that binance now wants to get a shot at attracting institutional investors to obtain most of its revenue.

[CrossroadBTC]

I just got a mail from binance warning me to completey KYC verification before 4th of October which is tomorrow, only withdrawal will be available I believe, I think it's finally time to move to Dex exchange finally because I'm not ready to keep using cex with full KYC verification

[Cadaver20]

I think everyone who uses binance knows this. Because Binance has sent emails to all users. Those whose accounts are unverified can only withdraw their asset. In order to trade in Binance, at least the account must be intermediate verified.

[Ararbermas]

Finally it looks like binance exchange is planning to compulsory KYC verification?   I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

yup you should pass the intermediate verification so that you can enjoy the full features of the exchange, if not then your account will become withdrawal only, actually they already mentioned all the stuff that will work only after the said date of passing kyc, so no need to explain. Lol  and fyi mate there's a bunch of binance user making complaint about that new update, so it means it's happening already.. If I'm not mistaken they start September 19.?

[eaLiTy]

Finally it looks like binance exchange is planning to compulsory KYC verification?  I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

Yes finally Binance is asking us to compulsorily verify to continue trading and i reluctantly had to verify them because they asked me to withdraw the coins if i am not willing to verify my account and since i am trading with them for a long time and with the amount of liquidity they have.

The good part is that they verified my account within minutes after filling up the form and submitting my passport, but the sad part is they wanted my selfie which i am not a big fan.

[tvplus006]

I just got a mail from binance warning me to completey KYC verification before 4th of October which is tomorrow, only withdrawal will be available I believe, I think it's finally time to move to Dex exchange finally because I'm not ready to keep using cex with full KYC verification

After you switch to trading on decentralized exchanges, you will face high commissions on the Ethereum network and realize that this is not the best choice for trading. Of course, in addition to the Ethereum network, there are many other networks that have low commissions, but there is not such a large selection of coins as we see on the Binance and the Ethereum network. In addition, there are many exchanges where verification is not yet mandatory.

[batang_bitcoin]

I think everyone who uses binance knows this. Because Binance has sent emails to all users.

Yep, everyone does as it shows at the top of the page for the announcement too.

Those whose accounts are unverified can only withdraw their asset. In order to trade in Binance, at least the account must be intermediate verified.

Yes, those who wishes to continue trading in Binance, they have no choice but to submit their IDs and get verified. They've became stricter this time but before, they're advocacy of non-kyc with a limit.

[guydin]

Finally it looks like binance exchange is planning to compulsory KYC verification?  I saw something like this on their platform yesterday, is this the end for those who still trade and withdraw without KYC verification? This is coming around 15 October or 19 🤔 I can't remember the date again, anyone aware of this?

I know that according to new rules there are 3 levels of KYC and two of them are compulsory. The aim of KYC is to prevent crimes that are committed with the use of crypto currencies. One of the advantages that you get when you complete the whole procedure of KYC is that you get lower commissions and bigger limits of withdrawing money.

[Mkmanik]

I made KYC for Binance exchange already when I started using it at first times. Because it was restricting some features for me to use. And I didn't see it as a problem to make KYC for the exchange. Because this is the most credible cryptocurrency exchange in the market considering its score. I trust it about that they won't use my private information for bad things. And seeing this news didn't make me surprised much. It looks like they want to be more serious in their job.

Same here, I also did KYC at Binance exchange. It's providing me some privilege also. But most people maybe don't like to do KYC. They want to stay anonymous in the crypto industries. But sooner or later I think all the people need to do KYC for centralized exchange. Almost all of the Centralized exchanges nowadays asking for KYC and sooner it will be mendatory.

[noorman0]

Binance started giving pop up alerts on mobile version app every time I opened it to complete KYC immediately. Luckily I have completed the withdrawal of my binance assets to another place.

-snip-
The aim of KYC is to prevent crimes that are committed with the use of crypto currencies.

The purpose of the KYC requirement is to keep the exchange operating in the aimed countries. If KYC can really prevent crime in this space and they care, then centralized exchanges will require their users from the start without waiting for regulations to prosecute them.

[slaman29]

Sign of the times, my friends.

It's not completely gone though. I mean, yeah, most of us will probably just go down the KYC route. It's not like we haven't given away our identity to other centralized services over the years to get something done.

But remember, P2P is still strong and still available. Learn to use them!

[Darker45]

It's not completely gone though. I mean, yeah, most of us will probably just go down the KYC route. It's not like we haven't given away our identity to other centralized services over the years to get something done.

But remember, P2P is still strong and still available. Learn to use them!

Unfortunately, whether you are into classic trading or spot trading or P2P in Binance, you are still required to pass KYC verification. Of course, there are other P2P platforms out there that does not require their users to undergo KYC, but the largest volumes always belong to the likes of Binance, LocalBitcoins, Paxful, and others which ask for KYC as a matter of requirement.

[slaman29]

But remember, P2P is still strong and still available. Learn to use them!

Unfortunately, whether you are into classic trading or spot trading or P2P in Binance, you are still required to pass KYC verification. Of course, there are other P2P platforms out there that does not require their users to undergo KYC, but the largest volumes always belong to the likes of Binance, LocalBitcoins, Paxful, and others which ask for KYC as a matter of requirement.

I wasn't talking about Binance P2P obviously, but the less centralized versions of P2P trading, and mainly non-custodial. So not even talking about Localbitcoins (which won't let you but a lot without KYC) but Bisq or Localcryptos. I don't know much about Localcryptos these days but Bisq has and never will ask for KYC or custodial wallets because of the way they are built.

[Silberman]

I just got a mail from binance warning me to completey KYC verification before 4th of October which is tomorrow, only withdrawal will be available I believe, I think it's finally time to move to Dex exchange finally because I'm not ready to keep using cex with full KYC verification

That is the direction we are going, governments are never going to let go of the fact that they cannot control this market and they will use every single point of failure against us, and in this case it is the easiest thing in the world for them to attack centralized exchanges, but just as it is the case of bitcoin now this can be decentralized and once the technology is perfected and the majority of businesses accept bitcoin payments directly then bitcoin will become unstoppable.

[bbc.reporter]

It appears that the stricter exchanges have become, they have caused a new marketplace for fake identity to open hehe. This marketplace should be very useful for the citizens of China who do not want to stop trading using the centralized exchanges of the cryptospace.



For law-abiding cryptocurrency users, getting verified to trade on an exchange is a painstaking process. They must give out a wealth of personal data, including their home addresses, scans of government-issued ID, and photo or video selfies.

For criminals, it’s easier. They can pay as little as $150 on the black market for a ready-to-use, verified account in someone else’s name at Coinbase Pro, Binance US, Kraken or numerous other exchanges, a CoinDesk investigation found.

To be clear: “verified” in this context does not mean legitimate. Underground vendors create these accounts with other people’s identities or under made-up names, tricking the exchanges into verifying them as valid users. They then advertise these verified accounts for sale on internet forums and on Telegram.

Source https://www.coindesk.com/policy/2021/10/19/for-200-you-can-trade-crypto-with-a-fake-id/