Binance asking for KYC, again

[Ultegra134]

This is the second or third time Binance has asked me to verify my identity. Nothing has changed; it requires the same documents I uploaded the first time; same ID, same proof of address, everything. A friend of mine, who was also referred by me, has been subject to KYC verification twice this year. I understand that they want to keep making sure that all personal information is valid and up-to-date, but it sounds too exaggerated to me. On top of that, they are offering a worthless $10 cashback voucher if you verify successfully. If you don't, however, you will suffer account limitations till you submit your information. It's honestly a boring procedure.

On the one hand, I'd prefer to withdraw all funds from any centralized exchange, such as Binance, but on the other hand, keeping my money in decentralized wallets such as Metamask doesn't sound too safe to me. There are a lot of scams and exploits going on, and you can never be too sure. For this reason, centralized exchanges appear way safer, and I believe that if anything ever happened to Binance, for instance, it would compensate its users.

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[meser#]

It happened last year, I wanted to buy bitcoin with my debit card. My bank didn't allow the transaction and when I checked later it was asking for KYC verification. I think many things trigger binance's security to ask verification. Or it just a problem every user has to deal with it at least once:)

[PX-Z]

Once a year update KYC is enough, i experienced this on my local exchange although it's not even yearly like first time i joined was 2017, they ask me again to update on 2020, and this year.  So it's really understandable.

But for twice a year? That's quite annoying and just asking the same documents, it's reasonable if the IDs submitted are in near expiry but if not, what's the reason?

[The Cryptovator]

I can't recall if they asked me to verify again. But as we know once we are using a centralized exchange we should be ready to provide KYC documents anytime they ask. It's their terms and conditions and you have to follow them if you want to continue with them. For storing your funds never use Binance or any other centralized exchange. Also, Metamask isn't safe there are a lot of allegations against them about how easily hackers drain wallets. Better buy a hardware wallet to secure your funds. Because often we need to connect Metamask to various websites and there is the chance to drain your wallet.

[AmoreJaz]

Once a year update KYC is enough, i experienced this on my local exchange although it's not even yearly like first time i joined was 2017, they ask me again to update on 2020, and this year.  So it's really understandable.

But for twice a year? That's quite annoying and just asking the same documents, it's reasonable if the IDs submitted are in near expiry but if not, what's the reason?

there's possibility that the submitted ID is about to expire. but in any case, since they already asked kyc before, would not be hard for the user to submit again. some ID cards really do expire like the driver's license. if you want to know the reasons, maybe, you can contact their support the reason why? you can easily chat their site support on their page.

[noorman0]

"Trusted" exchange is starting to distrust customers. Laughed reading this, and yeah as I predicted earlier in another thread it finally came true.
"... they revoke your KYC status as if they no longer trust the identity documents you submitted previously."

-snip-
but on the other hand, keeping my money in decentralized wallets such as Metamask doesn't sound too safe to me. There are a lot of scams and exploits going on, and you can never be too sure.

Isn't that how a non-custodial wallet works, "Because you are the driver, you bear the risk for you and the passengers"? I prefer this way, risk is quantifiable as long as you know enough about the space you're in.

[hugeblack]

Since you have completed the identity verification, this means that you are ready to take this test every time if the platform suspects anything, for example, did you do anything that adds red points such as changing your device, IP address, withdrawing with unusual amounts, suspicious transactions or anything that could activate They have an alarm system?

As for you leaving the platform, the centralized platforms are still far from competing with the centralized platforms in speed, liquidity, order execution, fees.

[bittraffic]

Since you have completed the identity verification, this means that you are ready to take this test every time if the platform suspects anything, for example, did you do anything that adds red points such as changing your device, IP address, withdrawing with unusual amounts, suspicious transactions or anything that could activate They have an alarm system?

As for you leaving the platform, the centralized platforms are still far from competing with the centralized platforms in speed, liquidity, order execution, fees.

Withdrawing unusual amounts and then asking to verify again your data is nothing like what the banks are doing these days. Been also asked for my KYC back in 2020 when I bought a new phone. Ever since no KYC, I'm already afraid to change anything or withdraw but will only do it thru P2P on binance.
Centralized is centralized and binance is just compliant with every government.

[Rikafip]

Hm that's weird, for them to ask KYC so often. At least from my point of view as I don't remember being asked to do that in the last couple of years but I guess it depends on what you are doing with you account and the amounts you are receiving/sending.

On the one hand, I'd prefer to withdraw all funds from any centralized exchange, such as Binance, but on the other hand, keeping my money in decentralized wallets such as Metamask doesn't sound too safe to me. There are a lot of scams and exploits going on, and you can never be too sure. For this reason, centralized exchanges appear way safer, and I believe that if anything ever happened to Binance, for instance, it would compensate its users.

Why would Metamask (which I agree is not safe enough for anything else other than hot wallet) be the only alternative to centralized exchanges when for less than $100 you can buy a hardware wallet and have your money safe?

For this reason, centralized exchanges appear way safer, and I believe that if anything ever happened to Binance, for instance, it would compensate its users.

They may appear to some, but they are not. Its foolish to think that Binance would compensate their users if anything seriously bad happened, especially after everything that has happened in the past with other exchanges and platforms. Btw, you may lose your funds without anything bad happening to Binance as they can block your funds for whatever bs reason they think of and there's not much that you would be able to do without hiring lawyers.

[hugeblack]

Ever since no KYC, I'm already afraid to change anything or withdraw but will only do it thru P2P on binance.

Binace P2P is worse than using binace, it is a service that combines all disadvantages of CEXs and DEXs and free all responsibility from Binace.
In Binace P2P, you can lose your money, scammed, your balance is confiscated, the platform asks you to verify your identity more than once, the difficulty of executing orders, recording all conversations and thus obtaining more data such as your other bank accounts.

[Ultegra134]

Hm that's weird, for them to ask KYC so often. At least from my point of view as I don't remember being asked to do that in the last couple of years but I guess it depends on what you are doing with you account and the amounts you are receiving/sending.

On the one hand, I'd prefer to withdraw all funds from any centralized exchange, such as Binance, but on the other hand, keeping my money in decentralized wallets such as Metamask doesn't sound too safe to me. There are a lot of scams and exploits going on, and you can never be too sure. For this reason, centralized exchanges appear way safer, and I believe that if anything ever happened to Binance, for instance, it would compensate its users.

Why would Metamask (which I agree is not safe enough for anything else other than hot wallet) be the only alternative to centralized exchanges when for less than $100 you can buy a hardware wallet and have your money safe?

For this reason, centralized exchanges appear way safer, and I believe that if anything ever happened to Binance, for instance, it would compensate its users.

They may appear to some, but they are not. Its foolish to think that Binance would compensate their users if anything seriously bad happened, especially after everything that has happened in the past with other exchanges and platforms. Btw, you may lose your funds without anything bad happening to Binance as they can block your funds for whatever bs reason they think of and there's not much that you would be able to do without hiring lawyers.

Now that you and another member mentioned it, one of my suspicions is that it has to do with Greek-issued government IDs. We still haven't transited to European ones, which are the size of a credit card and, like driver's licenses, do not have an official expiry date. I only hold stablecoins on Binance for staking. Normally, I wouldn't have them in an exchange, but after the Terra incident, it was the quickest and safest thing I could think of. I'm definitely not storing Bitcoin there, but in an offline wallet. Thus, I don't see a reason for a hardware wallet at the moment.

I'm definitely not certain that Binance would reimburse its users in the case of a hack, but wouldn't that be the end of the exchange in case it happened? That's how I see things. However, there is zero guarantee that your funds are 100% protected.

[khaled0111]

Hm that's weird, for them to ask KYC so often. At least from my point of view as I don't remember being asked to do that in the last couple of years but I guess it depends on what you are doing with you account and the amounts you are receiving/sending.

They never asked me to re-verify my identity, personally. But I wouldn't be surprised if they do it.
I understand that it's unpleasant for the customer but it's a normal and necessary security check to be sure the current user is indeed the account's owner.
I suppose they randomly pick users and ask them to reverify their identity or in case they notice some suspicious activities. This may help to prevent accounts sales.

[tabas]

If you feel unsafe on any of them, just store your funds to hardware wallets if you have one. This is to be expected for Binance as they're hot in the eyes of the regulators. It happened to me, they've asked me for another verification, I think it was this 1st or 2nd quarter despite being full with requirements.
And if they're being asked to update their users with their information and identity, they'll have to do it whether they like it or not. We've seen them very okay with no kyc and having good limits before but it all changed due to regulations.

[sheenshane]

...keeping my money in decentralized wallets such as Metamask doesn't sound too safe to me. There are a lot of scams and exploits going on, and you can never be too sure. For this reason, centralized exchanges appear way safer, and I believe that if anything ever happened to Binance, for instance, it would compensate its users.

I'm strongly against this.

There's no other safe to store your fund aside from a decentralized platform or an open-sourced wallet, which is Metamask was belong to an open-source wallet.  Used these centralized platforms should be used for instant trading or converting to fiat but not means for storing your fund for a long period of time, on other hand in a better way, use the decentralized platform if you don't want this heavy KYC procedure. 

I experienced the same on Binance lately upon using a local centralized wallet, they asked for further KYC procedure, and they want me to submit a video clip while holding my ID and stating their company name and that date, I think it's the same because I never used Binance.

[examplens]

If possible, I would like to know precisely the reason for Binance asking for KYC again. did you contact their support and ask them?
at some point, the document with which I validated my KYC expired, and they only asked me to upload a new valid document. nothing controversial, I could even use the complete service regardless.

On the one hand, I'd prefer to withdraw all funds from any centralized exchange, such as Binance, but on the other hand, keeping my money in decentralized wallets such as Metamask doesn't sound too safe to me. There are a lot of scams and exploits going on, and you can never be too sure. For this reason, centralized exchanges appear way safer, and I believe that if anything ever happened to Binance, for instance, it would compensate its users.

I don't know the value of your asset, but it's probably time for you to think about a hardware wallet. (upcoming holidays always bring some discounts, maybe you can catch one of them). look at it as a long-term investment, because I'm assuming you don't plan to get out of cryptocurrencies anytime soon.

[Rikafip]

Now that you and another member mentioned it, one of my suspicions is that it has to do with Greek-issued government IDs. We still haven't transited to European ones, which are the size of a credit card and, like driver's licenses, do not have an official expiry date.

I know a Greek guy who had issues with PayPal due ID (his ID was issued like 25 years ago and as you said it doesn't have expiry date and they couldn't comprehend that) so yeah it could be connected with that in your case as well.

I only hold stablecoins on Binance for staking. Normally, I wouldn't have them in an exchange, but after the Terra incident, it was the quickest and safest thing I could think of. I'm definitely not storing Bitcoin there, but in an offline wallet. Thus, I don't see a reason for a hardware wallet at the moment.

But is the APY they offer (few % I guess) really worth it to keep your stablecoins there when you can easily get hardware wallet and store it there?

I'm definitely not certain that Binance would reimburse its users in the case of a hack, but wouldn't that be the end of the exchange in case it happened? That's how I see things. However, there is zero guarantee that your funds are 100% protected.

Sure, if its some smaller hack I have no doubts that they can easily cover that, but there are so many things that can go wrong with exchange that hack is the least of my worries. No exchange is too big to fail, and Binance is no exception of that, no matter how invincible it may seem to some.

[dkbit98]

This is the second or third time Binance has asked me to verify my identity. Nothing has changed; it requires the same documents I uploaded the first time; same ID, same proof of address, everything.

Don't worry, your documents are ''safu'' until the next hack and exploit, when they will be offered for sale like it happed before.
I think Binance kyc system is semi-automatic and robots probably noticed some issue with documents you send the before, but I would seriously consider stop using any centralized exchange that is doing this.
There are more than enough ways you can exchange your coins without providing any verification, like Bisq or P2P trading in your local area.

I'm definitely not certain that Binance would reimburse its users in the case of a hack, but wouldn't that be the end of the exchange in case it happened? That's how I see things. However, there is zero guarantee that your funds are 100% protected.

They can't reimburse shit if your documents get leaked and end up in same internet dark corners.
Someone could buy them for cheap and use to register everywhere in your name, or even commit crime with your identity (it happened before).
Think about that next time you send your documents to any exchange.

I know a Greek guy who had issues with PayPal due ID (his ID was issued like 25 years ago and as you said it doesn't have expiry date and they couldn't comprehend that) so yeah it could be connected with that in your case as well.

I never understood why government issued documents in some countries would have short or any expiration dates, except in cases of damage or big change in person physical appearance.
Only reason they would do this is taking more money from people or if they are introducing new ''revolutionary'' system that can be hacked and abused easily  

[Rikafip]

I never understood why government issued documents in some countries would have short or any expiration dates, except in cases of damage or big change in person physical appearance.
Only reason they would do this is taking more money from people or if they are introducing new ''revolutionary'' system that can be hacked and abused easily  

Getting more money from people is certainly one of the reasons as you gotta get the money for all those government employees who will vote for your party, but another reason is that people's look change over the years, especially if you got ID at young age. Person I mentioned got his ID when he was 14 years old and looks very different now when he is 45 (in the meantime he got new ID, not because of PayPal but some other reasons). Good luck trying to cross the border (and we can travel all around the EU with just our ID) with the ID of a kid who looks nothing like you now.

[bitmover]

I never understood why government issued documents in some countries would have short or any expiration dates, except in cases of damage or big change in person physical appearance.
Only reason they would do this is taking more money from people or if they are introducing new ''revolutionary'' system that can be hacked and abused easily  

In Brazil issuing new docs, specially passports, is another form of taxes.
Passports were valid only for 5 y (a few years ago it was changed to 10 y)  and they are very expensive here.

Personally,  if it was cheap and fast I would say it is good to have a 10y expiration date. People may lose it, send copies to shade companies (like binance)  etc.

I have seen many hotels (even in europe) which simple want to copy my passport in the check in, a clear abuse. An expiration date will certainly add some security against those bad practices

[dkbit98]

Person I mentioned got his ID when he was 14 years old and looks very different now when he is 45 (in the meantime he got new ID, not because of PayPal but some other reasons). Good luck trying to cross the border (and we can travel all around the EU with just our ID) with the ID of a kid who looks nothing like you now.

I already said that I understand changing your documents when you appearance changes a lot, but now with all biometric scanning crap they don't really need to have even that.
I have a friend who lives in one country with drivers license that is valid for life, that means no expiration date until you become very old and they need to check your eyes and other health for confirmation.
Paying money for prolonging drivers license is clear case of tax extortion.

In Brazil issuing new docs, specially passports, is another form of taxes.
Passports were valid only for 5 y (a few years ago it was changed to 10 y)  and they are very expensive here.

This is good example of government abuse for money, nobody should change passports every 5 years unless they travel so much that there is no more space in documents for new stamps.
But hey, you just got new president in Brazil and I am ''sure'' things will change now, not sure it will be better for regular people
 

[bitmover]

This is good example of government abuse for money, nobody should change passports every 5 years unless they travel so much that there is no space in documents for stamps.
But hey, you just got new president in Brazil and I am ''sure'' things will change now, not sure it will be better for regular people
 

Well, during  the former president period (who lost the election) the passport expiration date was increased to 10y.
The new one is going to his third presidential term , I don't think he plans to change things too much 

[Ultegra134]

If possible, I would like to know precisely the reason for Binance asking for KYC again. did you contact their support and ask them?
at some point, the document with which I validated my KYC expired, and they only asked me to upload a new valid document. nothing controversial, I could even use the complete service regardless.

I don't know the value of your asset, but it's probably time for you to think about a hardware wallet. (upcoming holidays always bring some discounts, maybe you can catch one of them). look at it as a long-term investment, because I'm assuming you don't plan to get out of cryptocurrencies anytime soon.

No, I did not contact Binance, but even if I do, I believe that I'll get the usual scripted response from their support. Thus, I think it'd be a complete waste of time. The money deposited on Binance is a couple of thousands, not a huge amount, less than $5,000, without my Bitcoin, which is sitting in my Electrum wallet. I haven't understood how hardware wallets work, though. I want to actively use this money to stake on platforms such as Beefy. How exactly can I do that?

I'm sorry if my question sounds stupid, but I'm literally clueless.

~Snipped~

My ID isn't that old, and your friend's ID probably didn't even have Latin characters on it, but it's definitely an issue. I can confirm what your friend has gone through. I got weird looks when I tried to check into my hotel in Poland, and N26 bank wouldn't accept my ID to open an account there. These laminated paper IDs were to be changed years ago, but we're way too corrupt here, and they never got replaced.

Binance certainly doesn't offer a great APY, I can achieve a greater one by staking on my own, but it was a choice made in desperation when UST crashed, and I didn't have the time nor the energy to bother again.

~Snipped~

That's true, they want to make money and at the same time comply with the EU's regulations. While they can "guarantee" you that nothing awful is going to happen, you can never be 100% certain that it won't. As for Greece's IDs, it's a complicated story, filled with corruption and useless politicians.

[Potato Chips]

I take that you're from Greece op, if so, this could be because of the latest EU AML directive, see these recent posts about users being requested to reverify:

https://www.reddit.com/r/binance/comments/yheikl/complete_new_identity_verification_without/
https://www.reddit.com/r/binance/comments/yi4tw8/what_does_the_new_identify_verification_by/
https://www.reddit.com/r/binance/comments/yj5uve/is_providing_proof_of_address_now_mandatory_for_a/

I do wonder if your past attempts also mention "new identity verification process"?

[Ultegra134]

I take that you're from Greece op, if so, this could be because of the latest EU AML directive, see these recent posts about users being requested to reverify:

https://www.reddit.com/r/binance/comments/yheikl/complete_new_identity_verification_without/
https://www.reddit.com/r/binance/comments/yi4tw8/what_does_the_new_identify_verification_by/
https://www.reddit.com/r/binance/comments/yj5uve/is_providing_proof_of_address_now_mandatory_for_a/

I do wonder if your past attempts also mention "new identity verification process"?

That's what Binance is also mentioning. However, the majority of Redditors on the threads you mentioned claim they have never provided proof of address. That's what I understood, at least. I had provided that since day one of my registration, which is the main reason I found it odd. One suspicion is that they simply want to make sure it's valid. Who knows?

Unfortunately, I can't recall why they asked me to reverify the past time, which was about a year ago or so. Could it have something to do with my proof of address being from Revolut?

[Potato Chips]

That's what Binance is also mentioning. However, the majority of Redditors on the threads you mentioned claim they have never provided proof of address. That's what I understood, at least. I had provided that since day one of my registration, which is the main reason I found it odd. One suspicion is that they simply want to make sure it's valid. Who knows?

I believe the mandatory proof of address would depend on where [in EEA] you reside, see:

Depending on your country, you might need to upload proof of address. It can be your bank statement or utility bill.

But yeahhh it's just another possibility. You'd probably need the help from binance to pinpoint the exact reason for your case but I understand the reluctance to speak with their support lol.

[stompix]

Unfortunately, I can't recall why they asked me to reverify the past time, which was about a year ago or so. Could it have something to do with my proof of address being from Revolut?

Did they accept proof of address from a company that is not based in your country of residence?
Sounds weird to me, bank statements are not accepted here anymore unless the bank that has issued your end of the month statement is from the same area as your address on the id. It might be slip-up from Binance or it's the usual, do the papers, not look too closely at them, and have an excuse that you did something.

But the twice a year verification might make a few guys nervous, if they start with the selfie thing it's going to turn into a pain in the ass for those using a fake identity from a foreign country. We had a topic about a casino requesting this,  now imagine you have to pay a guy twice a year to verify your account!

I have seen many hotels (even in europe) which simple want to copy my passport in the check in, a clear abuse. An expiration date will certainly add some security against those bad practices

Speaking for the EU, it's not really an abuse, there are a few countries that still have laws for that, every hotel must keep a copy (12 months here) for all the foreign customers that have stayed overnight, some have banned the practice altogether, and some are allowing this only if you agree with it, this is a thing of national security and it regards foreigners so it's a country level decision that can't be enforced on EU levels.

[Ultegra134]

Unfortunately, I can't recall why they asked me to reverify the past time, which was about a year ago or so. Could it have something to do with my proof of address being from Revolut?

Did they accept proof of address from a company that is not based in your country of residence?
Sounds weird to me, bank statements are not accepted here anymore unless the bank bach that has issued your end of the month statement is from the same area as your address on the id. It might be slip-up from Binance or it's the usual, do the papers, not look too closely at them, and have an excuse that you did something.

But the twice a year verification might make a few guys nervous, if they start with the selfie thing it's going to turn into a pain in the ass for those using a fake identity from a foreign country. We had a topic about a casino requesting this,  now imagine you have to pay a guy twice a year to verify your account

Yes, as surprising as it may sound, I had no issues with Revolut's proof of address on Binance. Unfortunately, I don't see that option on the app anymore; it seems that they removed it for some reason, which is strange since Revolut is now a bank institution. I'm hoping that they'll accept Greek documents because, if I am not mistaken, banks here only generate those in Greek.

Apparently, I have to go through the entire process again from scratch. Not only do I have to upload my ID and any other requested document but also to hold my ID against the camera.

I'll see if I can request a proof of address document from one of my local banks and attempt to verify again tomorrow. I'll update you if it doesn't work out.

[jrrsparkles]

Unfortunately, I can't recall why they asked me to reverify the past time, which was about a year ago or so. Could it have something to do with my proof of address being from Revolut?

Did they accept proof of address from a company that is not based in your country of residence?
Sounds weird to me, bank statements are not accepted here anymore unless the bank bach that has issued your end of the month statement is from the same area as your address on the id. It might be slip-up from Binance or it's the usual, do the papers, not look too closely at them, and have an excuse that you did something.

But the twice a year verification might make a few guys nervous, if they start with the selfie thing it's going to turn into a pain in the ass for those using a fake identity from a foreign country. We had a topic about a casino requesting this,  now imagine you have to pay a guy twice a year to verify your account

Yes, as surprising as it may sound, I had no issues with Revolut's proof of address on Binance. Unfortunately, I don't see that option on the app anymore; it seems that they removed it for some reason, which is strange since Revolut is now a bank institution. I'm hoping that they'll accept Greek documents because, if I am not mistaken, banks here only generate those in Greek.

Apparently, I have to go through the entire process again from scratch. Not only do I have to upload my ID and any other requested document but also to hold my ID against the camera.

I'll see if I can request a proof of address document from one of my local banks and attempt to verify again tomorrow. I'll update you if it doesn't work out.

Probably they seek KYC process to be done once they make any change in their terms and the documents you provided become obsolete from that point which is just my assumption though.

Personally I have been using multiple exchanges and doesn't really remember when was the last time I have been asked for KYC verification but I am using the same devices for logging in which maybe the reason why there isn't any suspicious activities found in my login in these years.

[hosseinimr93]

Maybe, they are asking you to verify your identity again due to something else. The following article explains why some users from EEA countries have to do KYC again.
Why Do I Need to Re-verify My Binance Account (EEA Countries)

You need to re-verify your account if:

• You verified your account before the new EU Anti-Money Laundering Directives standards were implemented;
  
• You haven’t submitted your Proof of Address or answered the enhanced due diligence (EDD) questionnaire before;
  
• You used the old ID verification vendor to complete the ID verification;
  
• Your previous verification does not meet the requirements for the new EU Anti-Money Laundering Directives standards.
  

[Ultegra134]

Okay, here's the update I promised. I'm now successfully verified after trying twice. The first time, my proof of address from Revolut was rejected. Binance was asking for either a bank statement, a utility bill, or a few other options. I resubmitted the proof of address using a bank statement from a Greek bank, and my application was accepted.

My best guess is that under the EU's anti-laundering laws, my Revolut proof of address wasn't an acceptable option anymore, and Stompix was right to point this out.

[goinmerry]

My best guess is that under the EU's anti-laundering laws, my Revolut proof of address wasn't an acceptable option anymore, and Stompix was right to point this out.

That's a good reference for those EU users that will experience the same. Good sharing your experience here.

As far as my own experience, I never did experience yet a re-verification process in Binance even though I'm actively depositing and withdrawing my money there (thru P2P).

I have also noticed that those users who regularly used bank transactions or credit cards are those who always triggered the re-verification process as far as my colleagues are concerned.

[Synchronice]

Now I truly believe that it's always better to have a dual citizenship, one of them should be Non-EEA from a poor country where there are less and less regulations on things like this.

Time for at least dual citizenships have come

There is a question that I have too. Is there any talk about the correlation of age and verification frequency?

[PX-Z]

Time for at least dual citizenships have come

It wont help if the country you are based will have its first crypto regulations or make a new one. Every exchange that is based on that country will have to follow it then have ask KYC docs to its users again. Or KYC for yearly update of every exchange.

There is a question that I have too. Is there any talk about the correlation of age and verification frequency?

User's age? I don't think so, but if we're talking about of the age of the KYC docs _{(the expiry)} say ID then a reverification is a must.

[stompix]

Now I truly believe that it's always better to have a dual citizenship, one of them should be Non-EEA from a poor country where there are less and less regulations on things like this.

Time for at least dual citizenships have come

Yeah?
Are you sure you want to move your fiscal residence from Germany for example to some third country that out of the blue might decide all crypto should be taxed at 30% and decide to emit an international bank freezing order on your name for not paying up?

You realize that once you move everything that is fiance outside the EU while having dual citizenship every perk of you being a citizen is voided as you can't have them both, and this only to pass a KYC thing that might land you in a ton of troubles, triggering red flags from every FCA since suddenly after getting new citizenship you're funneling money to another country where you don't have a  job, not a business not nothing? The days of Pablo Escobar are gone, and it becomes harder and harder even for banks to hide their own dirty business, small fry have no chance.

My best guess is that under the EU's anti-laundering laws, my Revolut proof of address wasn't an acceptable option anymore, and Stompix was right to point this out.

Told ya and it's nothing new, it's just Binance catching up to regulation slowly.
I know this from the time I worked for 6 months in Denmark dispatched from my company, Betfair refused to accept any document from Denmark and refused to make the transfer to a Danish bank also despite solid proof I was receiving my salary from a multi-billion international company on that account, I had to upload a bill from a house I wasn't living in currently and wire money to my old bank.

[coupable]

I find it strange that you keep your money on a central platform for fear of keeping it in a very private and safer place. By the way, you are not required to use MetaMask permanently, as you can keep the private key and sign transactions without being connected to the Internet, and then send them using a device connected to the Internet. I don't find it surprising that this is the main reason why you should use Binance or other central platforms.
If you have noticeable activity on the platform, you will have no escape from all those pursuits that will ask you to prove your identity.

[Ultegra134]

Told ya and it's nothing new, it's just Binance catching up to regulation slowly.
I know this from the time I worked for 6 months in Denmark dispatched from my company, Betfair refused to accept any document from Denmark and refused to make the transfer to a Danish bank also despite solid proof I was receiving my salary from a multi-billion international company on that account, I had to upload a bill from a house I wasn't living in currently and wire money to my old bank.

Yeah, honestly, if you think about it, it's quite sensible to ask for a more valid-looking proof of address in my case. If I remember correctly, Revolut never asked me to confirm my address when I verified my account. Correct me if I'm mistaken. I wouldn't have thought of it myself if you hadn't mentioned it.

I find it strange that you keep your money on a central platform for fear of keeping it in a very private and safer place. By the way, you are not required to use MetaMask permanently, as you can keep the private key and sign transactions without being connected to the Internet, and then send them using a device connected to the Internet. I don't find it surprising that this is the main reason why you should use Binance or other central platforms.
If you have noticeable activity on the platform, you will have no escape from all those pursuits that will ask you to prove your identity.

Binance or any other centralized exchange provides you with the ability to have quick control over your money. I want to use these funds actively for staking; keeping them locked in an offline or hardware wallet isn't a valid option for me. If I were to stake on a platform like Beefy, I'd have to use a Metamask or similar wallet. I'm definitely not fond of all the KYC or the centralized platforms, but it's currently the easiest option for me. In the near future, I will move my funds from Binance to something more decentralized.

[dkbit98]

Now I truly believe that it's always better to have a dual citizenship, one of them should be Non-EEA from a poor country where there are less and less regulations on things like this.

That is always a good idea to think about if possible, and not just for purposes of using this documents on bitcoin exchanges.
Dual citizenship can sometimes makes traveling much easier east and west, it gives much more options for moving and relocation around the world, and some countries have much lower taxes and less strict regulations.
I know some people who have several passports and properties in different countries, and they have great experiences with this, especially when they own bitcoin.

[royalfestus]

I have never been asked for reverification from Binance after my first, but I have learned the regular request is peculiar to users from countries with strong regulations governing the use of cryptocurrency exchanges for money laundering purposes. It is also possible that users with regular VPN use may experience the same change when their IP addresses change so frequently and in such a big way.

[stompix]

Bumping this since it was my turn to get those:



Since, well, we all know what happened lately and I had like 0.0* something in from rewards or stuff like that (Estimated Balance
 ≈ $2.13), of course, middle finger and I will not do a thing about it, not going to send fresh copies of my papers to them, 24 hours and this is what I got:



"your Binance account has been restricted from depositing currencies"
Oh, the tragedy, then I went to log in and see what are the requirements, and here we go:



How about no, sorry, you're not getting facial recognition from me, nor am I going to send you bank statements and fill in your questionnaires since for god's sake you're not even licensed to fully operate in the EEA.
So, bye Binance!

[dkbit98]

How about no, sorry, you're not getting facial recognition from me, nor am I going to send you bank statements and fill in your questionnaires since for god's sake you're not even licensed to fully operate in the EEA.
So, bye Binance!

Did you notice how they started the sentence in their email with wanting to ''protect'' users?
I don't see how sending them verification documents multiple times can protect users in any way, it just increases risk of them getting hacked, leaked and posted in public online.
It's best to unsubscribe from their emails and stop using Binance while you can, or maybe they could force you to use it in dark future when Binance have full control or trading markets.  

[stompix]

Did you notice how they started the sentence in their email with wanting to ''protect'' users?
I don't see how sending them verification documents multiple times can protect users in any way, it just increases risk of them getting hacked, leaked and posted in public online.

But of course, it's for my protection!
It's just as you'd hand every drug dealer your ID card, your last medical check-up, a bank statement showing that you have the means to buy those, along with a signed document that you are aware of the consequences of usage and you have no claims again him if things go south,  it's all for your sake and security and well being!

Joking aside they did a bit of protection, they blocked deposits so I can't buy their BNB or BUSD coins by mistake, this one, it's genuine protection!

It's best to unsubscribe from their emails and stop using Binance while you can, or maybe they could force you to use it in dark future when Binance have full control or trading markets.  

No, not going to happen, I do care what happens with my docs but with an exchange forcing me to use it, no, not the slightest.
As long as I live in the EU, here the laws are different from what CZ thinks and plans on doing, that's why he barely advances here with a ton of restrictions, no such financial monopoly will ever happen as antitrust laws are set in stone and nothing will move them, one of the few things good for all that bureaucracy.


Btw, Ultegra134, I forgot to ask you, was there a reward promised for you also when they requested it?
And since you got verified, what was that? I'm really curious!

Okay, here's the update I promised. I'm now successfully verified after trying twice.

[Ultegra134]

~Snipped~

I'm sorry, did they only provide you with 24 hours to verify your account before limiting it? I was given 10 days before the first restrictions would take place, and till then, I had another 20 days before more restrictions took place. I can't remember what would get restricted when, but I do remember mentioning 10 and 30 days, respectively.

As for the so-called reward, it was a $10 cashback voucher, which is pretty much useless. It simply returns a small amount of fees when trading, or something along those lines; I never actually bothered, since its value is equivalent to zero for me.

Binance has been convenient for me due to being able to store and stake funds there without too much trouble. However, the staking rewards have repeatedly decreased over the course of a few months, so much, that it's not worth it anymore. Although Beefy, for instance, offers so many alternative vaults and networks that it seems too complicated to move funds from one network to another in order to find the most profitable option.

[stompix]

~Snipped~

I'm sorry, did they only provide you with 24 hours to verify your account before limiting it? I was given 10 days before the first restrictions would take place, and till then, I had another 20 days before more restrictions took place. I can't remember what would get restricted when, but I do remember mentioning 10 and 30 days, respectively.

My bad, seems like indeed there was another email but since It went into the folder with other emails Binance is sending daily I didn't even bother to check it, I knew I had no exposure, and no money in that account so I just let them expire there.
So yeah, 12 days ago this one landed:



And now that I read it once more..."Have your passport (or identity card) and your smile ready"
Oh, how cute!!! Let me apply some mascara too, just for you my dear CZ.

Also, the same reward here, it was mentioned in the first mail, not in the other two.

[Ultegra134]

~Snipped~

I'm sorry, did they only provide you with 24 hours to verify your account before limiting it? I was given 10 days before the first restrictions would take place, and till then, I had another 20 days before more restrictions took place. I can't remember what would get restricted when, but I do remember mentioning 10 and 30 days, respectively.

My bad, seems like indeed there was another email but since It went into the folder with other emails Binance is sending daily I didn't even bother to check it, I knew I had no exposure, and no money in that account so I just let them expire there.
So yeah, 12 days ago this one landed:



And now that I read it once more..."Have your passport (or identity card) and your smile ready"
Oh, how cute!!! Let me apply some mascara too, just for you my dear CZ.

Also, the same reward here, it was mentioned in the first mail, not in the other two.

Oh no, what a shame; you're going to miss that wonderful reward. Binance today went ahead and reduced savings rewards from 8% to 6% for BUSD and to 5% for USDT. This is the fourth reduction from Binance within the last month or two. I had found a way to override the recent yield reductions by allocating my funds in smaller parts through staking and saving options. Thus, I didn't mind too much because I found the platform quite convenient. However, the recent reductions are rendering my earnings completely unimportant and minimal. I'm going to be withdrawing in the following days and moving back to a decentralized platform, such as Beefy.

[coupable]

I find it strange that you keep your money on a central platform for fear of keeping it in a very private and safer place. By the way, you are not required to use MetaMask permanently, as you can keep the private key and sign transactions without being connected to the Internet, and then send them using a device connected to the Internet. I don't find it surprising that this is the main reason why you should use Binance or other central platforms.
If you have noticeable activity on the platform, you will have no escape from all those pursuits that will ask you to prove your identity.

Binance or any other centralized exchange provides you with the ability to have quick control over your money. I want to use these funds actively for staking; keeping them locked in an offline or hardware wallet isn't a valid option for me. If I were to stake on a platform like Beefy, I'd have to use a Metamask or similar wallet. I'm definitely not fond of all the KYC or the centralized platforms, but it's currently the easiest option for me. In the near future, I will move my funds from Binance to something more decentralized.

It may not be enough time to do everything on a centralized platform before transferring funds as a final step to a private wallet. We cannot predict when a catastrophe might happen, but we are certain that it can happen. This is a warning out of fear.
After your answer to my comment, Theymos made an important announcement stating that almost all platforms should not be trusted. I don't know if you noticed it. I recommend you to view it here : https://bitcointalk.org/index.php?topic=5421039.0

[Ultegra134]

I find it strange that you keep your money on a central platform for fear of keeping it in a very private and safer place. By the way, you are not required to use MetaMask permanently, as you can keep the private key and sign transactions without being connected to the Internet, and then send them using a device connected to the Internet. I don't find it surprising that this is the main reason why you should use Binance or other central platforms.
If you have noticeable activity on the platform, you will have no escape from all those pursuits that will ask you to prove your identity.

Binance or any other centralized exchange provides you with the ability to have quick control over your money. I want to use these funds actively for staking; keeping them locked in an offline or hardware wallet isn't a valid option for me. If I were to stake on a platform like Beefy, I'd have to use a Metamask or similar wallet. I'm definitely not fond of all the KYC or the centralized platforms, but it's currently the easiest option for me. In the near future, I will move my funds from Binance to something more decentralized.

It may not be enough time to do everything on a centralized platform before transferring funds as a final step to a private wallet. We cannot predict when a catastrophe might happen, but we are certain that it can happen. This is a warning out of fear.
After your answer to my comment, Theymos made an important announcement stating that almost all platforms should not be trusted. I don't know if you noticed it. I recommend you to view it here : https://bitcointalk.org/index.php?topic=5421039.0

No, I hadn't seen it before you mentioned it. I do agree with Theymos, and it's perfectly understandable that on Binance or whichever centralized exchange you don't actually have any control over your money. The concept is similar to a bank deposit. The bank doesn't have your X amount of money stored somewhere; it's displaying the money they theoretically owe you.

What happened with FTX is extremely frustrating and gives cryptocurrencies a bad name. I do, however, believe that an exchange like Binance won't fail that way. Although I do believe that it's best to store your coins away from exchanges.

[coupable]

I find it strange that you keep your money on a central platform for fear of keeping it in a very private and safer place. By the way, you are not required to use MetaMask permanently, as you can keep the private key and sign transactions without being connected to the Internet, and then send them using a device connected to the Internet. I don't find it surprising that this is the main reason why you should use Binance or other central platforms.
If you have noticeable activity on the platform, you will have no escape from all those pursuits that will ask you to prove your identity.

Binance or any other centralized exchange provides you with the ability to have quick control over your money. I want to use these funds actively for staking; keeping them locked in an offline or hardware wallet isn't a valid option for me. If I were to stake on a platform like Beefy, I'd have to use a Metamask or similar wallet. I'm definitely not fond of all the KYC or the centralized platforms, but it's currently the easiest option for me. In the near future, I will move my funds from Binance to something more decentralized.

It may not be enough time to do everything on a centralized platform before transferring funds as a final step to a private wallet. We cannot predict when a catastrophe might happen, but we are certain that it can happen. This is a warning out of fear.
After your answer to my comment, Theymos made an important announcement stating that almost all platforms should not be trusted. I don't know if you noticed it. I recommend you to view it here : https://bitcointalk.org/index.php?topic=5421039.0

No, I hadn't seen it before you mentioned it. I do agree with Theymos, and it's perfectly understandable that on Binance or whichever centralized exchange you don't actually have any control over your money. The concept is similar to a bank deposit. The bank doesn't have your X amount of money stored somewhere; it's displaying the money they theoretically owe you.

What happened with FTX is extremely frustrating and gives cryptocurrencies a bad name. I do, however, believe that an exchange like Binance won't fail that way. Although I do believe that it's best to store your coins away from exchanges.

Theymos post is in sticked topic shown in top right of this screen : News: Reminder: do not keep your money in online accounts
And as it is a locked topic, users continue discussing the topic in many other boards including some local boards where many users can't practice a good english.
What happened with FTX isn't new. Nor is it the worst in crypto history.Those who were victims of the MTGox platform are still suffering from the consequences of what happened, more than 7 years after the accident. Binance platform is a giant entity that is difficult to drop in the same way as FTX, but everything is possible and nothing can be ruled out. What happened had a good or bad effect on all sectors active in the crypto field .

[Ultegra134]

I find it strange that you keep your money on a central platform for fear of keeping it in a very private and safer place. By the way, you are not required to use MetaMask permanently, as you can keep the private key and sign transactions without being connected to the Internet, and then send them using a device connected to the Internet. I don't find it surprising that this is the main reason why you should use Binance or other central platforms.
If you have noticeable activity on the platform, you will have no escape from all those pursuits that will ask you to prove your identity.

Binance or any other centralized exchange provides you with the ability to have quick control over your money. I want to use these funds actively for staking; keeping them locked in an offline or hardware wallet isn't a valid option for me. If I were to stake on a platform like Beefy, I'd have to use a Metamask or similar wallet. I'm definitely not fond of all the KYC or the centralized platforms, but it's currently the easiest option for me. In the near future, I will move my funds from Binance to something more decentralized.

It may not be enough time to do everything on a centralized platform before transferring funds as a final step to a private wallet. We cannot predict when a catastrophe might happen, but we are certain that it can happen. This is a warning out of fear.
After your answer to my comment, Theymos made an important announcement stating that almost all platforms should not be trusted. I don't know if you noticed it. I recommend you to view it here : https://bitcointalk.org/index.php?topic=5421039.0

No, I hadn't seen it before you mentioned it. I do agree with Theymos, and it's perfectly understandable that on Binance or whichever centralized exchange you don't actually have any control over your money. The concept is similar to a bank deposit. The bank doesn't have your X amount of money stored somewhere; it's displaying the money they theoretically owe you.

What happened with FTX is extremely frustrating and gives cryptocurrencies a bad name. I do, however, believe that an exchange like Binance won't fail that way. Although I do believe that it's best to store your coins away from exchanges.

Theymos post is in sticked topic shown in top right of this screen : News: Reminder: do not keep your money in online accounts
And as it is a locked topic, users continue discussing the topic in many other boards including some local boards where many users can't practice a good english.
What happened with FTX isn't new. Nor is it the worst in crypto history.Those who were victims of the MTGox platform are still suffering from the consequences of what happened, more than 7 years after the accident. Binance platform is a giant entity that is difficult to drop in the same way as FTX, but everything is possible and nothing can be ruled out. What happened had a good or bad effect on all sectors active in the crypto field .

Yes, I noticed it earlier this morning. The FTX bankruptcy is extremely unfortunate and certainly not an isolated case.

I think I started learning about Bitcoin a little before or a little after the Mt. Gox incident, but I had heard about it back then, but me being a teenager couldn't really comprehend what exactly happened. Now I certainly do. Generally, I have a history of abandoning funds on online wallets and exchanges, and fortunately, till now, I have faced no issue. After the FTX crash, I'm also going to withdraw most, if not all, of my funds from Binance too.

[livingfree]

What happened with FTX is extremely frustrating and gives cryptocurrencies a bad name.

Although there's really a significant connection of FTX to the entire crypto market despite its issue. Most people now are open minded and understands the risk in cryptocurrencies.

This is like to the banks that have filed for bankruptcy if we're going to connect it to the usual thing outside crypto.

I do, however, believe that an exchange like Binance won't fail that way. Although I do believe that it's best to store your coins away from exchanges.

We may be confident to tell that Binance won't fall as FTX but this is crypto, we don't know if by the other day or so that Binance might give some announcement about a news that we don't like. Well, this is just all about being unpredictable for these entities in the crypto market.

[BD Crypto]

I also faced same problem in the last month. Binance asked me to verify identity. I think in any centralized exchanges funds of users aren't safe at all. If unfortunately don't match when to verify then funds will be locked.So I also prefer using non custodial wallets which is much safe from custodial wallets like exchange wallets.

[limitless_777]

I can't beleive people seriously are having conversation about passing KYC somewhere when dealing with crypto. Spit to the face of everyone who asks you to pass KYC and that's all. Crypto isn't ment for this. I think a person who passes KYC betrays the idea of crypto, of decentralized money that isn't governed by any country etc. And also accepting KYC is harmful to the community because this way you allow companies like Binance to grow. So crypto becomes more controlled, this is such a shame. If Binance didn't had any users because of KYC this practice wouldn't become so popular.

[Rikafip]

Anyone else got an email from Binance in the last few days (I got it yesterday), asking for additional KYC in order to comply with the "latest set of European Union regulations"? All those who don't go through KYC won't be able to deposit after 10 days from receiving an email, and after 30 days account will be restricted to withdrawals only.  I heard its a mass emails sent to all Binance users so just wanted to check it out. Andf as walys they are offering 10 BUSD rerward lol, like that will make someone who doesn't want to do KYC change his mind.

[livingfree]

Anyone else got an email from Binance in the last few days (I got it yesterday), asking for additional KYC in order to comply with the "latest set of European Union regulations"? All those who don't go through KYC won't be able to deposit after 10 days from receiving an email, and after 30 days account will be restricted to withdrawals only.  I heard its a mass emails sent to all Binance users so just wanted to check it out. Andf as walys they are offering 10 BUSD rerward lol, like that will make someone who doesn't want to do KYC change his mind.

I'm not from EU but I've received that email months ago and has to comply because of that reason you've mentioned, I won't be allowed to trade but only to withdraw.

I guess it's all for users, but the other regions received that earlier just like me.

If I don't like them, I won't pursue it, but I have to since I want to trade there at any time I want to.

[Ultegra134]

I can't beleive people seriously are having conversation about passing KYC somewhere when dealing with crypto. Spit to the face of everyone who asks you to pass KYC and that's all. Crypto isn't ment for this. I think a person who passes KYC betrays the idea of crypto, of decentralized money that isn't governed by any country etc. And also accepting KYC is harmful to the community because this way you allow companies like Binance to grow. So crypto becomes more controlled, this is such a shame. If Binance didn't had any users because of KYC this practice wouldn't become so popular.

I don't think Binance enjoys having KYC themselves. Whether we like it or not, Binance has to comply with the EU's regulations and is forced to conduct KYC on their customers. I'm not a supporter of them by any means.

Anyone else got an email from Binance in the last few days (I got it yesterday), asking for additional KYC in order to comply with the "latest set of European Union regulations"? All those who don't go through KYC won't be able to deposit after 10 days from receiving an email, and after 30 days account will be restricted to withdrawals only.  I heard its a mass emails sent to all Binance users so just wanted to check it out. Andf as walys they are offering 10 BUSD rerward lol, like that will make someone who doesn't want to do KYC change his mind.

The same email we all received. Are you going to comply with the KYC? Honestly, I regret doing so because I don't see a reason to have money stored with them. Their staking and savings platform has taken a huge hit and is no longer profitable. On top of that, it's funny that they're offering a $10 cashback voucher. They don't specify that you don't actually get the $10. Someone new might be fooled by this practice.

[Potato Chips]

I'm not from EU but I've received that email months ago and has to comply because of that reason you've mentioned, I won't be allowed to trade but only to withdraw.

If you're not from the said region, it could've been for an entirely different reason. Are you sure the email mentioned it's aligned with anything about EU compliance? can you share a screenshot?

[limitless_777]

I can't beleive people seriously are having conversation about passing KYC somewhere when dealing with crypto. Spit to the face of everyone who asks you to pass KYC and that's all. Crypto isn't ment for this. I think a person who passes KYC betrays the idea of crypto, of decentralized money that isn't governed by any country etc. And also accepting KYC is harmful to the community because this way you allow companies like Binance to grow. So crypto becomes more controlled, this is such a shame. If Binance didn't had any users because of KYC this practice wouldn't become so popular.

I don't think Binance enjoys having KYC themselves. Whether we like it or not, Binance has to comply with the EU's regulations and is forced to conduct KYC on their customers. I'm not a supporter of them by any means.

I undestand Binance does this because it's a legit registered in EU company so it's must comply with EU's regulations. But what about Binance's users? Why do they accept this? Why don't they say "What? KYC when I use crypto? Go to hell!". This is something I'll never understand. I mean in my opinion any service that asks for KYC when dealing with crypto must just go to hell because crypto was ment for privacy and for using without government regulations.

Also it's funny some people think their coins would be safer at Binance because of crowds of evil hackers dreaming to steal their coins from noncustodial wallets. Let's use logic. Yes, there is a probability of coins theft by hackers. This probability is low if you don't open suspicious websites and have antivirus on your computer or phone. And also there is a probability your coins will be blocked by Binance. This probability is pretty high. It doesn't depend on your actions, it depends on some Binance's employee's mood, on some crazy regulation that can be invented by government any day. So it's like lottery. Today you can withdraw your coins from Binance, tomorrow you may not. So in fact it's much more dangerous to have your coins there. If some day you won't be able to withdraw and spend them you won't care if this happened because of hackers or because of government. For you the result would be the same.

[livingfree]

I'm not from EU but I've received that email months ago and has to comply because of that reason you've mentioned, I won't be allowed to trade but only to withdraw.

If you're not from the said region, it could've been for an entirely different reason. Are you sure the email mentioned it's aligned with anything about EU compliance? can you share a screenshot?

I'm sorry if what I've said is lack of details, I mean all about the asking of the same thing for being KYCed again(2nd time for me) but there's no EU relation to it. It was months ago. And the message that I've read for my compliance was on my account's notification.

I'll try to look at it on my email because I believe it was there. I'm also searching on it on my notif. I've found the unsuccessful verification messages on my email and remembered that I did a lot of attempt on this one but it's all good now, IIRC, the reason for not passing on it for the first few tries is about the quality of my docs pics sent to them.

[Rikafip]

The same email we all received. Are you going to comply with the KYC? Honestly, I regret doing so because I don't see a reason to have money stored with them. Their staking and savings platform has taken a huge hit and is no longer profitable. On top of that, it's funny that they're offering a $10 cashback voucher. They don't specify that you don't actually get the $10. Someone new might be fooled by this practice.

Well I already did KYC almost four years ago as I was kinda forced to do it as my mobile phone with 2FA died and I couldn't find recovery code (and I just sent some money there to buy bitcoin) so it was either that or loosing quite decent amount of money and miss opportunity to stock up on cheap bitcoin (at the time it between $3-3.5k).

If you are using them to store your money, then I would say that it is a bad deal to do KYC just because of that. My reason for using them is simple; since I already did KYC, I might as well use their debit card to spend my bitcoin in an easy and convenient way. But even then, I am aware that every time I send bitcoin there is that I may lose it so I only send smaller amounts, no more than I spend in a week or so.

I'm sorry if what I've said is lack of details, I mean all about the asking of the same thing for being KYCed again(2nd time for me) but there's no EU relation to it. It was months ago. And the message that I've read for my compliance was on my account's notification.

Then you probably didn't get that email that has been sent few days ago as they specifically mentioned EU regulation part as the reason for this new KYC.

[BitMaxz]

Then you probably didn't get that email that has been sent few days ago as they specifically mentioned EU regulation part as the reason for this new KYC.

To me, Binance didn't ask again for KYC documents except on facial scan due to 2FA reset but until now it didn't ask for another KYC.

I think the reason why it asks again for KYC verification he might be accessing Binance with different IP and device.

Or maybe it asks for KYC due to country regulations since they said all countries have different regulations so that's probably the cause.

[livingfree]

I'm sorry if what I've said is lack of details, I mean all about the asking of the same thing for being KYCed again(2nd time for me) but there's no EU relation to it. It was months ago. And the message that I've read for my compliance was on my account's notification.

Then you probably didn't get that email that has been sent few days ago as they specifically mentioned EU regulation part as the reason for this new KYC.

Yeah, different from what you've mentioned but they've asked me again to verify. I've found a thread in the Trading Discussion that has asked with the same reason by Binance for kyc about EU regulations.

Thread: Binance aml/kyc in the eu

[Ultegra134]

So it is, Binance is extremely sensitive to new ip addresses and device changes, as well as to any conversations since support regarding changes to account security data. My account was banned twice in 3 months.

1 time, when I decided to try to log into my account from a mobile phone, and the second time I wrote to technical support and asked: Is there such a possibility to replace the mailbox with another one? I was told that it can be done. This ended the conversation, and after 5 minutes they blocked the withdrawal of funds from the exchange, saying that I was conducting extremely suspicious conversations and the account might have been compromised. So with technical support, need to be careful. Anything you write can be used against you.

Okay, on the one hand I understand any possible frustration caused by such a move, however, on the other hand it was done for safety reasons and not in an attempt to mess with its users. Imagine if your account somehow got compromised and ended up with your money. I generally never had any negative experience with Binance, except from their KYC and the constantly decreasing yield from staking and savings.

If you are using them to store your money, then I would say that it is a bad deal to do KYC just because of that. My reason for using them is simple; since I already did KYC, I might as well use their debit card to spend my bitcoin in an easy and convenient way. But even then, I am aware that every time I send bitcoin there is that I may lose it so I only send smaller amounts, no more than I spend in a week or so.

I never had any money in exhanges the past few years, for the obvious reasons. However, it was the easiest and fastest solution to generate a minimal income after Terra USD crashed.

[Rikafip]

So it is, Binance is extremely sensitive to new ip addresses and device changes, as well as to any conversations since support regarding changes to account security data. My account was banned twice in 3 months.

Hm that wasn't really my experience with Binance so far as I usually travel a lot to other countries (and I have to log in to Binance often to move bitcoin from spot wallet to  debit card) and not once in the last few years they asked me for KYC. Well, not until few days ago but that was related to EU regulations.

I think Binance does such frequent user verifications, forcing users to re-KYC, due to the fact that verified accounts can now be bought for $15-20 in OTC telegram groups. Purchasable accounts allow to avoid sanctions, which is what Binance fears the most, as it is constantly under the gun of regulators.

$15-20 for verified account? That seems dirt cheap to me, are you sure that its not just some scammy "too good to be true offer"? And if accounts are that cheap, I am surprised that they don't ask for re-KYC even more often than they are doing it now.

[Daltonik]

Well, after the collapse of FTX, many exchanges faced an influx of new users and, logically, the demand for verified accounts of popular exchanges should grow. But there really is a risk of a repeated request for KYC, although Binance has not encountered this yet, there were cases when I forgot to turn off the VPN, I had to log in again, but I did not have such a repeated KYC.

[Rikafip]

I think there is more attention to RU accounts now than to European ones, because there are restrictions on the use of binance on RU users.

Yeah probably that matters too, country of registration.

Now the bear market, this is a normal price, the demand for accounts has fallen, therefore the price has also fallen. So why should they be so expensive now?

Well, that was just an observation from someone (me) who has no idea what's the usual price of a verified account, and somehow I thought that prices of something as sensitive as KYCed exchange account is in the range of hundreds of dollars and not not dozens, like it is the case.

Still, it seems very risky to me to use such account as exchange can ask you to re-KYC at any point and then you got screwed, but I guess those who buy it are ready to take that risk.

[Ultegra134]

I don't know if you noticed, but Binance has just started a new promotion that is mostly addressed to newer members. The first 10.000 users who register and complete the KYC process until 12/15 will receive a share of $45,000 worth of HOOK tokens. Thus, supposing that participants in this promotion number 10.000, each user will receive $4.5 worth of tokens. Is it just me, or is Binance actually promoting some random token by airdropping it to new KYC-approved users? What else will they come up with?

[The Cryptovator]

Binance notified me via email yesterday that my documents had expired. I immediately deleted it because I suspected it was a phishing email. However, when I logged into my account, it appeared that the email was correct and that there was no phishing. Binance has asked for my KYC documents once again. I resubmitted, but it is still being reviewed. Though I don't use Binance quite often, I do use it to trade and sell coins on circumstance. I'm still not sure what limits my account because I don't use it much. It's not a big amount, but it's inconvenient. Why are they requesting documents for a verified account once again? I'm just curious.

[Potato Chips]

Binance notified me via email yesterday that my documents had expired. I immediately deleted it because I suspected it was a phishing email. However, when I logged into my account, it appeared that the email was correct and that there was no phishing. Binance has asked for my KYC documents once again. I resubmitted, but it is still being reviewed. Though I don't use Binance quite often, I do use it to trade and sell coins on circumstance. I'm still not sure what limits my account because I don't use it much. It's not a big amount, but it's inconvenient. Why are they requesting documents for a verified account once again? I'm just curious.

This article has some good points. I've also seen CEXes use it as a security measure for when your activity is flagged. However, in your case it's because expired documents aren't valid anymore hence your entry needed to be updated like how we have to renew some of our valid IDs.

Might be a good idea to activate the anti-phishing feature for emails in your binance account. I'm not suggesting that you should fully trust emails marked with your code, just that it could act as a guide on what emails should be looked into and deleted.

[stompix]

Small update, after not bothering with KYC I got another mail from Binance, this time informing me that "Your Binance Card may be restricted" , I've checked the emails, and it's exactly one month after they informed me that my account was limited to withdrawals only.

So I assume that in one month they will block my card, not that I care that much about it but it might be a warning for those that don't plan on going through KYC that more restrictions are to come and probably by early next year all the unverified accounts will be frozen completely, so get whatever you have out of there.

[Ultegra134]

Binance notified me via email yesterday that my documents had expired. I immediately deleted it because I suspected it was a phishing email. However, when I logged into my account, it appeared that the email was correct and that there was no phishing. Binance has asked for my KYC documents once again. I resubmitted, but it is still being reviewed. Though I don't use Binance quite often, I do use it to trade and sell coins on circumstance. I'm still not sure what limits my account because I don't use it much. It's not a big amount, but it's inconvenient. Why are they requesting documents for a verified account once again? I'm just curious.

My application was accepted within less than 24 hours, after being rejected once because they wouldn't accept my proof of address from Revolut. If you don't receive any answer within 48 hours, there's a small chance that there's something wrong with the documents you've provided.

Small update, after not bothering with KYC I got another mail from Binance, this time informing me that "Your Binance Card may be restricted" , I've checked the emails, and it's exactly one month after they informed me that my account was limited to withdrawals only.

So I assume that in one month they will block my card, not that I care that much about it but it might be a warning for those that don't plan on going through KYC that more restrictions are to come and probably by early next year all the unverified accounts will be frozen completely, so get whatever you have out of there.

It seems logical that they start slowly limiting your account's functionality until it's fully blocked. The exact same thing happened to me with Bitstamp. My question now is, do they ever discard your personal information?

[stompix]

My question now is, do they ever discard your personal information?

Legally, if they would go by the law they would still need to keep any records of your activity, such as your personal information and transfers for 5 years since the termination of the account or whatever caused your interactions to end, again this is an EU directive, it has become mandatory in every country and it also can be enforced on foreign business that deals with EU customers.
After the 5 years, you of course can invoke two articles of the GDPR law, and your right to be forgotten, demanding not only the permanent erase of your details but also each recipient to which the data has been disclosed unless it's an open criminal investigation.

So legally, this is what you can do, in reality, god knows what Binance is doing with it so that's why I'm no longer updating it, especially since  I'm planning to move in the summer to a new address which comes with a new ID and a new citizenship and I'm not that eager to share with anyone freshly updated information.

[Ultegra134]

My question now is, do they ever discard your personal information?

Legally, if they would go by the law they would still need to keep any records of your activity, such as your personal information and transfers for 5 years since the termination of the account or whatever caused your interactions to end, again this is an EU directive, it has become mandatory in every country and it also can be enforced on foreign business that deals with EU customers.
After the 5 years, you of course can invoke two articles of the GDPR law, and your right to be forgotten, demanding not only the permanent erase of your details but also each recipient to which the data has been disclosed unless it's an open criminal investigation.

So legally, this is what you can do, in reality, god knows what Binance is doing with it so that's why I'm no longer updating it, especially since  I'm planning to move in the summer to a new address which comes with a new ID and a new citizenship and I'm not that eager to share with anyone freshly updated information.

Unfortunately, our personal details are all over the internet with all these social media accounts and services. Deleting your digital footprint is almost impossible. On the one hand, I don't really bother providing my personal details; it's inevitable because we live in a digital world. On the other hand, I regret verifying on Binance again, not because of my details (they already had those; nothing had changed), but because by using CEX, there's a small chance that cryptocurrency is tracked to you and you may get taxed for it out of the blue.

I also own a Binance card, it was provided for free, and also received a $5 coupon. While it may turn out useful, I doubt that I'll use it anytime soon.

[Rikafip]

On the other hand, I regret verifying on Binance again, not because of my details (they already had those; nothing had changed), but because by using CEX, there's a small chance that cryptocurrency is tracked to you and you may get taxed for it out of the blue.

While chances to get taxed if you are from countries like Croatia (me) and Greece (you) is low due obvious reasons (inefficiency), I expect that to change in a couple of years max and then we may start getting envelopes from tax office. And if you regret verifying it again and worried about getting taxed, just stop using it all together and that's it, not much harm done with this 2nd verification.

[Ultegra134]

On the other hand, I regret verifying on Binance again, not because of my details (they already had those; nothing had changed), but because by using CEX, there's a small chance that cryptocurrency is tracked to you and you may get taxed for it out of the blue.

While chances to get taxed if you are from countries like Croatia (me) and Greece (you) is low due obvious reasons (inefficiency), I expect that to change in a couple of years max and then we may start getting envelopes from tax office. And if you regret verifying it again and worried about getting taxed, just stop using it all together and that's it, not much harm done with this 2nd verification.

The chances of taxation are indeed pretty low. The Greek government had zero knowledge regarding cryptocurrencies until the last few years. The only way to have them taxed is if they go through a bank and you're required to declare them, which is quite ignorant if you ask me. I'm not currently worried about a possible inspection, but about a potential link between me and cryptocurrencies in the future. I already have transactions between my banking accounts and Binance and another two exchanges that I've deposited money into. The positive thing is that there's no link between me and my Bitcoin address.

The main reason I regret re-verifying on Binance is because I no longer use their services. Not much harm was done, but it was something that could have been avoided.

[stompix]

So I assume that in one month they will block my card,

It wasn't one month counting 30 days but one month as in till the end of December, got this today:


So the card will be blocked and I assume that after this in less than 30 days the whole account will be restricted, including withdrawals.
Not a conspiracy fan but since it's obvious there are no new AML laws issued last month that somehow Biance was just informed about, could it be that they are really crapping the bottom and disabling user accounts and accounts that can't be verified to try to add some more coins and fewer liabilities to their account balance?
From the whole thing about Binance being "international" and not needing any kind of licenses, CZ is suddenly turning 180 on this.

Anyhow, if you're in EU is clear now, KYC or bye-bye Binance.