Binance asking for KYC, again

[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