Binance asking for KYC, again

[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.