Binance asking for KYC, again

[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 

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[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.