Learn how to activate your Binance account with Identity Verification on Binance – mandatory procedure for confirming the identity of each client, necessary to comply with regulatory requirements in the fight against money laundering and other financial crimes. Gone are the days when you could buy and sell cryptocurrencies anonymously on exchanges; now there are only a few such platforms. Binance The best and most liquid cryptocurrency exchange tries to follow the rules set by regulators in different countries to be able to operate legally in the better regions.
Verification page: https://www.binance.com/my/settings/profile
Binance has 3 verification steps:
- Basic information.
- Document verification.
- Verification of people.
Criptomais experts have analyzed how to get verified on Binance and what opportunities this opens up. We will describe each step in detail with step-by-step tips.
Quick Tips for Passing Binance Exchange Verification:
- Binance account verification is required for all users. To access it, download Binance App on your phone or open the website page on your computer.
- Register on Binance if you don't have an account yet. If you have one, simply enter it.
Go to page verification in your personal account. You will be asked to go through two stages: fundamental and advanced. - Start with basic verification. Enter your details, including your full name, date of birth, and home address. This information must match the information on your ID.
- Once you have completed the basic verification, move on to the advanced verification, also known as the KYC (Know Your Customer) procedure. You will need to upload a photo of your passport or driver’s license.
- Next, you need to go through a dynamic facial verification to confirm your identity. Follow the on-screen tips.
- After this step is completed, the registration number will be sent for verification. The process can take anywhere from several hours to two days.
- You will receive an email notification when your application is approved or rejected.
KYC
What is verification (KYC)
KYC means “Know your customer”that is “know your customer”. It entails the obligation of a financial institution or cryptocurrency broker to verify the identity and home address of customers to establish whether they can use the services. All cryptocurrency platforms that intend to operate in a regulated legislative field are now required to implement user verification.
Verification stops attackers who want to hide illegal financial activities or questionable sources of funds.
Decentralized services initially allowed customers to remain anonymous, which is one of the reasons the industry grew so quickly: people liked the ability to trade without having to report to government authorities. However, all cryptocurrency companies are forced to gradually introduce strict KYC measures even if they do not want to do so. A lot of pressure from regulators. The matter reached the courts, let's see, for example, the situation with BitMEX – the founders of the brokerage were accused of not having effective KYC guarantees and were forced to pay a hefty fine.
Binance has introduced mandatory verification in 2021. Until then, it was possible to trade anonymously with basic verification, albeit with some restrictions. The daily withdrawal limit for accounts with basic verification is set to 0.06 BTC or 2,000 BUSD.
Anonymous trading is still available at decentralized exchanges (DEX)but note that they do not support working with fiat currency.
Why is KYC required on Binance?
Without passing verification, the exchange user will not be able to do practically anything – you will only be able to view markets and sections, but not make deposits, not participate in IEO, not invest in Binance Earn, not buy assets from the card, etc.
The completed test allows you to:
- Deposit cryptocurrency and fiat currency to your account, make purchases with the card.
- Withdraw up to $50,000 per day in fiat currency.
- Withdraw up to 8,000,000 BUSD or equivalent in other cryptocurrency per day.
- Unlimited use p2p marketplace.
- Participate in Sim on Binance Launchpad.
- Use OTC trading.
And if you pass the second level (address confirmation), you can apply for a card Binance Card (not in all countries) and withdraw up to $2,000,000 per day in fiat currency.
How to pass verification: Tips
It will take no more than 15 minutes to submit all the required data, but you will need to wait 1-2 days for verification to be completed.
To pass Binance verification, log in to the exchange using the username and password you created during registration. We recommend going to your settings and enabling two-factor authentication and other security measures to help protect your account. We cover these in more detail in the article on How to register on Binance.
- Hover over the account icon and go to the “Verification” section. It is possible (and even more useful) to start the process via a mobile app, as you will also need to upload a photo and undergo facial verification.
Binance – Verification Start - Confirm your country of residence or select the one you want.
Binance – Country Verification - You will see the available verification levels. Click the “Start” button.
Binance – Verification Levels - Enter personal information: citizenship, full name, date and year of birth.
Binance – Entering personal data - Enter additional information about your actual location and contacts: city, zip code, address, phone number.
Binance – Entering Contact Information - Choose which document you will use to confirm your identity. Options differ for different countries.
Binance – document selection - Upload a file with a high-quality photo of the document. This can only be done from a mobile phone, so hover over the words “My device doesn’t have a camera” and scan the QR code with your phone. A page will open in your browser where you can continue verification.
Binance – upload documents
Ultimately, you will still need to go through a facial scan so that the system matches the photo on your ID. To complete the facial scan, point the camera at yourself and follow the prompts, such as opening your mouth. This will ensure that there is a live person in front of the camera, and not your image.
After submitting all the data, wait about a day (according to the rules, 2 days). If the review is rejected, you may have submitted low-quality photos. They will tell you the reason for rejection, so you can try again, taking into account your mistakes.
If you later want to increase the verification level to expand the limits, you will need to confirm your residential address using bank statements, housing and communal services receipts or other similar documents.
Frequently asked questions
Conclusion
KYC principles are a controversial issue among users of the cryptocurrency industry. Some believe that the essence of cryptocurrencies is anonymity and the absence of government control. Others are convinced that without proper regulation, the cryptosphere simply would not be able to develop further, given the scale it has reached and will still reach. One way or another, anyone who wants to take advantage of the rich functionality of the Binance exchange will have to go through verification in any case. The process itself is not complicated or long, but it opens up a lot of opportunities for trading and investing on the best cryptocurrency exchange in the world.