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Starting with August 20, Binance implemented new changes to its Know Your Customer (KYC) policy, now requiring all its users to complete the ‘Intermediate Verification’ process in order to access the full suite of Binance’s products and services, including cryptocurrency deposits, trades and withdrawals.
Over the course of the year, Binance has repeatedly come under scrutiny from regulators. As a response, the exchange first reduced withdrawals for users with basic verification from 2 BTC to 0.06 BTC. Now, the world’s largest crypto exchange has decided to take a step further and made the KYC process even more stringent. The policy change became effective immediately for new users while existing users have until October 19 at 00:00 AM (UTC) to update their personal information and provide the necessary data to pass the KYC requirements.
Binance ecosystem overview
When most people hear about Binance, they immediately think of the cryptocurrency exchange, and for good reason. Since being founded in 2017, the Binance exchange offering has grown immensely and now hosts more than 300 coins and over 1200 trading pairs while also topping the charts of cryptocurrency exchanges with the highest daily trading volume.
However, Binance’s suite of products and services includes much more than just the crypto exchange offering. Binance houses a token launch platform called Binance Launchpad, which allows users to invest in upcoming initial exchange offerings (IEOs). Binance Liquid Swap brings the Automated Market Maker (AMM) principle into the centralized platform. Binance Earn is designed for those who are looking to earn passive income with their crypto and offers a plethora of staking and yield aggregating options. The exchange also launched Binance Smart Chain (BCS) that rivals Ethereum with its smart contract functionality with the benefit of much cheaper fees and almost instantaneous transactions speeds.
There are too many Binance features to fully cover in such as a short overview. If you are looking to take advantage of the platform’s products and services and wondering about how to complete Binance’s necessary verification requirements, read along.
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Binance Personal Verification tiers
Binance adheres to KYC requirements and anti-money laundering (AML) regulatory guidelines in order to provide a secure and regulatory-compliant platform to its customers.
Binance provides three distinct personal verification tiers, which provide different levels of access to the platform’s features, mainly in the form of differing crypto and fiat deposit and withdrawal limits. While the Basic level requires only rudimentary information, Intermediate and Advanced tiers require a higher degree of personal information from users, including a government-issued personal document and proof of address.
How to do KYC on Binance
Read along to find out how to complete KYC on the Binance cryptocurrency exchange platform. The following sections will guide you through the process of completing personal verification for each of the three respective verification levels.
How to complete Basic verification?
1. After you log into your Binance account, click on the ‘Get Verified’ button to start the KYC process.
2. Select your country of residence.
3. Click ‘Verify Now’ to start the verification process for the Basic level.
4. Set your nationality, first and last name and date of birth.
5. Continue the process by providing your street address, postal code, and city.
After the last step is completed, you are instantaneously greeted with a message prompt that informs you that Basic verification is complete. Congratulations, you are now a verified user. However, in order to raise your deposit and withdrawal limits and enable fiat options, you need to proceed and complete the Intermediate verification level.
How to complete Intermediate verification?
1. Navigate to the ‘Personal Verification’ page and click on the ‘Verify Now’ button to start the process.
2. Select one of the listed government-issued document options to proceed with your verification process.
3. You will need to upload front and back images of the selected document. After that, Binance prompts you to upload a selfie picture as well.
4. After document images and selfie pictures are successfully uploaded, Binance prompts you to use a webcam or a camera on one of your mobile devices for a quick face recognition scan.
5. After your facial recognition is complete you are notified that your Intermediate Verification is under review.
While fiat deposit and withdrawal options can take up to ten days before they are enabled, other benefits of the Intermediate KYC level, such as higher crypto deposit and withdrawal limits, access to Binance Card, and more are instantly unlocked.
How to complete Advanced verification?
Once the Intermediate verification is complete, you can head to the Personal Verification dashboard and click on the “Verify Now” button under the Advanced section to begin the KYC procedure for Binance’s highest account tier:
1. Confirm that your personal details are correct and haven’t changed since your last KYC was completed.
2. Upload a bank statement or a utility bill that will be used as proof of address. After the upload is successfully processed, you are greeted by an “Under Review” prompt informing you about the estimated completion date of the review process.
As you can see, the Advanced process is a lot quicker than Intermediate, basically requiring only a single upload of a statement/bill that includes your address. Binance takes up to 10 days to review the application and approve the higher fiat deposit and withdrawal limits.
Why is passing KYC on Binance important?
The moves that Binance has taken over the last couple of months clearly show that arguably the largest cryptocurrency platform is trying its best to accommodate the regulatory request coming from jurisdictions across the world. If you are interested in finding out more, we’ve covered all of the major measures that Binance has taken in its pivot to proactive compliance.
In general, KYC guidelines serve a two-way purpose. Firstly, KYC enables businesses to understand their customers better and are thus able to provide a better user experience. Secondly, it protects businesses from being used by criminals for money laundering purposes and other malicious activities.
Completing the identity verification process on Binance enables higher crypto and fiat deposit and withdrawal limits and unlocks certain features, such as Binance Card, higher BTC daily limits and P2P and OTC perks, that unverified users can not access.