Mr. Changpeng Zhao’s company is rapidly developing and, thanks to excellent service and a wide range of services, attracts more and more new customers. Today we will tell you about how account verification works on Binance and why you need it.
Indeed, it would seem that the requirement to submit documents before trading crypto goes against one of the basic principles of blockchain, payment privacy. But, you need to really look at things. If you put anonymity at the forefront, the blockchain will become the property of the darknet and neither the powers that be nor society will ever accept it.
So, let’s go directly to the topic of the review, Binance verification, what you need to know to go through the procedure.
Very few crypto trading platforms allow work without creating an account, synchronizing directly with the wallet. To get on an exchange with a solid trading turnover, you need to register.
So, you have created an account, confirmed your email, completed basic security settings and you can now make a deposit to participate in trading. But, keep in mind that customers who have not passed Binance verification can withdraw a maximum of two bitcoins from the exchange per day in cryptocurrency, and if you want to withdraw fiat money, then this will not work. Therefore, if you need to withdraw money in US dollars, rubles, hryvnia or other national currency, you will have to connect to the “know your customer” program.
This is not difficult to do. First, enter the website with your username and password, open your personal account and go to the “Identity confirmation” tab.
Now you need to fill out the form by specifying:
After the questionnaire is completed, submit the data for verification and proceed to the second stage of Binance KYC.
Now you need to upload a photo or scanned copy of the document on the photo page. Accepted:
Previously, you also needed to take a photo of your passport cover or the back of your ID, but now you just need to take one high-quality snapshot of the document (driver’s license) and upload it to the Binance verification page.
You will then be asked to take a selfie or upload a portrait photo.
The last step is a dynamic face check. You no longer need to take a selfie with an open document and a white sheet of paper with the inscription Binance and the current date.
Now the requirements are somewhat different. You will need a webcam or smartphone with the Binance app installed. If the webcam is connected to a desktop PC, the third stage of verification will start automatically. You will be asked to align the video capture outline on the display with your face, and slowly perform a specific movement. For example, turn your head left or right, nod, or even open your mouth.
If you don’t have a webcam, it doesn’t matter, use your smartphone. You need to download the Binance trading application in advance and enter it under the same account that you will verify.
After you complete the first two stages of KYC, a QR code will be available on the verification page of the website for passing the face verification via smartphone.
Open the mobile app, scan the code and go through the third stage of identity verification in the mobile app interface. The procedure is the same, match the outline with your face and do what you are asked to do.
It is much more convenient to undergo a face check in a smartphone. When the procedure is completed, the verification form in the mobile application will close and the “Finish” button will appear.
Click it and be sure to click on the caption: “I completed my face verification in the mobile app” on the Binance verification page on the desktop. You will see a message that the documents have been accepted for verification and an email will be sent to you about the results. It remains only to wait. The execution time depends on the workload of the system and ranges from one 3 minutes to several days.
After passing the verification, the daily withdrawal limit will be increased to one hundred bitcoins. And, most importantly, you can withdraw rubles or other traditional currencies that are supported by the Binance exchange.
The identity verification procedure on such a solid exchange as Binance poses no threat to your personal safety. Customer data is reliably protected.
The verified user will recover access to the account much faster in case of losing the password and 2FA recovery code. However, if you do not want to go through KYC and the daily withdrawal limit of 2 BTC is quite satisfactory, then you can work anonymously. Good luck to you!
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