Binance is a giant in the crypto world. As of October 2021, it housed an estimated 28.5 million users, and it keeps asking for more.
For an exchange of such size, security is of paramount importance. One of the ways Binance ensures such security is by enforcing KYC verification on its many customers. We will examine the verification process as well as the time involved in this article.
WHAT IS BINANCE VERIFICATION
Known in other words as KYC (Know Your Customer), it is an industry-wide practice implemented by most centralized exchanges. They do it to comply with Anti-Money Laundering regulations in the countries where they are operative.
It usually involves submitting personal information about yourself, like your name, address, date of birth, and other information deemed necessary. You also need to submit the necessary documents to prove what you’ve said about yourself.
In addition to KYC, Binance has also implemented an authentication process that you must pass through anytime you want to withdraw funds from your account. You cannot proceed to the verification without first choosing an authentication method.
There are five authentication methods available on the exchange, namely Email, SMS, Google authenticator, security key, and Binance authenticator. You must select at least two of these methods before you can use your account.
HOW LONG DOES BINANCE VERIFICATION TAKE?
It doesn’t take long for the required information and documents to be collected, say in a matter of minutes. Depending on the traffic at the time and general network conditions, Binance may get back to you before the end of the next day. It shouldn’t take more than ten days
REASONS WHY YOU SHOULD COMPLETE YOUR BINANCE VERIFICATION
ENHANCED SECURITY MEASURES
Completing your ID verification adds a certain touch to your account, ensuring that only you can access your account.
COMPLIANCE WITH GLOBAL FINANCIAL REGULATIONS
Being that Binance is a giant in the crypto industry, it has attracted attention from the watchful eyes of governmental authorities. Thus, it has to comply with those regulations to avoid sanctions. Therefore, if you do not complete your KYC verification, your account may be suspended.
UNLOCK HIGHER TRADING LIMITS
There are three KYC levels on Binance, each with its own trading limit. If you do not verify, you will be limited to a lifetime fiat withdrawal of $300 and a daily crypto withdrawal of 2 BTC worth of crypto. If you verify your account, your trading limits are increased up to a maximum of $2M fiat withdrawal limit per month.
HOW TO COMPLETE BINANCE IDENTITY VERIFICATION
Binance has three verification levels. The first, the basic level, is automatically completed once you sign up for an account on Binance. As stated above, it allows users to only ever withdraw up to a lifetime limit of $300 in fiat.
The second level is the intermediate verification level. Follow the steps below to do this:
- Log into your account and click ‘identification’ from the user center of your profile
- Click on intermediate/identity verification and click ‘Verify’
- Select your country of residence
- Fill in your basic information, namely your full names, address, and date of birth.
- Select which ID document you have and upload photos of the document on the portal that will be provided for you. The file size must be 5MB or less.
- Upload a photo of yourself
- Complete facial verification, where you’ll use the camera of your device to take a live selfie on the Binance app.
The last level is the advanced verification level where you’ll verify your address by first providing details about the address, and then submitting bank statements or utility bills to verify the said address. As in the previous level, the file size must not exceed 5MB. The verification documents must also be recent.
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