DO I NEED TO RE-VERIFY MY BINANCE ACCOUNT❓

Under certain conditions, yes. For example if: 👉you have not done advanced verification 👉you verified under the old verification portal 👉your previous verification does not meet new AML policies you would be notified, usually via email, of the need to re-verify your account to keep using it.

Exchanges Journal

Binance Verification Time Duration – How Long Does It Take To Verify Binance Account?

Petar Jovanović

March 27, 2022

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 you'll learn 👉

WHAT IS BINANCE VERIFICATION

Binance verification is the process by which Binance collects pertinent personal information about its users in an attempt to clamp down on fraudulent activities.

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.

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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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FREQUENTLY ASKED QUESTIONS

BINANCE ADDRESS VERIFICATION FAILED: WHAT HAPPENED?❓

If your address verification fails, it may be because the verification documents you submitted are out-of-date. To be accepted, the documents must have been issued not more than three months ago. You may also check well to see if the address correlates well with the one you registered with.

CAN I USE BINANCE WITHOUT VERIFICATION?❓

You can, actually. However, your account will only be limited to basic functions and will only be allowed to withdraw up to a certain limit before being suspended.

CAN I WITHDRAW IN BINANCE WITHOUT VERIFICATION❓

Yes, if you do not complete the verification levels, you can still withdraw a fiat value of up to $300. You can also withdraw a crypto value of up to 2 BTC per day. If you want higher limits than that, you have to complete KYC.

WHY IS KYC MANDATORY FOR MOST CRYPTO EXCHANGES❓

It is mandatory because they are under scrutiny by the governmental authorities of the countries they operate in. If the exchanges do not comply with the directive, they may be penalized. The governments use it to bring some sort of regulation into the widely unregulated world of cryptocurrencies.

WHAT IS THE DIFFERENCE BETWEEN KYC AND AML❓

They go hand-in-hand. KYC means Know your customer. It is a feature that enables exchanges to know their customers. AML means Anti-Money Laundering and is a set of rules that exchanges follow to track and stop money laundering and terrorist activities on their platforms.

HOW TO RE-VERIFY MY BINANCE ACCOUNT❓

When you receive the email from Binance to re-verify your account, log in to your profile and follow the prompts. Submit the necessary documents (like you did when completing initial verification) and anticipate the approval message from the Binance team.

DO I NEED TO RE-VERIFY MY BINANCE ACCOUNT❓

Under certain conditions, yes. For example if:
👉you have not done advanced verification
👉you verified under the old verification portal
👉your previous verification does not meet new AML policies
you would be notified, usually via email, of the need to re-verify your account to keep using it.