Binance identity verification is a big deal these days.
If you are new to the cryptocurrency space, you might have discovered that ‘KYC (i.e. Know Your Customer)’ procedures are becoming quite obligatory for exchanges.
Thanks to stricter regulations, it is now almost impossible to use most centralized exchanges without completing KYC.
While some exchanges may allow customers to enjoy some basic features without KYC, others require some form of identity verification before you can deposit or even trade.
In the case of Binance, the world’s largest crypto exchange, users can enjoy withdrawals of up to 2 BTC daily without any verification. All you need in this case is an email address.
An unverified account is perfect for casual investors, who are not looking to control large amounts of cryptocurrencies.
In this article, am going to discuss from why verifying your account is important to how to complete Binance verification, how long it takes and what to do if your verification fails.
Without further ado, let’s dive right in.
What is Binance KYC verification?
KYC is an acronym for ‘know your customer’, which refers to a mandatory verification of a customer’s identity, typically by a financial institution.
It includes information that can be used to verify your identity, like a valid identification card, utility bills with your house address, social security number, etc.
Customers are typically required to submit KYC details during account opening and at times, when there has been a change in their account information.
For example, if you change your name officially a few months after creating your account, you will be required to update your KYC information.
If you do not complete the KYC process, you may not be able to access all the features on the cryptocurrency exchange.
In order to gain full access and increase higher deposits and withdrawal limits, customers will need to complete the KYC verification.
Binance verification levels
Binance has three verification tiers: basic, intermediate and advanced. Submitting all your details for verification should not take more than one hour.
Customers who have met only the ‘Basic’ verification standard (i.e. by simply providing personal information), will have their services limited to withdrawal, order cancellation, position close and redemption.
How important is Binance ID verification?
The anonymous nature of cryptocurrencies has made them a honeypot for the transfer of illegal funds.
To keep tabs on who is sending what and for what purpose, most governments now require exchanges to verify the identity of their customers.
A clear case study in this regard is the stiffer KYC stance of France towards crypto transactions. 29 people were arrested in the country in September 2020 in connection with using cryptocurrencies to fund Islamist extremists.
Unless you have something to hide, basic level verification shouldn’t be a problem. Besides, withdrawal cap of 2 BTC should be enough for most average investors.
Well, the benefits that come with a verified Binance account include an increased withdrawal limit of up to 100 BTC daily, increased deposit and withdrawal limits and ability to exchange fiat currencies.
How long does Binance verification take?
Completing your Binance verification is quite easy, but on the question of how long it takes to get verified on the exchange, is a no one-answer-fits-all response.
Binance verification time depends on how chocked up support staff is. Although it’s possible to get approval within few minutes, it is also possible that you could wait up to a week.
However, you can still trade and withdraw up to 2 BTC without verifying your account.
Below are my answers to the frequently asked questions concerning Binance verification time duration and timeframes.
Binance verification time
KYC is a crucial part of AML in the financial and cryptocurrency sector. These financial regulations help provide a safe and crime-free environment for investors.
You may not enjoy full anonymity during crypto transactions, but Binance exchange is trying to remain KYC compliant for the sake of protecting its users.
You have a 15-minute window to complete the entire identity verification process on Binance.
It includes filling in your basic info and completing the photo verification. During the verification process, ensure you do not refresh your browser.
The second thing to note is that if your verification fails the first time, you can try again 9 extra times within 24 hours.
That’s 10 trials per day.
Peradventure your application to verify your identity is denied up to 10 times within 24 hours, you will have to wait for another 24 hours before you can try again.