Binance is soon changing its user verification program. Users with ‘Basic account verification’ (without KYC) will be proposed to go through the verification steps starting August 8, 2021 at 00:00 UTC.
On the 27th of July, 2021 around 6PM GMT Binance send out the following update:
“Fellow Binancians,
Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification. This change is effective immediately for new account registrations and will be made effective for existing users in phases starting from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).
Please complete identity verification to increase your daily withdrawal limits to up to 100 BTC. Note: Withdrawal limits refresh daily at 00:00 AM (UTC).
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Binance will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.
Thanks for your support!
Binance Team”
Consequently, new users will have to complete the KYC verification steps without choice before being able to trade on Binance.
The path to compliance
Recent events on Binance, such as the discontinuation of SEPA transfers, lowering of maximum leverage and removal of stock tokens will most likely be steps the platform takes to make itself compliant.
For popular exchanges, KYC-free days are coming to an end. With the mainstream adoption that cryptocurrency has seen over the past year, this is definitely the path the industry needs to take to comply with international regulations.
Do you have an account on Binance yourself? Or would you like to know what Binance is all about? What the advantages and/or disadvantages are? The fees? Then definitely take a look here.
Would you like to see all the alternatives to Binance? Then definitely have a look here.
