Binance has become the largest cryptocurrency exchange in the world just after three years of its launch in 2019. It aims to introduce new services and products for all its users every day by frequently bringing in advanced trading options or new cryptocurrencies making it a very easy site to promote with the Binance referral program.
Binance verification has also tightened over the years. Since the exchange is a centralized exchange, it has to fulfill global financial regulations such as AML(Anti-Money Laundering) laws and KYC (Know Your Customer).
Binance ID verification level right now goes beyond the “Basic verification” details like before. Now, the verification process is more extensive and intense, with facial verification an important part. The platform has enforced these rules to prevent its customers’ hacks or account breaches.
How to Verify My Account on Binance?
After successfully signing up on Binance, the next step is to verify your account to begin trading. If you just completed the signup process, the next page will show you the “Verify” option, which you must choose.
- A pop-up will appear where you have to select your “country,” add details such as your “full name” and “e-mail ID,” and click “continue.”
- The next pop-up will ask for more details such as your “residential address,” “pin code,” ‘city,” and your “pan card” number.
- The next step is to select the document to wish to upload for your identity verification. It gives you three options you can choose from- a Government-issued ID card, Passport and Driver’s license. Whichever document you choose should be next to you during the process.
- The next step is to upload both the front and back of the document. You need to have a working camera on your laptop for clicking pictures. There will be a few instructions given on how the document should be uploaded.
- You will need to click a selfie using your laptop camera and then upload the photo in the next step.
- The next step is the Binance facial verification, for which you need to download the Binance app on your phone. The app is available on both Android and iOS devices. You will see a QR code on your screen, which you have to scan through your phone after downloading the app.
- The app will ask for another selfie through the phone and even ask you to open and close the mouth for exact facial recognition.
- After this, click on “I have completed this on my phone,” and you are done! The Binance team will verify all the information you’ve provided and send you an approval e-mail accepting your verification.
If you fail to upload a clear picture of your documents, then you will see an “Identify verification failed” page. Hit the “Try again” button and repeat the process.
How long does Binance Verification take?
It may take less than a day for Binance to verify your account or up to 10 days when there’s a lot of traffic. But, more recently, Binance has been trying to fasten the verification process by sending a successful verification e-mail in only a few hours.
Does Binance Require KYC?
Yes, the KYC process is an essential part of being fully part of the Binance community. Binance has made it mandatory for all its customers to complete the KYC process by complying with international laws and regulations.
Users are allowed to open a Binance account, use the platform’s basic functions, and make limited transactions without completing the KYC process. But, if they wish to increase transaction amounts, make bigger deposits or increase withdrawal limits and fully access Binance, then they need to complete the KYC process.
Tip: If you complete your verification process within 7 days’ time of registering an account, you have the chance to get registration bonuses in Binance alongside the benefits of joining with a Binance referral code.
What are the Binance KYC Requirements?
Here is a list of some of the identifying documents that Binance asks during the KYC process:
- Government-issued photo ID
- Driver’s license
- PAN card
- Voter ID card
- Social Security Number
Is Identity Verification in Binance Important?
Yes, it is! Here are a few reasons why you must complete your identity verification process on Binance:
- Higher transaction limits
Since Binance has its levels of verification, the trading limits of an account increase with every level, to gain full access to the features on the platform, users must complete all Binance verification levels.
For instance, if you have not verified your account (basic level), you get a lifetime fiat withdrawal limit of only $300 and a withdrawal limit of less than 2BTC value in a day. Whereas, once you reach the advanced level verification step where you enter your address details, your daily limit goes up to $200,000 per day.
- Higher security measures
ID verification saves you from identity thefts and other scams that can take place on trading platforms. Once you have completed an ID verification, it becomes difficult to change credentials such as your withdrawal bank details.
If you want to change or add a withdrawal method, then it needs to match the details you’ve already added during the verification process.
- Compliance with international laws
By complying with global financial regulations such as AML and KYC, you are reducing illegal activities and enhancing your financial security.
To verify your account, you can go to your personal account page, choose the “user center” icon on the top-right of the navigation bar and select “Identification.” You will see three levels of verification-basic, intermediate and advanced. Click on the desired verification level you want.
Binance Verification Process Conclusion
Binance has enforced strict verification processes to safeguard its platform from illegal activities. The company has also lost 3% of its users after they made KYC mandatory for all since many users like to keep their identity anonymous on such platforms.
Users should not keep a pending verification process because doing so will entail heavy losses due to the limited trading options. The verification process does not take more than 15 minutes, and your account gets verified in a few hours.
So, wait no more and get your Binance account verified today or check out our full Binance review if you haven’t signed up with Binance yet.