In comparison with a Verified User, a Verified Plus User is provided with some additional services such as an increased limit of fiat deposit and withdrawal, a Binance card, etc. Verified plus is an advanced version of verification where a user needs to provide an additional document as address proof. To check your fiat deposit and withdrawal limit, you should check your “ Identification” page on Binance. You can refer to the Binance Identity verification guide for more on this.Īlthough the Fiat deposit and withdrawal limit for most of the Verified accounts is $50,000 daily, it may vary in different jurisdictions. Under this level of verification, a user is required to provide his or her identity proof. Most of the services are available just with a Verified level of identification. The primary difference between these two verification levels is the amount of fiat deposit and withdrawal limits and a few other additional services offered to “ Verified Plus” users such as Binance Card etc. What are the different Binance KYC verification levels available? Binance KYC Levelsįor individuals, there are two levels of KYC or Identity Verification with Binance: For users who have not completed the KYC, Binance restricted or limited their withdrawal.
Instead of grandfathering the old users, they gave them an ample amount of time to withdraw funds or complete the KYC. However, as the crypto industry became big, Binance started implementing strict KYC policies. If not, any individual or group can misuse such financial platforms to fund illicit activities.īack in 2017-2018, the crypto industry was new and a lot of exchanges including Binance had basic KYC where users could join using their email address or phone number. This is done in order to prevent misuse of financial instruments and stop terrorism financing.
KYC (Know your customer) is the foundation of AML/CFT compliance regulations around the world, and which requires financial institutes to identify their customers and understand their nature of business. What is Binance KYC and why they have implemented it?
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How to complete identity verification on Binance.What are the different Binance KYC verification levels available?.What is Binance KYC and why they have implemented it?.
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