Cryptocurrency exchange Binance is a Malta-based company founded in 2017 by Changpeng Zhao and team. In two years, the exchange has become the largest cryptocurrency exchange by daily trading volume. That is an unprecedented increase.
Fast-forward to 2021 and the exchange maintains its lead. It continues to innovate and introduce more products and services that help attract more users and more activity. The company now sees over $15 billion in daily trading volume from the spot market and another $37 billion from Futures, Options and Margin trading products.
As a centralized exchange, the platform is subject to global financial regulations, chief among them KYC (Know Your Customer) and AML (Anti-Money Laundering) laws. This means that all users must undergo identity verification to use the platform. In this short guide, we will show you how to verify your identity on Binance. For more on the conversation, be sure to read our in-depth Binance Review.
● Binance verification is simple and straightforward. It usually just takes up to 15 minutes submit all required documents and information;
●Binance will then review the details and documents within 10 days.
● As of August 20, 2021, Binance has implemented mandatory KYC. Check out the official announcement here.
Cryptocurrency Beginners Corner:
Three reasons why you should complete ID verification on Binance
Identity verification serves three purposes. That is:
- Enhanced security measures – ID verification can enhance the security of your account by limiting who can use and change the personal information on your account. Important login information such as your withdrawal bank account details cannot be changed once you go through the ID verification process. If you add a withdrawal method, the details must match those already in your account.
- Comply with global financial regulations – financial regulators globally have implemented laws and regulations to enhance financial security and reduce illegal activities. These are often referred to as KYC and AML terms. All centralized crypto exchanges must comply with KYC and AML laws to operate in most jurisdictions. ID verification becoming a mandatory event is one way exchanges comply with these international laws and regulations.
- Unlock higher transaction limit – ID verification is used by most crypto trading platforms as an incentive mechanism to unlock higher transaction limits. It is possible to trade on Binance with the most basic of identity verification, but most functions are limited. For example, unverified accounts (those with Basic level verification) can only withdraw under 2 BTC a day, and a lifetime fiat withdrawal limit of $300. Once the account undergoes Intermediate Level (ID) verification, those trading limits will be increased to $50k/day, $500k/month and crypto withdrawals up to 100 BTC/day is turned on. Advanced Level Verification (Address), final verification stage, raise transaction limit to $200k/day, $2m/month.
Set up second factor authentication (2FA)
Two-factor authentication (2FA) is a security measure where an account is secured with at least two layers or elements of security. This is your account password along with email verification, SMS on your phone, or the Google authenticator app. Binance allows you to use at least two of three options (factors) to protect your account.
This step is very important and as soon as you open your Binance account you will be asked to set up 2FA. You cannot proceed with ID verification or successful withdrawal without setting up 2FA. There will be a persistent message on the homepage after logging into your account prompting you to set up 2FA. To enable 2FA on your account, watch the video below.
Related videos: How to Use 2FA – Two-Factor Authentication on Binance
How to complete identity verification (step by step)
Now that you’ve finished verifying your account, here are the steps you’ll take from start to finish.
Log in to your account and navigate to [Personal Verification] Page. To do that, hover over the ‘User Center’ icon at the top right of the navigation bar. Then click on the ‘Identify’ link as shown here.
The [Personal Verification] The page has three sections – Basic, Intermediate and Advanced Verification. We’ll consider two verifications later because Basic level verification will be completed by default when creating your account.
Select Identity Verification/Intermediate. You must complete Intermediate/ID verification before continuing with Advanced verification. Click the Verify button to continue with the ID verification.
Choose your nationality or country of residence. In this step, you will be presented with a dialog box prompting you to select your country of residence. This information is important as Binance is subject to different regulations regarding specific locations, and Binance policies and systems may not be in compliance in your region.
If so, you will not be allowed to trade on the platform. For users in the United States, Binance offers a stripped-down version of the global platform to serve that market called Binance America or Binance.US. The platform is more compliant with the strict regulations in the US. However, we strongly recommend using Coinbase Exchange for US residents.
There are two stages to ID verification, as noted on this page. In the first stage, you will submit your basic information, and in the next stage, you will provide ID documents and face verification.
Fill in basic identification information. This includes your name and residential address. Make sure that the name matches the name of the ID document that you intend to use for verification. Also, be sure to provide appropriate address details for a later stage of the Address verification process. You will have to provide a document for verification during that period, such as a bank statement. The address printed on that document will have to match the address you provide in this dialog box.
This is the end of this ID verification phase. After that, Binance will prompt you to proceed to the next stage of face verification.
Select document ID. Next, you will have to choose from three available options of government-issued identification. This is an international passport, driver’s license or national identification card. You may have more than one of these documents, but Binance requires only one of them.
Choose whichever you are most comfortable using and move on to the next stage.
Submit your document photo(s). Depending on the document you choose, you will be asked to submit one of both sides of the document. You can only have one photo for your passport, but you will have to upload a photo of both the front and back for the other two.
Binance allows submissions in the following file formats: JPG, JPEG, PNG and the file size is no more than 5MB.
Upload a self-portrait. In this next step, Binance will prompt you to upload a passport size photo. The file size and format requirements are similar to those provided for ID documents.
Complete face verification. The final step in this stage is face verification. Binance will use your device’s camera to scan your face. You can choose to use your webcam (if you use a computer to verify your identity) or the camera on your phone through the Binance app. Binance will provide a QR code to scan with the Binance app in case you choose the following code.
This step marks the end of Identity Verification. The steps are very simple and Binance requires you to complete all the steps in less than 15 minutes. The exchange also allows up to 10 attempts to verify your identity every 24 hours.
Verification will usually take less than an hour, but it can take up to 36 hours or even longer during peak times and rare occasions.
If your ID verification is successful, you can proceed to the next stage of address verification.
Advanced (address) verification
This stage involves proving your address. Binance will ask you for a document showing your current address.
Above [Personal Verification] , click the ‘Verify Now’ button in the Advanced section. Given that you have successfully completed the ID verification phase, the button should now be orange and clickable.
Binance will prompt you to enter your address. There will be two screens of the dialog during this phase. First, you will provide your address details. These details must match those printed on the document you plan to use to prove your address.
On the second screen, you will upload a document file that clearly shows your address. Binance only allows the following documents to be used during this verification phase.
- Bank statement
- Utility bills for your electricity, water/wastewater, gas, or internet.
Only documents issued within three months prior to the verification date are allowed. The file format to send can be PDF, JPEG, JPG, PNG with a file size limit of no more than 5MB.
Once you confirm your submission, you’re done. Binance will review the details and documents within ten days. Usually, this can happen earlier. If not, be patient and wait for the confirmation email.
Related videos: How to verify your Binance account
Identity verification is an important exercise for both Binance and you as a Binance customer. For Binance, it ensures that the platform is compliant with global regulations, and for you, it keeps your account secure and safe.
As we detailed above, the process is simple and straightforward. It’s quick and it usually takes up to 15 minutes to complete. Take the time to verify your identity and address to unlock all the benefits that come with a fully verified account.
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