FAQs
Binance is a cryptocurrency exchange that allows users to buy, sell, and trade various cryptocurrencies. Binance account verification is necessary to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are designed to prevent fraud, money laundering, and other illegal activities.
Why does Binance need identity verification? ›
Binance requires users to complete the KYC (Know Your Customer) verification process before they can withdraw funds. This is a common requirement among cryptocurrency exchanges to comply with anti-money laundering regulations and to ensure the security of user accounts.
What happens if you don t verify your account on Binance? ›
Such user will not be able to buy/sell crypto and the system will keep showing you how to verify your account.
Why is Binance asking me to verify again? ›
To enhance account security and secure your assets, Binance may require you to complete additional identity verification procedures for specific fiat services. Additional verification will be triggered when you start using the fiat service on Binance. You will be asked to resubmit your ID verification.
What does Binance do with your ID? ›
This ID is used to verify the user's identity and to keep track of their account activity. It is important to keep the Binance ID safe, as it can be used to gain access to the user's account and funds. Additionally, it can be used to link the user's account to other services, such as the Binance Visa Card.
Is it safe to verify identity on Binance? ›
But don't worry, Binance makes sure everything's safe and sound for everyone. Remember, a smooth verification needs your ID and a smile for a selfie. So, have your documents ready, and you'll be trading in no time. Happy trading!
Can you still use Binance without ID verification? ›
Creating a Binance account takes seconds, but in order to unlock full account privileges, you must verify your account. We require basic identity verification to help secure your account and comply with laws and regulations. Rest assured, your personal information is securely encrypted both in storage and in transit.
Why does Binance need my SSN? ›
To complete basic verification on the app:
Otherwise, open the Binance.US app and tap the Verify Identity button at the top of the screen. 2. Enter the last four digits of your Social Security Number (SSN). Your SSN is required by federal law, and all your personal data is securely stored.
Can I deposit into Binance without verification? ›
To comply with global financial rules & regulations, KYC (Know Your Customer) verification is mandatory for every Binance user. KYC not only protects the exchange, but it also provides an additional layer of security to each user's account while allowing them to enjoy unrestricted use of Binance's services.
Can I withdraw and deposit in Binance without verification? ›
Binance allows users to deposit without verification to make it easier for users to get started with trading, especially for those who do not need to withdraw large amounts. However, once a user exceeds the deposit limits or wants to withdraw, they will need to complete the verification process.
Log in to your Binance account: Go to the Binance website or app and log in to your account. 2. Go to the verification page: Click on the user icon in the top right corner of the screen and select "Identification" from the drop-down menu. This will take you to the verification page.
What are the new rules for verification on Binance? ›
Only verified and compliant users will be granted access to their sub-accounts. Starting from 2024-03-20, Binance has been applying restrictions to sub-accounts that have not had compliant Know Your Customer (KYC) documentation in place.
Is it safe to give Binance my SSN? ›
Binance US requires new users to provide an SSN for regulatory reasons and to help prevent fraudulent activity. Binance assures users that it does not store their social security number details, though some users are uncomfortable sharing them.
How long does it take Binance to verify my identity? ›
How long does Binance verification typically take? The time for Binance verification can vary. Typically, the process can take from a few minutes to several days, depending on the volume of requests and the accuracy of the information provided.
Why does Binance require SSN? ›
In order to protect our customers, prevent fraudulent activity, and be fully compliant with regulations for the trading of digital assets, we require the submission of personally identifiable information. This includes the submission of selfies, SSN, bank statements, etc.
Can you invest in Binance without verification? ›
Binance is a centralized exchange where you can buy several cryptocurrencies including Bitcoin. Before you can use the Binance platform, you'll need to open an account and verify your identification.
