How long does binance us pending verification take? What documents are required?
Cryptocurrency is a great game but there are some pre-requisites. One of them is KYC. “Know Your Customer” (KYC) procedures can be a huge deal for binance us, pending verification. We will discuss the list of documents required. It is almost impossible to use most centralized platforms without completing your KYC. Binance verification is possible because financial regulators have established important laws regarding cryptocurrency to protect users and platforms from illegal activity.
It usually takes up to 15 minutes to submit all the required information and documents. Binance will then review the details and documents within 10 days.
Some exchanges allow customers to use basic features without KYC. Others require identity verification before they will let you trade or deposit. Binance is the largest cryptocurrency exchange globally, and users can withdraw up to 2 BTC per day without verification. In this instance, all you need is an email address.
An unverified account is ideal for casual investors not looking to hold large amounts of cryptocurrency.
The article will cover everything, from why verification is important to Binance verification to how to complete it, the time involved, setting up 2FA to protect your account, and what to do if your verification fails.
Is it possible to use Binance with no ID verification?
Why Is Binance Verification Important?
Cryptocurrencies’ anonymity has made them an attractive option for illegal money transfers. Most governments require exchanges to verify their customers’ identities to track who is sending which funds and for what purposes. It is evident in the case of France’s stricter KYC policy towards crypto transactions. In September 2020, 29 people were arrested in France for using cryptocurrency to finance Islamist extremists.
Basic level verification should not be a problem unless you are trying to hide something. Binance’s withdrawal limit of 2 BTC should suffice for most traders and investors.
A verified Binance account comes with many benefits, including a higher withdrawal limit of up 100 BTC crypto per day, increased deposit limits and withdrawal limits for specific fiat channels, and the possibility to trade fiat currencies.
What happens to your Binance account if it isn’t verified?
Existing users will have their account permissions temporarily modified to restrict withdrawals, cancellations, closing positions and redemptions for those who have not completed ID verification.
How long does binance us verification takes?
It is very easy to complete your Binance verification. It is not possible to give a single answer on how long it takes for your Binance verification. It depends on how busy the support staff is. It is possible to get approval within a few minutes, but waiting up to one week is also possible. You can trade and withdraw up to 2 BTC even if your account is not verified.
Binance Verification Time explained
The entire identity verification process on Binance is possible within a 15-minute window. It includes filling out your basic information and completing the verification photo. Ensure that you do not refresh your browser during the verification process.
You should also know that you can verify your identity nine times more if the verification fails. That is within 24 hours, and this is a total of 10 trials per day. Your application to verify identity may be denied up to 10 times in 24 hours, and the next 24 hours will be required to try again.
Identity verification is more advantageous to Binance than you, the customer, and you only get a higher withdrawal limit. Binance, on the other side, is protected and can report any money laundering to authorities.
Two-factor authentication (aka 2FA) is an additional layer of Security for your Binance account. You can also set up 2FA using your password and email address. You must enable 2FA before you can verify your identity on the exchange.
I’ll show you how to set up 2FA on your Binance account and then how to verify your identity.
Binance Google Authenticator
Follow these simple steps to activate the Binance Google authenticator.
- Log in to Binance and select “Security” under the dropdown menu.
- To begin the authentication process, locate the 2FA section of the security page. Click “On.”
- The Google Authenticator app can be downloaded to your phone or PC. The authenticator can also be installed as a Chrome extension if you’re using a Chrome browser.
- You can copy and paste the Binance key or scan the QR code using your mobile phone. It is important to keep this key safe.
- You can backup your key by writing it on a piece of paper. Make sure you keep it safe.
- Next, activate your Binance Google authenticator. Click on “Submit”
Binance Authenticator from Google for a New Phone
The steps are the same regardless of whether you buy a new device or phone. Refer to the above section if you haven’t activated 2FA for your Binance account. If you’ve lost your device, you can install Google Authenticator on the new phone. Then insert the key that you backed up while enabling 2FA. If you lose your 2FA, things can get very messy. Binance Customer Support is your only option in such cases.
Binance Email Change
You never know what could happen to your email. Follow these steps to modify your Binance email address.
It is easy to verify Binance. It takes just 15 minutes to submit all required information, and Binance will review your details and documents in 10 days.
- Open a Binance account and click Security in the dropdown menu.
- Click on the Email verification section to reset
- To begin the process, read all the reminders. Click the “Next” button.
- Click on “Get Code” to access an older email. A 6-digit verification code is sent to your email. Click on “Submit .”
- Next, you will be asked to enter your new password and email address.
- A second verification code will be sent via email to your new address. Enter the 6-digit code, and then click on submit. Once your new information is approved, it will be reviewed.
You can also access your old email if you don’t have it. Step 4: Select “Security Verification Unavailable?” You will need to use your SMS or Google authentication to complete the process.
Binance Phone Number verification
You can create a Binance account by using your email address. The exchange also allows you to use your mobile number to create an account. These steps are fairly similar. You can also integrate SMS authentication into your account number, which will make it even more secure. You will receive a 6-digit code via SMS whenever you log in or withdraw money.
Binance SMS Not Working
There are many reasons why SMS authentication may not work, even after you have set it up. It can be very frustrating, especially if you’re in the middle of a crucial transaction. Poor network signal, a firewall or call blocking app nearby are some of the main culprits. Try moving to another location, restarting your phone or using voice verification.
Contact Customer Support if the above steps do not resolve the problem.
How to Complete your Binance Verification
Complete your Binance identity verification by visiting the open your Binance Account page. Click on the profile icon and navigate to “Identification.”
Binance Address Verification Failure
Binance’s next verification level is address verification. The exchange stated that address verification would “further raise deposit limits for certain fiat channels span.
Click on the “Verify” button in the address verification section to verify your address. Complete the required information, including your country, address and postal code. Click on “Verify” to confirm. You may need to provide additional documents depending on where you are from, such as a utility bill, bank statement, or proof of address.
What happens if your Binance verification fails to pass?
That is a list with common indicators to remember when verifying your identity via Binance.
- You have 15 minutes to complete your request.
- It would be best not to refresh your browser until you verify your identity.
- Binance accepts only JPEG and PNG photos
- Clear photos with all relevant information must be displayed.
- Don’t edit the photos you send.
- It would be best if you had your face completely visible.
- You must have a valid ID and documents.
- To verify your address, your ID must match the address.
What is KYC verification Binance?
A crypto exchange with a strong KYC process can identify and understand the user. That allows us to evaluate potential threats to user protection. The identity verification serves as a deterrent to people who might use the exchange for money laundering or other illegal activities.
Binance verification documents
KYC is a process banks and financial institutions use to collect contact information and identify data from potential and current customers. It is used to prevent fraud, money laundering and other illegal activity and protect financial accounts from being misused.
The 2001 USA Patriot Act requires that banks in the United States use KYC. The Financial Action Task Force (FATF) was created in 1989 to combat money laundering. FAFT establishes standards and makes recommendations for achieving this goal using Anti-Money Laundering practices. Member countries and jurisdictions enforce various laws and rules to comply with AML guidelines. AML and KYC go hand in hand to help prevent criminal and dishonest financial activity.
KYC procedures are usually initiated before a person becomes a customer. Before opening an account, financial institutions must verify that the potential customer is actually who they claim to be. This process can look different for every bank because there are no legal verification standards.
Some documents that are required for KYC processes include:
- Driver’s license / Government-issued ID with photo
- Social security number
- PAN card
- Voter ID card
Also, address verification is required. The bank may require applicants to submit additional documentation depending on their practices. Examples include a utility bill or account statement from another bank, credit card issuer, or lease agreement.
Banks are required to update customer records periodically after opening an account. Banks are required to periodically “recertify” customers by making requests for KYC information. They assign customers a risk level and monitor customer transactions to ensure they behave as expected.
KYC practices don’t just apply to banks. Financial investment companies use KYC procedures in compliance with Financial Industry Regulatory Authority’s (FINRA) KYC Rule 2190. These KYC practices are not intended to be an AML effort, and they help investment firms better understand their clients’ needs.
Users can often create accounts before completing the KYC process for cryptocurrency exchanges. These accounts are not verified and have limited functionality.
KYC practices have a clear advantage in reducing and eliminating money laundering, financial fraud, and other criminal activities. It can make things more complicated and take longer, especially for banks and customers. However, the benefits are likely to outweigh any inconveniences, and standardized practices could help to streamline the process.
The use of cryptocurrency to transact Illicit Activities has been a topic of much attention globally. It is beneficial for cryptocurrency and its reputation to reduce that. While compliance is not easy, it should be encouraged. Users should not give sensitive information without first ensuring that security measures are in place to protect the data.
How can I confirm my identity on Binance?
Step-by-step instructions on how to verify identity
- Log in to your account to navigate the “Personal Verification” page.
- Select Intermediate/Identity verification.
- Choose your country of origin or nationality.
- Please fill in the basic information.
- Choose an ID document.
- Send a photograph of your document.