EDUCATION

Correct Account Verification On The Binance Exchange 2021

Advertisement

It is said that Mr. Changpeng Zhao‘s business is growing rapidly and, due to its excellent service and a broad range of services, it is attracting increasing numbers of new customers. We will now discuss how to verify your account on Binance and the reason you require it. It is true that the requirement to provide documents prior to trading crypto is in opposition to one of the most fundamental rules of blockchain and the security of payments. However, you must take a closer look at the situation. If you make anonymity the top of your list, blockchain technology will become the exclusive property of the darknet and nobody in the government nor the society will ever allow the idea.

The complete security of digital currency owners will help to boost illegal markets. They claim that due to the advent of bitcoin as well as other cryptocurrencies that the opportunities to make unlawful transactions or laundering illicit money have risen dramatically. They’re partly right but there are many pitfalls as it appears. Particularly, since reliable trading platforms, to prevent money laundering, have introduced a mandatory identification verification procedure for customers who have an extensive trading volume. Therefore, let’s move directly to the main topic of the review, which is Binance verification for Russians as well as residents of other countries, in addition to the former CIS and what you must be aware of in order to go through the process for the first time.

New accounts can be created by registering a new one.

A few cryptocurrency trading platforms allow trading without the need for an account and synchronizing to the account. To join an exchange that is able to provide a substantial trading volume, you must sign up.

The client enters and confirms contact details such as email or number and generates an individual password to access the website. After that, an account for the individual is established, and in it, there is a multicurrency account to store assets.

On Binance the process of creating an account is precisely identical, and we will not discuss the issue more in-depth particularly because there is a distinct analysis on our site is dedicated to this issue instead, we’ll provide you with the steps to successfully pass KYC confirmation on Binance.

ID confirmation

You have now established an account, verified that you have an email account, and completed the basic security settings All that’s left is to confirm your identity. Since the 20th of August this year, Binance’s administration of the Binance exchange has altered its rules of service. Currently, full access to services may be gained only upon the successful completion of the intermediate phase of KYC. In accordance with the new regulations the verification process is broken down into three levels:

  • Base;
  • Intermediate;
  • Advanced;

The first two times with no exception and the third one can be put off until later.

This isn’t difficult to complete. First, log into the website https://www.binance.com with your username and password, open your personal account and go to the ” Identity confirmation ” tab.

Basic verification

The first step is to complete a form that states:

  • Citizenship;
  • FULL NAME;
  • Birthdate;
  • Residence address.

When the questionnaire is complete then submit the completed data to verify the data. Upon completion, move to the next stage that is Binance KYC.

Intermediate verification

You need to upload a photograph or scan the document to the page for photos. Accepted:

  • Identity card ID card
  • Passport;
  • Driver’s license.

In the past, you had to take a photograph of the passport cover or the reverse of your ID. However, now you must take a single high-quality image from the ID (driver’s license) then upload the image on Binance’s Binance Verification page.

People living in countries that are part that were part of the USSR typically use old-fashioned passports and not all have ID cards or documents to travel overseas. It was the case that the Binance team met these traders halfway and permitted authentication using internal documents like passports. Thus, download whatever you’ve got. The most important issue is that the duplicate of your passport supplied by you is easily examined.

Once you have done that, you will need to upload a picture of yourself and then go through a face-check. It is no longer necessary to take a picture with an open document, and an uncolored sheet of paper that has the name Binance as well as the date.

These requirements are different. You’ll require an internet-connected camera or smartphone that has the Binance application installed. In the event that the Webcam connects to a PC on a desktop and the third phase of verification will begin immediately. You will be asked to align the outline of the capture with your face and then slowly execute a particular move. For instance, you can move your head to the left or right, smile, or let your mouth open.

If you don’t have a camera on your web or webcam, don’t worry, use your smartphone. It is necessary to install your Binance trading app beforehand and sign it into the same account you’ll verify. Click the inscription “I do not have a webcam” on the verification page of the site https://www.binance.com and scan the QR code to pass the face verification through a smartphone. The process is similar in that you match the outline to your face, and follow the steps you are instructed to complete.

It is much easier and more efficient to perform a face-check using an app on a mobile. Once the process is complete the verification form within the mobile app will close while it will be possible to click the ” Finish ” button will pop up .

Make sure to click the caption that reads ” I completed my face verification on the mobile app ” on the Binance verification page on your desktop. You will receive a confirmation message that your documents have been accepted for verification, and an email is sent out to inform you regarding the outcomes. There is only one thing to do. The time to execute is contingent on the amount of work that is performed by the system and can range from 3 minutes to 10 days.

Extended verification

Once you have completed the initial two steps of KYC and have verified your identity, it’s not required to go to the third stage.

The account is authentic, and you have access to all the sections on the site. You are able to work with the traditional currency, make trades with P2P and utilize other services. However, if you’re not content with the maximum withdrawal limit that is 100 BTC and, further require additional advantages for transactions using fiat money, you must verify your address. The copies of utility bills that you have paid can be accepted for no more than three months.

Limits on withdrawal

After completing the initial verification process After completing the basic verification, you’ll be assigned the maximum limit for withdrawal at 0.6 BTC in 24 hours. This is to ensure that registered traders who don’t want to go to the next level are able to withdraw their funds at the time of exchange. Anyone who is new to trading must undergo intermediate verification, and then replenish their deposit and then begin trading.

As previously mentioned that a verified trader may be able to withdraw in a single day a sum equivalent to 100 bitcoins, at the current rate. On September 14th, 2021, the maximum amount in fiat equivalents will be about $ 4,600,500. That’s sufficient to cover the vast majority of customers. Most importantly you can withdraw rubles as well as other currencies that are supported through Binance. Binance exchange.

Frequent user mistakes

The exchange team during live broadcasts tried to address all common questions asked by users on the Binance CIS YouTube channel.

It is important to note that Binance’s passport internal cannot be verified. You can confirm your identity using Payeer and Advanced Cash services, however, this document won’t be valid for Binance.

You will require to have a passportID card, or international driving license (ordinary driver’s license issued by the Russian Federation with a photo). However, if you upload a photograph of your passport from within and the system accepts the document for processing. However, shortly you’ll get the following email message from Binance saying: Verification error.

Keep the images on the document in order. You must undergo an examination of your face in a bright room with no sunglasses or headgear. Sometimes, a person’s photo may be different from a passport picture. In this situation, the security services of the exchange will request additional documents to carry out a manual examination.

Conclusion

The process for establishing your identity at an exchange like Binance does not pose a security risk for your personal information. Your personal information is protected. The verified user can regain access to their account quicker in the event that they lose their password and the 2FA code for recovery.

It is more beneficial to verify your identity and make transactions on a reputable exchange rather than risking your funds on unreliable sites. Imagine what happens when a site is unwilling to offer you money or is insolvent. You’ll lose all your capital, and there would be nobody to report it. This won’t happen on Binance, and especially when you trade legally in your name. Congratulations!

Advertisement
Advertisement