Sun 07 Apr 2024 ▪3min read ▪ byEddy S.
In light of increased regulatory scrutiny, Binance is compelled to strengthen its security protocols. However, this strategic decision raises questions about the exchange’s ability to strike a delicate balance between complying with regulations and maintaining its leading position in the global crypto market. Investors and industry players are closely monitoring the evolution of this complex situation.
The Implementation of Strict Verification Measures
In an effort to comply with constantly evolving regulatory standards, Binance recently announced the introduction of new mandatory identity verification requirements. Specifically, all sub-accounts created under the Binance Link program will now have to undergo thorough KYC procedures. In practice, this means users will have to provide detailed information about their identity, income sources, and assets.
Moreover, failing to provide the required documents by May 20, 2024 will result in complete restrictions on the concerned account. Unverified accounts will then be unable to make deposits, withdrawals, or transactions on the platform. This initiative reflects Binance’s desire to protect against the risks of money laundering and funding illegal activities.
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Binance’s Regulatory Challenges
In addition to these security enhancement efforts, Binance is facing significant regulatory challenges, particularly in Nigeria. Indeed, the Nigerian authorities have brought several charges against the exchange, including money laundering and tax evasion, leading to operational bans. Alarmingly, Binance executives have even been arrested in Nigeria, underscoring the seriousness of the situation.
This delicate balance between innovation and compliance will undoubtedly define the future of Binance and, more broadly, the crypto industry as a whole. The crypto exchange’s ability to meet these challenges will be crucial in determining whether it can continue to thrive in this ever-changing environment.
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Eddy S.
Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
FAQs
Confirm that your personal information matches your documents. Your personal information you provide us at sign-up must completely match the identity documentation that you submit. Enable SMS two-factor authentication. Before verifying your identity, you must enable SMS two-factor authentication (2FA).
Why is my Binance account unable to verify? ›
If the system cannot detect your information on the photo, tap [Try again] to retake, or tap [Choose another document type] and use a different ID document to verify. 6. You'll also need to complete a face verification by taking a selfie.
Why am I unable to access my Binance account? ›
If you're unable to login to your account, it may be due to the following reasons: You entered an incorrect email address. You entered an incorrect password. You failed to access or enter the code from the Two-Factor Authentication (2FA) method you set.
Can I still use Binance without verification? ›
Creating a Binance account without completing KYC verification is possible; however, this will significantly limit your access to the platform's features. Without KYC, you will be unable to engage in buying, selling, or trading crypto, among other restrictions.
Why is Binance asking me to verify again? ›
Binance requires users to complete Identity Verification to increase their account security. Please visit How to Complete Identity Verification if you haven't completed the verification process.
What happens if you don t verify your account on Binance? ›
Existing users who haven't completed [Verified] will have their account permissions temporarily changed to “Withdraw Only,” limiting services to fund withdrawal, order cancellation, position close, and redemption.
How do I recover my Binance account? ›
Kindly choose any recovery email or phone number option, generate the code, verify the code and update the new password. Sometimes Gmail verification may take 48 hours to send the reset link. Request you to allow time for verification and you will get reset link on the contact email address provided.
Why did Binance restrict my account? ›
If we detect any violation by you of our Terms of Use, we may lock your account for a period of time or until the issue is resolved. There are several examples of this, but the most common are submitting a false document, engaging in abusive behavior, and showing signs of being a hacker.
Why is my Binance account disabled? ›
You may have violated our Binance Platform Terms of Use. You may be missing a document for KYC or AML purposes. Your funds may be associated with hacks or fraud. You may be a hacker or other malicious user.
Why would Binance lock my account? ›
Your account may be blocked for several reasons, including if: A hacker has gained access to your account: we need to block them to protect your funds. You recently interacted with a known scammer, and we want to protect you from the fallout of that contact.
While it's possible to use Binance without completing KYC (Know Your Customer) requirements, it's not recommended. The company requires users to complete KYC in order to trade on its platform, and failing to do so may result in your account being frozen or closed.
Do I need SSN for Binance? ›
A valid Social Security Number (SSN) or Taxpayer Identification Number (TIN) is required.
What is the limit of unverified account in Binance? ›
Unverified accounts have specific withdrawal limits, and users must navigate within these constraints until they complete the account verification process. For unverified accounts on Binance, the daily withdrawal limit is set at 2 BTC (Bitcoin) per 24 hours.
Why does Binance keep declining my card? ›
Transaction declined by the card issuer:
The bank may have placed a temporary hold on the customer's card. The purchase session may have been locked due to multiple declined payments. The seller is located in a country different from that of the card-issuing bank.
Why is Binance Authenticator not working? ›
If your Authenticator code for Binance.US is not working, please try the following: For iOS: Go to Settings > General > Date & Time > Toggle "Set Automatically." For Android: Go to Settings > System > Date & Time > Toggle "Automatic date & time" and "Automatic time zone."
What is the verification limit for Binance? ›
Level 1: Basic Verification - With Level 1 verification, users can withdraw up to 2 BTC per 24 hours. 2. Level 2: Intermediate Verification - With Level 2 verification, users can withdraw up to 100 BTC per 24 hours.
