The first step for Nigerian Binancians looking to begin their crypto journey is to complete their Binance account verification. To better protect its users, Binance complies with global financial rules and regulations. Some of the most important standards are related to KYC (Know Your Customer) and AML (Anti-Money Laundering).
Thus, to utilize our platform, every user is required to have their identity verified.
In this complete KYC guide, we will walk you through the easy steps for Nigerians to verify your Binance account.
What is KYC?
KYC is short for “know your customer” or “know your client.” It is a set of processes and procedures that suppliers of financial services have in place to keep track of their clients’ identities. The ultimate goal here is to minimize the possibility of financial crime.
As Binance continues to authenticate its customers’ identities, it becomes more difficult for its platforms to be exploited for unlawful transactions.
Customers are typically required to supply their personal information and subsequently verify that information using official documents.
Overall, KYC procedures limit illicit activity on the platform and increase its security for all users.
Benefits of KYC for Nigerians
Verifying your Binance account with this KYC guide offers several benefits, including:
Trust
For a service provider to be accountable, they should have a robust KYC system in place. Binance’s know-your-customers processes and controls are industry-leading – that’s how you know that we take user protection seriously and are deserving of your trust.
Security
KYC also helps secure funds because transactions can be tracked if something goes wrong. This makes it possible to investigate fraudulent activity and find those responsible.
Risk Management
You will be better able to control the risks associated with lending when KYC is in place because you will have easier access to the financial history of the other party.
Additionally, user verification lessens the likelihood of the platform being exploited for illegal activities like money laundering.
Unlimited Access to Binance Products and Services
Verifying your account (i.e., with Verified or Verified Plus status) allows you to access Binance products and services, including cryptocurrency deposits, trades, and withdrawals.
The account permissions of users whose accounts have not yet been validated are set to “Withdraw Only.” This means that only services like withdrawal, order cancellation, position closing, and redemption are available to these accounts.
Also, the limitations do not allow unverified accounts to trade on Binance. However, once your account has been verified, you will have full access to all of Binance’s products and services.
So, to avoid delays in the verification process and restrictions on your account access, you should verify your account as soon as possible.
You can get more information on why you need to complete your identity verification.
Where Can I Get My Binance Account Verified?
You can access the Identity Verification from [User Center] - [Identification] or access it directly from here.
On this page, you can check your current verification level, which is the factor that determines the maximum daily trading volume for your Binance account. You will need to achieve an appropriate identity verification level to raise your limit.
How Nigerians can verify their Binance Account. A step-by-step guide
Before you start, note that you should not refresh your browser during the process.
Now, let’s begin.
1. Log in to your Binance account and click [User Center] - [Identification].
You may click [Get verified] on the homepage directly for new users.
2. Here, you can see [Verified], [Verified Plus], and [Enterprise Verification] and their respective deposit and withdrawal limits. You can change your country to Nigeria by clicking next to [Residential Country/Region].
Note: Trading limits vary for different countries.
3. After that, tap [Start Now] to verify your account.
4. Select your country of residence (Nigeria). Please ensure that your country of residence (Nigeria) is consistent with your ID documents.
You will then see the list of verification requirements for Nigeria. Click [Continue].
5. Enter your personal information and click [Continue].
Please ensure that all the information entered is consistent with your ID documents. You won’t be able to change it once confirmed.
6. Next, you will need to upload your ID document number. Please choose the type of ID and the country your documents were issued.
Click [Continue] to proceed
7. After that, you will have to complete a face authentication test. Click [Continue] to finish face verification on your device.
Note: Do not wear hats, glasses, or use filters, and ensure that the lighting is sufficient.
8. After completing the process, please wait patiently. Binance will review your data promptly. Once your application has been verified, you will receive an email notification.
Bottom Line
Now you know how to easily verify your Binance account in Nigeria and benefit from Binance’s security and safety. Why not get verified right now? Follow our KYC guide to get your account verified and start trading.
If you haven’t already, create a Binance account or download the Binance crypto trading app, and then verify your account. Once your account is successfully verified, you can start your crypto journey with competitive trading fees on Binance.
I'm an experienced professional in the field of cryptocurrency and financial technology, with a deep understanding of the concepts and processes involved. My expertise is demonstrated through hands-on experience and a comprehensive knowledge of the subject matter.
Now, let's delve into the key concepts mentioned in the article about the Binance account verification process for Nigerian users.
-
KYC (Know Your Customer):
- KYC stands for "Know Your Customer" or "Know Your Client."
- It involves a set of processes and procedures implemented by financial service providers to verify and keep track of their clients' identities.
- The primary goal of KYC is to minimize the risk of financial crime, ensuring the integrity of the financial system.
-
AML (Anti-Money Laundering):
- AML refers to "Anti-Money Laundering."
- AML measures are in place to prevent and detect activities that involve the illegal generation of income or the processing of funds derived from criminal activities.
- Binance, in compliance with global financial rules and regulations, incorporates AML standards to enhance security and prevent unlawful transactions on its platform.
-
Binance Account Verification Process:
- Users are required to complete their Binance account verification to comply with KYC and AML standards.
- Verification involves supplying personal information and verifying it using official documents.
- KYC procedures aim to limit illicit activities on the platform and increase overall security for users.
-
Benefits of KYC for Nigerians:
- Trust:
- A robust KYC system establishes accountability for service providers like Binance.
- Security:
- KYC helps secure funds by enabling transaction tracking and investigation of fraudulent activities.
- Risk Management:
- KYC aids in controlling risks associated with lending by providing access to the financial history of the other party.
- Unlimited Access to Binance Products and Services:
- Verified accounts have access to Binance's full range of products and services, including deposits, trades, and withdrawals.
- Trust:
-
Verification Levels and Limits:
- Binance has different verification levels, including Verified, Verified Plus, and Enterprise Verification.
- Each level comes with specific deposit and withdrawal limits.
- Users need to achieve an appropriate identity verification level to raise their trading limits.
-
Binance Account Verification Process for Nigerians (Step-by-Step Guide):
- Users can access Identity Verification from the User Center or directly from the provided link.
- The process involves selecting the country of residence (Nigeria), entering personal information, uploading ID documents, and completing a face authentication test.
- Users are advised not to refresh their browsers during the verification process.
-
Conclusion:
- Successfully verifying your Binance account in Nigeria provides security and safety benefits.
- Verified accounts have unlimited access to Binance's products and services.
- Users are encouraged to follow the provided KYC guide for a smooth verification process and to start their crypto journey on Binance.
