October 19, 2021

Binance Verification: How to Avoid KYC Errors the First Time

Binance Verification: How to Avoid KYC Errors the First Time

Today we will tell you about how an account is verified on the Binance crypto exchange and why it is needed. It would seem that the requirement to submit documents,before trading crypto goes against one of the basic principles of blockchain payment privacy. But, you need to really look at things. If you put anonymity at the forefront, the blockchain will become the property of the darknet and neither the powers that be nor society will ever accept it.

Crypto-skeptics argue that complete anonymityholders of digital currencies is an aid to the black market. They say that with the advent of bitcoin and other crypto coins, the possibilities for making illegal transactions and laundering dirty money have increased significantly. They are partially correct, although not everything is as simple as it seems. Especially after all reputable trading platforms, in order to ensure anti-money laundering, introduced a mandatory identity verification procedure for clients with a large trading volume.

So, let's go directly to the topic of the review, verification on Binance for Russians and residents of other countries, as well as the former CIS, what you need to know in order to go through the procedure the first time.

Registering a new account

To access the Binance cryptocurrency exchange, you need to register on the official website https://binance.com.

The client provides and confirms the addresse-mail box or mobile phone number and, creates an individual password to enter the site. Only after that, a personal account is provided, in which there is a multicurrency wallet for placing assets.

Binance Verification: How to Avoid KYC Errors the First Time

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The account activation code will be sent to this email address, which must be entered into a special field on the trading platform.

Binance Verification: How to Avoid KYC Errors the First Time

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This completes the registration process.Detailed instructions on how to create an account on Binance can be found here. And then we will tell you how to go through KYC verification (identity verification) on Binance.

ID confirmation

So you've created an account, verifiedemail, completed the basic security settings, it remains to go through identity verification. Since August 20, 2021, the administration of the Binance exchange has changed the service rules and now full access to services can be obtained only after completion intermediate stage KYC.

According to the new rules, the verification procedure is divided into three levels:

  • Base;
  • Intermediate;
  • Advanced;

The first two pass without exception, the third can be left for later.

Binance Verification: How to Avoid KYC Errors the First Time

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This is not difficult to do. First, enter the website https://binance.com with your username and password, open your personal account and go to the “ID confirmation".

Basic verification

Binance Verification: How to Avoid KYC Errors the First Time

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First you need to fill out a form indicating:

  • Citizenship;
  • FULL NAME;
  • Date of birth;
  • Residence address.

After the questionnaire is completed, submit the data for verification and upon completion, proceed to the second stage of Binance KYC.

Intermediate verification

Binance Verification: How to Avoid KYC Errors the First Time

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You must upload a photo or scanned copy of the document on the photo page. Accepted:

  • ID card of identity card;
  • The passport;
  • Driver's license.

Previously, you also had to take a photopassport cover or the back of an ID card, but for now, all you need to do is take one high-quality photo of the document (driver's license) and upload it to the Binance verification page.

Residents of the countries of the former USSR, mainly useNot everyone has old-style passports, id-cards and documents for traveling abroad. The Binance team met such traders halfway and allowed verification using an internal passport. Therefore, download what you have, the main thing is that the passport copy you provided can be easily read.

Binance Verification: How to Avoid KYC Errors the First Time

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After that, you must upload a portrait photo and go through a dynamic face check. You no longer need to take a selfie with an open document and a white sheet of paper with the inscription Binance and the current date.

Now the requirements are somewhat different. You will need a webcam or smartphone with the Binance app installed. If the webcam is connected to a desktop PC, the third stage of verification will start automatically. You will be asked to align the video capture outline on the display with your face, and slowly perform a specific movement. For example, turn your head left or right, nod, or even open your mouth.

Binance Verification: How to Avoid KYC Errors the First Time

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If you don't have a webcam, it doesn't matter, use your smartphone... You need to download the trading application in advanceBinance and log into it under the same account that you will verify. Click on 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 procedure is the same, match the outline with your face and do what you are asked to do.

I must say that it is much more convenient to undergo a face check in a smartphone. When the procedure is completed, the verification form in the mobile application will close and the "Finish" button will appear.

Click it and be sure to click the inscription: “I have completed face verification in the mobile app”On the Binance Desktop Verification page.You will see a message that the documents have been accepted for verification and an e-mail will be sent to you about its results. It remains only to wait. The execution time depends on the workload of the system and is from 3 minutes to 10 days.

Extended verification

After you have successfully completed the first two stages of KYC and verified your identity, it is not necessary to move to the third level.

The account is already considered verified, and you get access to all sections of the platform. You can work with traditional currencies, trade on P2P and use other services.

If you are not satisfied with the withdrawal limit of 100BTC and in addition, additional preferences are needed for operations with fiat money, confirm the address of residence. Copies of paid utility bills are accepted no older than three months.

Withdrawal limits

Immediately upon completion of the basic verification, you will be set a maximum withdrawal limit 0.6 BTC in 24 hours... But this is only for earlierregistered traders who did not want to proceed to the next stage could withdraw their money from the exchange. A beginner must immediately go through intermediate verification and then replenish the deposit and start trading.

As already mentioned, a verified tradercan withdraw from the exchange in one day an amount equivalent to 100 bitcoins at the current exchange rate. As of September 19, 2021, this limit in fiat equivalent will be approximately $ 4,600,000, which is more than enough for the vast majority of users. And, most importantly, you can withdraw rubles or other traditional currencies that are supported by the Binance exchange.

Frequent user errors during verification

The most common mistakes when verifying your identity and tips on how to avoid them:

  • Please be aware that Binance's internal passport is not verified. With its help, you can verify your identity on Advanced Cash and Payeer services, but such a document will not work for Binance.
  • Need a passport, ID card or international law (ordinary driving license of the Russian Federation with a photo). Although if you upload a photo of your internal passport, the system will accept the document for processing, but soon you will receive an email from Binance: verification error.
  • Try to have photographs of documents clear... You need to undergo a face check in a well-lit room, without a headgear or sunglasses.
  • Sometimes a client's selfie can be very different from a passport photo. In this case, the security service of the exchange asks for additional documents in order to perform a manual check.

Conclusion

Identity verification procedure for such a solidan exchange like Binance poses no threat to your personal safety. Customer data is reliably protected. The verified user will recover access to the account much faster in case of losing the password and 2FA recovery code.

It is better to pass verification and trade on a reliableexchange than risking your assets on little-known sites. Imagine what would happen if such an exchange does not want to give you your coins or suddenly goes bankrupt. You will lose all your capital and there will be no one to complain to. This will never happen on Binance, especially if you trade legally under your own name.

The official website of the Binance crypto exchange is https://binance.com.

Binance Verification: How to Avoid KYC Errors the First Time

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