Looking to get verified on the Binance crypto asset exchange? Wondering how long the process will take, or just interested in what’s behind the Know Your Customer (KYC) process? Binance, the world’s leading crypto exchange for several years now, has become one of the go-to exchanges for investors looking to get involved in crypto assets.
Like most centralized financial exchanges, Binance is required to carry out a review of new users in order to comply with global financial regulations. The two main sets of rules that the Binance process adheres to are those pertaining to Know Your Customer (KYC) and anti money laundering (LMA).
While cryptocurrencies often give users the impression of anonymity and the subversion of government interference, users are still required to verify information related to their identity to comply with global regulations.
The good news is that Binance has made its user verification process simple, fast, and straightforward. In total, the process should take less than 15 minutes for a user to submit their identity verification. Back-end processing for Binance may take longer, depending on whether additional information is required.
In August 2021, Binance Announced a review of your user identity verification process. According to the announcement, all new users will need to complete the exchange’s “intermediate verification” process to gain access to the exchange’s products and services. Additionally, existing customers will be required to submit intermediate verification or otherwise restrict their accounts to withdrawing services only.
While all new users must follow the guidelines for intermediate verification before accessing Binance trading features, customers prior to August 2021 may still need to upgrade their accounts.
To check their account status and verification level, customers can navigate to the User Center tab and then click “Login”. Once on the login page, users can confirm their intermediate status or get verified to unlock all features of their account.
Why does Binance require identity verification?
Crypto investors can enjoy anonymity in their transactions, but exchanges that allow trading must follow global regulations. According to Binance, their identity verification process is designed to meet KYC standardsthat help protect customers against “fraud, corruption, money laundering and the financing of terrorism.”
Depending on the user’s region or payment method, the exchange may require an even higher level of identity verification to ensure security. Binance describes a series of additional reasons why users may be prompted to complete identity verification beyond the initial process, including users trying to access their account from multiple IP addresses, users who have not completed face verification or enabled two-factor authentication (2FA).
How long does Binance verification take?
Verification time will depend on several factors, including the region you are in and the types of documents you submit. Binance uses an authentication process that is based on matching a user’s photo with their government-issued documents.
The better the quality of the photo and document submission, the easier the authentication process will be. Therefore, it benefits you as a user to submit high-quality photos and use a government-issued ID that Binance can easily authenticate. Binance will send users an email once their account is verified.
If verification fails, they will reset the app and prompt users to resubmit new documents. Users can check the status of their verification in the Basic information page in account settings.
What about Binance US?
According to the most recent update from Binance US, the exchange completes the verification in a timely manner. In general, Binance says that the verification process can be completed in a few minutes.
However, there are some cases where verification can take a few business days, and the exchange asks users to be patient with the process so that the team has time to review the application. While there are some horror stories on the internet about verification taking weeks or months to complete, most users report that the process takes several hours to complete.
Again, the process will depend on the quality of the submitted documents, which is why Binance encourages users to read their Tips for Success Frequently Asked Questions Y Proof of Address Policy before submitting an application.
Step-by-step identity verification
Users looking to get verified should be able to complete the process in less than 15 minutes. Existing users of the exchange can log into their accounts, click on the “User Center” option, and then go to “Login”. Once on this page, customers can click the option to “start” verifying their account. Alternatively, new users will be directed to the “Get Verified” portal from the home page when setting up their account.
Binance offers various levels of verification, including Verified, Verified Plus, and Enterprise Verification. Each level allows users greater access to deposit and withdrawal limits in exchange for a higher level of identity verification. The limits for each level are listed on the verification page and vary by country.
Once users have entered their location in the “Residential Country/Region” option, they can select their level and click the “Start Now” button to begin the verification process. Users should be aware that their identification documents MUST be consistent with their selected country of residence.
While the process will vary depending on the user’s location, Binance will show users a list of requirements to get verified. In general, the process involves:
- Submit personal information, such as first name, middle name, and last name, as well as the date of birth that matches your identification documents.
- Upload images of a valid government identification card or other document that confirms the customer’s name, date of birth, and location. Users can select the type of identification and the country from which their documents were issued. Accepted documents include passport, identity card and driver’s license. Photos and scans of documents must clearly show the entire document, such as the front and back of an identification card. Users should ensure details are clearly visible to avoid verification delays.
- Once the document photos have been uploaded, users will be prompted to send a selfie from their device. Users can upload an existing photo from their device using the “Upload File” button. Binance asks users to wear a “neutral expression” and to ensure that their face is visible and centered, with their eyes open. Users are also asked NOT to submit a cropped photo of the previously uploaded government ID or passport, or attempt to hide parts of their face with hats or other items.
- Once the selfie has been submitted, Binance will confirm the user’s identity by completing a “facial recognition” scan. Binance will compare the face verification through the device camera with the previously uploaded selfie and valid identification documentation. Binance asks users to avoid wearing hats or glasses, along with using filters and low lighting during this process. The exchange also provides a QR code for users who want to complete the facial recognition part through the Binance mobile app.
Once the facial recognition step is complete, Binance will review the submitted data and notify the user that their account has been verified via email. The process is usually quick, but can take longer if documents and facial recognition need to be verified independently. In the event that facial recognition or other documents do not provide adequate verification or are denied, a user may attempt to complete the process again up to 10 times in a 24-hour period.
Other steps in the verification process
In rare cases, Binance may require “additional certificate information” from a user to complete verification. This usually happens when a user’s selfie doesn’t match the identification documents she has submitted. In case additional information is required, Binance asks users to wait several days for a manual verification to take place.
The benefits of being verified on Binance are well worth the time and effort of submitting the required documentation. Verification increases security measures on a client’s account, and identity verification serves as a way to prevent unwanted or outside access to funds.
Certain credentials, such as bank account details, cannot be changed once verified, ensuring that a hacker cannot withdraw your funds to a different account.
Users are also rewarded with higher trading limits and full access to Binance features and products. Existing unverified accounts, or those without intermediate verification, are limited to small withdrawal amounts. Once verified, the limit increases substantially, with higher levels of verification corresponding to larger increases in the limit.
Featured Image via unsplash