why does binance require id

why does binance require id?

Why do I need to verify my Binance Account from time to time? Binance requires all users to complete Identity Verification to increase their account security and to comply with countries’ regulations. Therefore, you might be asked to re-verify your Binance account from time to time.2021年12月1日

Furthermore,Can I use Binance without ID verification?

All new users are required to complete [Verified] to access Binance products and service offerings, including cryptocurrency deposits, trades, and withdrawals.

Subsequently,Why does Binance need so much information?

Fraud prevention and credit risks. We process personal information to prevent and detect fraud and abuse in order to protect the security of our users, Binance Services and others.

Furthermore,Why does Binance need a photo ID?

Crypto exchange Binance on Friday told new and existing customers to complete an ID verification process. The company, which is facing regulatory scrutiny worldwide, said the process will help combat financial crime. Users must upload a selfie for facial recognition as part of the verification process.

Long,What happens if I don't verify my Binance account?

1. What happens if I can’t complete the verification within the deadline? If you haven’t completed the new verification within the deadline, your Binance account will be restricted to “Withdrawal Only”.

Related Question Answers Found

Does Coinbase require ID?

As a regulated financial services company, Coinbase is required to identify the users on our platform. Per the Coinbase User Terms, we require all customers to verify their identity to continue using our service.

Is it safe to provide ID to Binance?

Effective immediately, all new users will be required to provide additional personably identifiable information (PII) to access Binance services such as deposits, trades, and withdrawals. Existing users will lose access to most services except withdrawal until they provide the necessary PII.

Which countries Cannot use Binance?

USDⓈ-M Futures, Coin-M Futures, Margin, Binance Options, Vanilla Options and Leveraged Tokens (“Futures and Derivatives Products”) will not be available to all users of the Netherlands, Germany, Italy, Australia and Hong Kong, and retail users of the United Kingdom.

Can I withdraw money from Binance without verification?

Existing users who have not yet been verified will have their account permissions changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption. These restrictions are being implemented in phases to minimise user-experience disruption.

Does Binance need KYC?

When it comes to regulatory and compliance requirements, Binance takes its role very seriously. Apart from just meeting our legal obligations, KYC (Know Your Customer) or otherwise known as Identity Verification, also ensures our users are as safe and secure as possible.

What is needed to verify a Binance account?

Most users can choose to verify with a passport, ID card, or driver’s license. Please refer to the respective options offered for your country. 7. Follow the instructions to upload photos of your document.

Why does Binance need my SSN?

Binance requires users to complete Identity Verification to increase their account security.

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