In the wake of the recent Binance hack, many users are wondering if KYC (know your customer) verification is necessary in order to use the exchange. While Binance does not require KYC for all users, there are certain circumstances in which it is required.
For example, if you want to withdraw more than 2 BTC per day, you will need to go through the KYC process. This is because Binance is required by law to collect certain information from its users in order to comply with anti-money laundering regulations.
NOTE: WARNING: The Know Your Customer (KYC) process is required for certain transactions on Binance. This means that you must provide identifying information such as your name, address, and proof of identity in order to complete the transaction. Failure to do so could result in the transaction being canceled or blocked.
So, while KYC may be annoying for some users, it is actually a good thing. It helps to keep the exchange safe and compliant with the law.
So, if you are planning on withdrawing a large amount of money from Binance, be prepared to go through the KYC process.
2 Related Question Answers Found
Binance is one of the most popular cryptocurrency exchanges in the world, and it offers a wide range of features and services to its users. One of the most important features of Binance is its Know Your Customer (KYC) program, which is designed to protect the exchange and its users from fraud and money laundering. Under the KYC program, Binance requires all users to provide their real name, date of birth, and location.
This is a question that has been on the minds of many cryptocurrency users since Binance announced their new partnership with identity verification provider Jumio. The short answer is: we don’t know yet. Binance has not yet released any official statements about whether or not they will require KYC (Know Your Customer) verification for all users, and if they do implement such a measure it remains to be seen how strict they will be in enforcing it.
