Verifying your Binance account is necessary if you want to deposit or withdraw fiat currencies (i.e. government-issued currencies like USD, EUR, GBP, etc.).
This is because Binance is a crypto-only exchange and is not licensed to handle fiat currencies. Therefore, if you want to deposit or withdraw fiat currencies, you must use a third-party payment processor like Simplex or Koinly.
Simplex is a licensed financial institution that allows you to buy crypto with your credit or debit card. When you use Simplex, your fiat currency is converted into crypto and then sent to your Binance account.
NOTE: Warning: Verifying your Binance account is an important process that needs to be completed to access certain features on the platform. Without this verification process, your account may be restricted or even suspended. Additionally, verifying your identity may be necessary for you to comply with local laws and regulations. It is important to keep in mind that Binance does not guarantee the security of unverified accounts.
Simplex charges a 3.5% fee for this service.
Koinly is a crypto tax software that allows you to connect your Binance account and see your capital gains and losses. Koinly also allows you to export your data to TurboTax or other tax software.
Koinly charges a subscription fee starting at $9/month.
In conclusion, verifying your Binance account is necessary if you want to deposit or withdraw fiat currencies. If you only plan on trading cryptocurrencies, then you do not need to verify your account.
4 Related Question Answers Found
Binance, one of the world’s largest cryptocurrency exchanges, has been in the news a lot lately. The Malta-based company has been making headlines for its aggressive expansion plans, massive user growth, and innovative new features. One thing that’s not getting as much attention, however, is Binance’s verification process.
Binance is one of the most popular cryptocurrency exchanges in the world. It is also one of the most reliable exchanges in terms of security and customer support. Binance was founded in 2017 by Changpeng Zhao, a developer with a background in finance.
Binance is one of the most popular cryptocurrency exchanges out there. But is it safe? One of the key factors in determining whether an exchange is safe is whether or not it requires you to verify your identity.
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