Binance cryptocurrency exchange is a Malta-based company founded in 2017 by Changpeng Zhao and team. In two years, the exchange became the largest crypto trading platform by daily traded volume. It was an unprecedented rise.
Fast forward to 2021, and the exchange still maintains its lead. It keeps innovating and introducing more products and services that help attract more users and more activities. The company now sees over $15 Billion in daily trading volume from its spot markets and a further $37 Billion from its Futures, Options, and Margin trading products.
As a centralized exchange, the platform must comply with global financial regulations, chief among them being the KYC (Know Your Customer) and AML (Anti-Money Laundering) laws. This means that all users have to undergo identity verification to use the platform. In this short guide, we will show you how to verify your identity on Binance. To know more about the exchange, be sure to read our in-depth Binance review.
● Binance verification is simple and straightforward. It often takes only up to 15 minutes to submit all the required documents and information;
● Binance will then review the details and documents within 10 days.
● As of August 20, 2021, Binance implemented a required KYC. Check official announcement here.
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Three reasons why you should complete ID verification on Binance
Identity verification serves three purposes. These are:
- Enhancing security measures – ID verification can enhance the security of your account by limiting who can use and change your personal details on your account. Important credentials such as your withdrawal bank account details cannot be altered once you undergo ID verification. If you add a withdrawal method, the details must match those already in existence in your account.
- Compliance with global financial regulations – financial regulators across the globe have implemented laws and regulations that enhance financial security and reduce illegal activities. These are popularly known as KYC and AML provisions. All centralized crypto exchanges have to comply with KYC and AML laws to operate in most jurisdictions. Making ID verification a mandatory event is one way exchanges comply with these international laws and regulations.
- Unlock higher trading limits – ID verification is used by most crypto trading platforms as an incentive mechanism to unlock higher trading limits. It is possible to transact on Binance with the most basic identity verification, but most functions are limited. For instance, unverified accounts (those with Basic level verification) can only withdraw less than 2 BTC in value a day and a lifetime fiat withdrawal limit of $300. Once the account undergoes the Intermediate level (ID) verification, those trading limits are increased to $50K/day, $500K/Month, and crypto withdrawals of up to 100 BTC/day are enabled. Advanced level (Address) verification, the last verification stage, bumps up the trading limits to $200K/day, $2M/Month.
Setting up second-factor authentication (2FA)
Two-factor authentication (2FA) is a security measure in which the account is secured with at least two security layers or factors. These are your account password coupled with email verification, phone SMS, or Google authenticator app. Binance allows you to use at least two of the three choices (factors) to safeguard your account.
This step is important, and as soon as you open a Binance account, you will be required to set up the 2FA. You cannot proceed to ID verification or successfully withdraw funds without setting up 2FA. There will be a persistent notification on the home page after logging into your account reminding you to set up 2FA. To enable 2FA on your account, watch the video below.
Related video: How to use 2FA – Two Factor Authentication on Binance
How to complete identity verification (step-by-step)
Now that you’re all set up to complete your account verification, here are the steps you will take from start to finish.
Sign In to your account and navigate to the [Personal Verification] page. To do that, hover over the ‘User Center’ icon on the top right of the navigation bar. Then click the ‘Identification’ link as shown here.
The [Personal Verification] page has three sections – Basic, Intermediate, and Advanced Verification. We will go over the latter two verifications since the Basic level verification will have been completed by default when creating your account.
Select Intermediate/Identity verification. You have to complete the Intermediate/ID verification before proceeding to the Advanced verification. Click on the Verify button to continue with ID verification.
Select your nationality or country of residence. In this step, you will be provided with a dialog box prompting you to select your country of residence. This information is important because Binance must comply with various location-specific regulations, and its systems and policies may not comply in your region.
If that is the case, you will not be allowed to transact on the platform. For users in the United States, Binance offers a stripped-down version of its global platform to serve that market called Binance America or Binance.US. This platform is more compliant with the strict regulations in the US. However, we highly recommend the popular Coinbase exchange for US residents.
There are two stages to ID verification, as noted on this page. In the first stage, you will submit your basic information, and in the next stage, you will provide ID documents and facial verification.
Fill in basic identification information. This includes names and your address of residence. Make sure that the name matches that of the ID document you intend to use for verification. Also, make sure to provide matching address details for the later stage of Address verification. You will have to provide a document for verification in that stage, such as a bank statement. An address printed on that document will have to match the address you provide in this dialog box.
This is the end of this ID verification stage. Binance will then prompt you to continue to the next stage of face verification.
Select ID document. Next, you will have to select amongst three available options of government-issued ID documents. These are an international passport, a driver’s license, or a national ID card. You may have more than one of these documents, but Binance only requires one of them.
Choose whichever you are most comfortable using and proceed to the next stage.
Submit a photo(s) of your document. Depending on which document you choose, you will be required to submit one of both sides of the document. You can only have one photo for a passport, but you will be required to upload photos of both the front and rear faces for the other two documents.
Binance allows submissions in the following file formats: JPG, JPEG, PNG, and a file size not exceeding 5MB.
Upload a portrait photo of yourself. In this next step, Binance will prompt you to upload a passport-size photo. The file format and size requirements are similar to those provided for the ID document.
Complete facial verification. The last step in this stage is facial verification. Binance will use your device’s camera to scan your face. You can opt to use your webcam (if you use your computer to verify your identity) or your phones’ camera through the Binance app. Binance will provide a QR code to scan with the Binance app in case you choose the latter.
This step marks the end of Identity Verification. The steps are simple, and Binance requires that you complete all the steps in less than 15 minutes. The exchange also allows up to 10 attempts at verifying your identity every 24 hours.
The verification exercise will typically take less than an hour, but this process may take as long as 36 hours or even longer in peak periods and rare instances.
If your ID verification is successful, you may proceed to the next stage of address verification.
Advanced (address) verification
This stage involves proving your address. Binance will request that you provide one document showing your current address.
On the [Personal Verification] page, click on the ‘Verify Now’ button under the Advanced section. Given that you have successfully completed the ID verification stage, this button should now be orange in color and clickable.
Binance will prompt you to input your address. There will be two screens of the dialog box in this stage. First, you will provide your address details. These details should match those printed on the document you intend to use to prove your address.
On the second screen, you will upload a file document clearly showing your address. Binance allows only the following documents to be used in this stage of verification.
- Bank statement
- Utility bill for your electricity, water/sewage, gas, or internet.
Only documents issued within the prior three months to the date of verification are allowed. The file format to be submitted may be PDF, JPEG, JPG, PNG with file size limited to no more than 5MB.
Once you confirm your submission, you are done. Binance will review the details and documents within ten days. Typically, this could happen sooner. If not, be patient and wait for a confirmation email.
Related video: How to Verify Your Binance Account
Identity verification is an important exercise to both Binance and you as a Binance’s customer. For Binance, it ensures that the platform complies with global regulations, and for you, it helps with the security and safety of your account.
As we have detailed above, the process is simple and straightforward. It is fast and often takes only up to 15 minutes to complete. Take the time to verify your identity and address to unlock all the benefits that come along with a fully verified account.