Looking to get verified on the cryptoasset exchange Binance? Wondering how long the process will take, or simply 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 cryptoassets.
Like most centralized financial exchanges, Binance is required to conduct a review of new users in order to comply with global financial regulations. The two primary groups of rules that Binance’s process works to satisfy are those belonging to Know Your Customer (KYC) and Anti-Money Laundering (AML).
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While crypto often gives users the impression of anonymity and the subversion of government interference, users are still required to verify information related to their identity in order to satisfy global regulations.
The good news is Binance has made its process of user verification simple, fast and straightforward. In all, the process should take less than 15 minutes for a user to submit their identity verification. The back-end processing for Binance can take longer, depending upon whether additional information is required.
In August 2021, Binance announced an overhaul to its user identity verification process. According to the announcement, all new users will be required to complete the exchange’s “intermediate verification” process in order to have access to products and services. In addition, existing customers would be required to submit for intermediate verification or else have their accounts restricted to withdraw only services.
While all new users are required to follow the guidelines for obtaining intermediate verification before accessing Binance’s trading features, customers from prior to August 2021 may still need to update their accounts.
In order to check the status of your account and verification level, customers can navigate to the User Center tab, and then click on “Identification.” Once on the identification page users can confirm their intermediate status or obtain verification in order to unlock all of the features on their account.
Why Does Binance Require Identity Verification?
Crypto investors may enjoy anonymity in their transactions, but the exchanges that allow for trading are required to follow global regulations. According to Binance, their identity verification process is designed to comply with KYC standards, which help protect customers against “fraud, corruption, money laundering and terrorist financing.”
Depending upon a user’s region or method of payment, the exchange may require an even higher level of identity verification in order to ensure security. Binance outlines a number of additional reasons why users may be asked to complete identity verification beyond the initial process, including users who try 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’s Verification Take?
The time for verification will depend on several factors, including the region you are in and the types of documents you submit. Binance uses an authentication process that relies upon matching a user’s photo with their government-issued documents.
The better the quality of the photo submission and the documents, the more smoothly the process of authentication can occur. Therefore, it benefits you, as the user, to submit high quality photos and to use government-issued identification that can easily be authenticated by Binance. Binance will send users an email once their account is verified.
If the verification fails, they will reset the application and ask the users to resubmit new documents. Users can check the status of their verification on the Basic Info page under account settings.
What About on Binance US?
According to the most recent update by Binance US, the exchange completes verification in a timely manner. In general, Binance says the process of verification can be completed in a few minutes.
However, there are some cases in which verification may 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 a few horror stories on the internet of verification taking weeks to months to complete, the majority of users report the process is complete in a number of hours.
Again, the process will depend upon the quality of documents submitted, which is why Binance encourages users to read their Tips for Success FAQ and 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 the “User Center” option and then go to “Identification.” Once on this page, customers can click the option to “get started” on verifying their account. Alternatively, new users will be directed to the “Get Verified” portal from the homepage when setting up their account.
Binance offers several tiers of verification, including Verified, Verified Plus and Enterprise Verification. Each tier allows users higher access to deposit and withdrawal limits in exchange for a greater level of identity verification. The limits for each tier are listed on the verification page and vary for different countries.
Once users have input their location under the “Residential Country/Region” option, they can select their tier and click the “Start Now” button to begin the process of verification. Users should be aware that their identification documents MUST be consistent with their selected country of residence.
While the process will vary depending upon a user’s location, Binance will show users a list of requirements for obtaining verification. In general, the process involves:
- Submitting personal information, such as first, middle and last name, in addition to date of birth that matches their identification documents.
- Uploading pictures 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 ID and country from which their documents were issued. Accepted documents include a passport, ID card and driver’s license. Photos and scans of the documents must clearly show the full document, such as the front and back of an ID card. Users should ensure that the details are clearly visible in order to prevent delays in verification.
- Once the document photos have been uploaded, users will be asked to submit a selfie from their device. Users can upload an existing photo from their device using the “Upload File” button. Binance asks users to use a “neutral expression,” and to make sure their face is visible and centered, with eyes open. Users are also asked NOT to submit a cropped photo from the government ID or passport that was previously uploaded, or to 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 match the facial verification through the device’s camera with the previously uploaded selfie and valid ID documentation. Binance asks users to avoid wearing hats or glasses, in addition to using filters and poor lighting during this process. The exchange also provides a QR code for users who would like to complete the facial recognition portion through Binance’s 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 the documents and facial recognition need to be independently verified. In the event that the facial recognition or other documents fail to provide proper 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 “supplementary certificate information” from a user in order to complete the verification. Typically this occurs when a user’s selfie does not match the ID documents that they have submitted. In the event that supplementary information is required, Binance asks users to wait several days so that a manual verification can be conducted.
The benefits of getting verified on Binance are well worth the time and effort to submit the required documentation. Verification increases the security measures on a customer’s account, with ID verification serving as one way to prevent external or unwanted access of funds.
Certain credentials, such as bank account details, cannot be altered once verified, thereby ensuring that a hacker cannot withdraw your funds to a different account.
Users are also incentivized with higher trading limits and a full access to Binance’s features and products. Unverified existing 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 further limit increases.
Featured image via Unsplash
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