Binance is the globally leading Malta-based cryptocurrency exchange platform. This company was founded in 2017. Within these three years, this company has had an unmatched rise. In 2021, this exchange is occupying the peak position.
Crypto-game is one of the hottest trends these days. As the number of users is increasing, the demand for trading platforms is also surpassing. According to the general rule of thumb, you can not trust every single cryptocurrency platform out there.
This exchange says, “To enhance your security and unlock unlimited doors of trading, you need to provide your ID proof.”
What Binance says about identity verification
Complete identity verification helps you to know your customer & that is what we also do. As we are leading the crypto trading market, we want our consumers not to have limited funds assets. After verifying, we confirm and allow the verified users to trade as much as they want.Binance
Coming to the point, how do you verify your identity? We accept that the method is simple but not that simple: you earn the verified badge by uploading documents and details. You have to pass through a step-by-step manner.
Here in this article, we have mentioned the complete identity verification process. But before that, check out why you need to complete the identification process.
Why is Binance verification crucial?
To unlock higher trading limits:
Just like other crypto trading platforms, Binance also necessitates identity verification to unlock unlimited trading limits. Understand this situation with this example;
Basic level verified accounts withdraw only $300, with a 2 BTC daily withdrawal limit. Intermediate level verified traders trade $50,000 daily, $500K monthly, and withdraw funds up to100 BTC daily.
Lastly, the Advanced level verified accounts trade $200K daily with a monthly limit of $2 million. Simply by updating your details, you are boosting your trading limits.
Enhances security measures:
As the cryptocurrency game is on fire, scammers and hackers are also active. Trading with an unverified account on Binance is not a safe move for you. Anybody can hack your account, alter your bank statement & your details. You have to take every step carefully.
Secure your Binance account to minimize the scams and chances of getting your data altered.
To comply with Global Finance Laws:
Every cryptocurrency exchange flows the business based on the rules & regulations of global finance. KYC and AML provisions noticeably are the leading global finance laws.
The primary demand of these laws is to have verified consumers. For this, Binance wants every single account on its platform to be verified.
I want liquidity in the crypto exchange with no border for our consumers. Account verification helps us to access the activity of our consumers, keeping fraud aside, and most importantly, improving the security system of Binance.Changpeng Zhao, CEO Binance
How to complete identity verification on Binance?
Follow the step-by-step manner to verify your Binance account.
Step1 (Verification Process)
Log in to your account on the website, and direct to the user’s account option. The option will be top right on your navigation bar. Under the user’s account option, the second option will be verification. Click on it.
On the personal verification page, you will see there are three levels. If you haven’t passed through any level, start with the primary level.
Step 2 (Upload Documents)
In the basic level verification, you need to enter your basic information like nationality, first, middle & last name, date of birth, street address, postal code, and city. Documents submitted, click on continue. After loading, your account is verified on the primary level.
Providing country & street address documents is necessary because Binance verifies the location according to specific location laws. There are some areas where the Binance system is restricted, or its policies might not work.
For US citizens, Binance has a stripped-down version called Binance.US. This version of the Binance app is rigorous over the rules and regulations.
On the page, you will receive an option of upgrading your verification for higher trading limits. Click on it.
Step 3 (Upload Photos)
At this verification level, you have to provide your documents and upload photos. While uploading photos, make sure they are focused and not blurred. Now, you can select from the following options;
- Identity card
- Driver’s license
Upload the documents in which you feel comfortable and are available at the moment. Most of the folks consider uploading the government-issued identity card instead of the driver’s license and passport.
After selecting documents, upload the front & backside photos. The file size should be less than 5MB & the type should be PNG, JPEG, or JPG. Now proceed to the next step.
Step 4 (Attach the Document)
In this step, you have to complete your facial verification. Face verification might sound perplexing, but you can complete it in a few seconds if you follow the guideline keenly.
Step 5 (Face verification with mobile)
In those cases where you lack a computer, you can do facial verification using your mobile phone. Before starting the face verification, below on the screen, you will see the option of using a mobile phone to complete the verification. Click on it.
Now, scan the QR Code to access the verification process on your Binance app. Remember, Binance wants you to complete the facial verification in less than 15 minutes. Do not reload the page after scanning the QR code.
If the system denied your verification more than ten times, you would need to wait 24 hours before applying for the face verification.
Step 6 (Advanced Verification)
It is the last and the highest level of identity verification. After completing the personal & intermediate level verification, your badge should be orange. Now you have to provide such documents that give proof of your address.
- Bank statement document
- Utility bills document
First, input the address on the dialog box and upload photos of your bank statement or utility bills that display your address. Remember, upload a document that is not older than three months.
Binance will take around 7-10 working days to review the document for advanced verification. After that, you will receive an email verification.
That is the step-by-step complete identity verification process. If your essential information is complete, you can direct it to the intermediate level. Similarly, if the intermediate level is complete, proceed to the advanced level.
What are the possible issues in identity verification?
Some of the possible issues in identity verification include the recognition of facial expressions. As every user’s computer setting is different, the system finds it difficult to verify the person. Before stepping into the method, know your computer.
The Binance system will ask you to record a video showing your facial expressions. Submit the video to the portal. The system will take around 1-2 working days. After that, your identity will be fully verified.
Is message code supported in every region?
Another issue in the identity verification process is not receiving the verification code via message. Verification via message code is a crucial step of two-factor authentication. However, some regions do not support message code verification.
Check the countries list on Binance’s website to confirm whether your country is on the list or not. If not, then enable the Google Auth verification to receive the code.
If your country is enlisted, but you are still not receiving the verification code, make sure your internet connection is strong, try restarting the device, or try voice verification. Take a look at this video for clarification: https://www.youtube.com/watch?v=1newgMTWeWA
Frequently Asked Questions (FAQs)
Why can’t I complete my face verification even after uploading the proper document?
It is one of the common issues during identity verification. Make sure that you are not wearing any glasses, avoiding filters, and the light is appropriate. If the issue is still, then verify by uploading your selfie. Your selfie will prove your identity.
In case someone invades your privacy, what should you do?
If you notice any illegal activity in your wallet, you can directly contact support. Binance’s customer support is available 24/7. Consult with your issue, and they will respond to you immediately.
After solving your issue, verify your identity verification by attaching the document.
What digital assets does Binance offer to the consumers?
Binance offers more than 500 tokens and digital currencies to the consumer. Besides, the trading model is crypto-to-crypto.
How Binance protects your money from money laundering?
Your wallet on Binance is 100% protected from money laundering. It has anti-money laundering policies that protect your money. KYC has an active eye on your money activity.
Once I completed my identification, how long do I have to wait for the security badge?
After completing the identification process, you must wait for 7-10 days for the security badge. After that, you will receive an email & the badge will be displayed on your screen.