does binance need id

For increased security and withdrawal limits, Binance operates a tiered verification system, requiring varying levels of ID verification depending on the desired account functionality.

Oct 15, 2024 at 05:24 pm

Does Binance Require ID Verification?

Step 1: Understanding Tiered Verification

Binance operates a tiered verification system to enhance security and prevent money laundering. Each tier offers varying levels of access and functionality.

Tier 1: Unverified

• Basic account allows users to trade cryptocurrencies.
• Daily withdrawal limit of 2 BTC.
• Identity verification not required.

Tier 2: Verified

• Enhanced verification process requires providing government-issued ID and proof of address.
• Increased daily withdrawal limit of 100 BTC.
• Fiat currency deposits, withdrawals, and P2P trading services are enabled.

Tier 3: Enhanced Verification

• Rigorous verification process involving video verification and additional identity documentation.
• Daily withdrawal limit of 200 BTC.
• Access to all Binance services.

Step 2: ID Verification Process

For Tier 2 Verification:

1. Click on "My Account" in your Binance profile.
2. Select "Verification."
3. Choose "Personal Verification Level 2."

4. Provide required documents:

   • Government-issued ID (passport, national ID card, driver's license)
   • Proof of address (utility bill, bank statement)
5. Submit your application and await approval.

For Enhanced Verification:

1. Complete Tier 2 verification first.
2. Click on "Increased Limits."
3. Choose "Video Verification."
4. Follow the on-screen instructions to participate in a live video call with Binance staff.
5. Provide additional documents if requested.

Step 3: Benefits of ID Verification

• Enhanced security against unauthorized access and fraud.
• Increased withdrawal limits.
• Access to additional Binance features and services.
• Compliance with anti-money laundering regulations.

Step 4: Conclusion

Whether or not Binance requires ID verification depends on your trading needs and activity. If you plan on trading significant amounts or require access to certain services, completing the verification process is essential. Binance's tiered system allows users to adjust their verification level based on their circumstances.