Are you looking for certification on the cryptographic exchange in Binance? Wondering how long the process takes, or are you just interested in the background of the Know Your Customer (KYC) process? Binance, the world’s leading cryptocurrency for many years, has become one of the most popular exchanges for investors looking to participate in cryptocurrencies.
Like most centralized financial exchanges, Binance is required to audit new users to comply with global financial regulations. The two main groups of rules that the Binance process seeks to comply with are the Know Your Customer (KYC) and the Anti-Money Laundering (AML).
While cryptographic technology often gives users the impression of anonymity and reversal of government interference, users still need to verify their identity information to comply with global regulations.
The good news is that Binance has made its user verification process simple, fast, and straightforward. All in all, the process should take less than 15 minutes before the user submits their identity confirmation. Binance background processing may take longer depending on whether additional information is required.
In August 2021, Binance announced reform of its user authentication process. According to the announcement, all new users will have to undergo an “interim review” of the exchange to gain access to products and services. In addition, existing customers would have to submit an interim audit or else their account would be limited to deleting only services.
Although all new users will need to follow the instructions to obtain an interim confirmation before using Binance’s trading features, customers may need to upgrade their account before August 2021.
Customers can check the status and verification level of your account by going to the User Center tab and then clicking Authentication. On the authentication page, users can confirm their intermediate level or receive a confirmation to open all the features of their account.
Why does Binance require verification?
Cryptographic investors can enjoy their transactions anonymously, but trading venues must comply with global regulations. According to Binance, the process of verifying their identity is designed to meet KYC standardswhich help protect customers from “fraud, corruption, money laundering and terrorist financing”.
Depending on the user’s area or method of payment, the center may require an even higher level of authentication to ensure security. Binance outlines several additional reasons why users may be asked to perform authentication after the initial process, including users who try to access their account from multiple IP addresses, users who have not performed face verification, or have enabled 2-step verification (2FA).
How long does Binance’s confirmation take?
The time it takes to verify depends on several factors, such as the area you are in and the types of documents you are submitting. Binance uses an authentication process based on combining a photo of a user with documents issued by his or her authorities.
The better the photo transmission and documents, the smoother the authentication process can be. Therefore, as a user, you will benefit when you submit high-quality photos and use a government-issued ID that Binance can easily verify. Binance will send users an email once their account has been verified.
If verification fails, they will reset the application and ask users to resubmit new documents. Users can check their verification status at Basic page in your account settings.
What about Binance in the US?
According to the latest update from Binance US, the exchange will complete the confirmation on time. Usually, Binance says the verification process can be completed in minutes.
However, in some cases, confirmation may take a few business days, and the exchange will ask 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 where confirmation takes weeks to months, most users report that the process is complete in a matter of hours.
Again, the process depends on the quality of the documents sent, which is why Binance encourages users to read their documents Success Tips FAQ and Address Certificate Policy before submitting the application.
Step – by – step verification of identity
Users who want to receive a confirmation should be able to complete the process in less than 15 minutes. Existing users of the Exchange can log in to their account, click “User Center” and then go to “Authentication”. On this page, customers can click ‘Start’ to verify their account. Alternatively, new users will be directed to the “Get Verified” portal from the home page when the account is created.
Binance offers several verification levels, including Verified, Verified Plus, and Enterprise Verification. Each level gives users higher access to deposit and withdrawal limits in exchange for better authentication. The boundaries for each level are listed on the confirmation page and vary by country.
Once users have entered their location in the “Country / Region” option, they can select their level and begin the verification process by clicking the “Start Now” button. Users should be aware that their IDs MUST be consistent with the country of residence they choose.
Although the process varies depending on the user’s location, Binance will show users a list of confirmation requirements. Usually the process includes:
- Sending personal information such as your first, middle and last name in addition to your date of birth on your ID card.
- Sending pictures of a valid government ID card or other document that confirms the customer’s name, date of birth, and location. Users can choose the type of ID and the country from which their document was issued. Accepted documents are passport, identity card and driving license. Photographs and scans of documents should clearly show the entire document, such as the front and back of the ID card. Users should ensure that the information is clearly visible so that verification is not delayed.
- Once the document images have been downloaded, users will be prompted to send a selfie from their device. Users can download an existing photo from their device using the “Upload File” button. Binance asks users to use a “neutral look” and make sure their faces are visible and their eyes are open in the middle. Users are also asked NOT to send a cropped photo of a previously sent ID or passport or to try to hide parts of their face with a hat or other object.
- After the selfie is sent, Binance verifies the user’s identity by performing a face recognition scan. Binance combines in-camera facial verification with a previously downloaded self and a valid ID. Binance asks users to avoid wearing hats or goggles in addition to filters and poor lighting during this process. The Exchange also provides a QR code for users who wish to complete the face recognition portion through Binance’s mobile app.
When the face recognition phase is complete, Binance will verify the information submitted and notify the user that their account has been verified via email. The process is usually quick, but can take longer if documents and facial recognition need to be checked independently. If face recognition or other documents do not provide proper confirmation or are denied, the user can try the process again up to 10 times in 24 hours.
Other steps in the verification process
In rare cases, Binance may require “additional certificate information” from the user to complete the scan. This usually happens when the user’s selfie does not match the IDs he or she is sending. If more information is needed, Binance will ask users to wait several days for manual verification to complete.
The benefits of Binance certification are worth the time and effort to provide the required documentation. Authentication adds security to a customer’s account, and ID is one way to prevent outside or unwanted access to funds.
Certain credentials, such as bank account information, cannot be changed after verification, ensuring that a hacker cannot transfer funds to another account.
Users are also encouraged with higher trading limits and full access to Binance features and products. Unconfirmed existing accounts or accounts without an interim check are limited to small withdrawals. Once a limit is verified, it rises significantly, and higher authentication levels correspond to additional limit increases.
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h/t – CryptoGlobe