If you have decided to enter the cryptocurrency world, you should know the safest and most well-recognized brand to use in cryptocurrency is Binance or Binance US. Although the account creation and verification process are pretty slow and confusing, it is worth it.
It is a Malta-based company founded in 2017 by Changpeng Zhao and their team. After two years, the Binance exchange became the largest crypto trading platform by daily traded volume. It was a remarkable rise.
The revolution and importance keep increasing, and it maintains its place till now. Binance is introducing new services and more products to attract more users. As a primary exchange, the platform must comply with global financial regulations, like KYC (Know Your Customer) and AML (Anti-Money Laundering) laws. This means all its users must surpass the identity verification to use the platform.
What is Binance Verification?
Like many other companies dealing with financial matters, the Binance exchange is subject to legal regulations in the countries it operates.
Most countries have AML (anti-money laundering) and KYC (know your customer) regulations to fight criminal activities like money laundering. These limitations require financial establishments to record the identity and personal or business details of the customers they do business with. This approach permits government administrators to delineate the originality of the holder if any crime has occurred.
Primary exchanges in the US and many other countries demand you to provide some form of authorized identification before you can use the platform’s full capabilities and benefits. Binance verification is the Binance exchange’s way of following AML and KYC rules and regulations. Binance verification is mainly divided into three levels. Each level demands a more elaborate explanation of identity and authorizes you to have more functions on the exchange.
To do Binance verification, you should also upload photos of some required documents and your face. Binance will use specialized software and trained staff to verify your documents with the information you provide.
How Long Does Binance Verification Take?
While submission of all the mandated documents takes a maximum of 15 minutes because the platform has a standard timer, and it’s necessary to submit all the documentation within 15 minutes from the start of the process.
There is no gurantee of that how much your application will take to complete the whole process. Binance pending verification process solely takes a few days for most of the regular account verifications. Some binance verification time take a few minutes as well, and some may take up to 10 days. The best way to lessen how long Binance verification takes is to ensure all the pictures of your documentation are clear. That means not blurry or too unclear the copy must be readable in the picture.
Reasons Why You Should Complete Your Binance Verification:
● Security Measures
Verification is the best way to keep yourself protected; it also allows you to stop people from stealing your money. That means if anyone tries to steal money from your account, they would require a lot of extra effort because the verification process you passed will not allow anyone to do that.
● Compliance With Global Financial Regulations
Binance verification is essential for companies to comply with the financial regulations of their countries worldwide. These regulations are basically for the prevention of financial crimes. They also help administrations to track down and capture people with the crimes that have already been executed.
● Access to Higher Trading Limits
The type of international financial crimes that AML and KYC regulations have organised to fight from the culprits usually involve large amounts—hundreds of thousands or millions of dollars per transaction. As such, laws are often less strict for small transactions made by individual investors.
How to Complete Binance Identity Verification
The Binance verification process is quite confusing, but you can find the User centre under the menu of the Identification heading. You will see the details of each of the three verification levels and their benefits.
To complete your Binance verification, you must have supplied the following, relying on your level:
1. Personal Identification: In this the official government-issued identification documents are required. This could be a national identity card, driver’s license, or passport.
2. Personal photo: You will need to take clear picture of yourself and upload it in this process.
3. Proof of address: For having a perks of verification plus you need to add your address by adding a bank statement or a bill on your address.
After submitting all required documents for Binance verification, their software and Binance staff check all the documents and verify each record.
If any issue is found in your documents, and binance verification failed you will receive an email with complete instructions to proceed again. You can try it up to 10 times in 1 day. But after the tenth try, you have to wait 24 hours to try again.