At a Glance
- Binance verification is the process of providing identification and personal information.
- It is done to comply with anti-money laundering (AML) and know your customer (KYC) regulations.
- Verification involves uploading documents and photos, which are verified by specialized software and staff.
- Completing Binance verification is necessary for enhanced security, compliance with financial regulations, and access to higher trading limits.
If you’re getting into cryptocurrency, you may have decided that the safest way is using one of the most well-known brands in cryptocurrency; Binance, or Binance.US. Creating an account on Binance may be a bit confusing. Particularly, verification may seem like a slow process. If you are wondering how long does Binance verification takes, read on to learn more about the whole process.
In This Article
What is Binance Verification?
Just like many other companies that deal with financial matters, the Binance exchange is subject to legal regulations in the countries it operates in.
To combat criminal activities like money laundering, many countries have AML (anti-money laundering) and KYC (know your customer) regulations. These regulations require financial institutions to record the identity and personal or business details of the customers they do business with. This process allows government officials to trace the identity of account holders if a crime is committed.
Centralized exchanges based in the United States and many other countries require you to provide some form of official identification before you can use the full capabilities of the platform.
Binance verification is the Binance exchange’s way of obeying AML and KYC regulations. Binance verification is divided into levels. Each level requires more detailed proof of identity and gives you access to more functions on the exchange. The three levels are Verification, Verification Plus, and Enterprise Verification. Enterprise verification is reserved for businesses using the exchange.
To do Binance verification, you need to upload photos of some 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?
Submitting all of the required documents takes a maximum of 15 minutes. That is because you have to submit all documents and information within 15 minutes after starting the process.
In terms of Binance processing your documents and giving you a result, there is no guaranteed length of time. For the majority of routine account verifications, the process only takes a few days. Some verifications may even take a few minutes, and some may take up to 10 days. The best way to reduce how long does Binance verification take is to make sure all the pictures of your documents are clear. That means not blurry or too dark—the document must be readable in the picture.
Reasons Why You Should Complete Your Binance Verification
No matter how long Binance verification does take, it is a necessary step if you want to trade on the exchange without restrictions.
Enhanced Security Measures
Verification also allows you to prevent people from stealing your money by pretending to be you. It means anyone wanting to steal from your account would need to make a lot of effort to steal or forge your identification documents on top of stealing your account login details.
This extra effort makes it more likely that a thief will give up or fail before they gain access to your crypto.
Compliance With Global Financial Regulations
Binance verification is also necessary for the company to comply with the financial regulations of countries around the world. These regulations are for preventing financial crimes. They also help authorities to track down and charge people with the crimes that have already been committed.
Governments require that companies providing financial services to their citizens comply with these regulations, or risk being stopped from operating in the country.
Access to Higher Trading Limits
The kinds of international financial crimes that AML and KYC regulations are designed to fight usually involve large amounts of money—hundreds of thousands or millions of dollars per transaction. As such, for small transactions made by individual investors, regulations are often less strict.
As a result, many exchanges have certain limits below which they allow you to use the platform without completing full verification.
How to Complete Binance Identity Verification
The Binance verification menu is located in the User Centre under the Identification heading. This is where you will see the details of each of the three verification levels and what each one lets you access.
To complete the verification, you must provide the following, depending on your level:
- Personal Identification: This is in the form of official government-issued identification documents. This could be a national ID, driver’s license, or passport. You will just need to take a clear picture of the document.
- Personal photo: You will need to upload a photo of your face for facial recognition software to process. If your device has a camera you can take a photo of yourself. You can also upload a photo you already have. In the second step of the photo check, facial recognition software will try to use your device’s camera to match your identity with the photo you provided. You can also use the Binance app to scan a QR code to complete this step.
- Proof of address (verification plus): If you want to access the benefits of verification plus you will need to upload a clear photo of either a bank statement or a bill that shows your address (e.g. electricity, water, or internet bill).
After you submit the requirements for Binance verification, software and Binance staff will check that all your documents are clear and match the account information you provided.
If there is a problem, you will receive an email with instructions to try the process again. You can try again up to 10 times in 24 hours. After that, you have to wait 24 hours to try again.
Also, note that you need to submit all the required proof within 15 minutes. If you take too long, you will have to start again. It will make it easier for you to have all the documents and photos ready before starting the Binance verification process.
Frequently Asked Questions (FAQ)
What is Binance Verification?
Binance verification is the process of verifying your identity on the Binance cryptocurrency exchange. This process is part of Binance’s Know Your Customer (KYC) requirements and is important for ensuring secure and legal trading on the platform.
How long does Binance verification typically take?
The time for Binance verification can vary. Typically, the process can take from a few minutes to several days, depending on the volume of requests and the accuracy of the information provided.
What factors can affect the duration of Binance verification?
- Accuracy of Information: Incorrect or incomplete information can delay the process.
- Volume of Verification Requests: High demand can lead to longer processing times.
- Quality of Submitted Documents: Poor quality or unaccepted forms of identification can cause delays.
- Technical Issues: Occasionally, technical problems on the platform or with user submissions can affect verification time.
What are the steps involved in Binance verification?
- Create an Account: Sign up for a Binance account.
- Start Verification Process: Access the verification section in your account settings.
- Provide Personal Information: Fill in the required personal details.
- Upload Identification Documents: Submit government-issued ID documents as specified by Binance.
- Complete Facial Recognition: Follow the instructions for facial recognition verification.
What documents are required for Binance verification?
Typically, Binance requires a government-issued photo ID (like a passport, national ID card, or driver’s license) and possibly additional documents for address verification, depending on your region.
Can I trade on Binance without completing verification?
Limited trading might be possible without full verification, but verified accounts have higher withdrawal limits and access to a wider range of services and features.
What should I do if my Binance verification is taking too long?
If your verification is taking longer than expected, you can check your account status for any notifications or errors, or contact Binance support for assistance.
Is it safe to provide personal documents for Binance verification?
Providing personal documents for Binance verification is generally safe, as Binance employs security measures to protect user data. However, always ensure you are on the official Binance site before submitting sensitive information.
Can the verification process be expedited?
The verification process on Binance usually cannot be expedited as it follows a standard procedure. However, ensuring that all submitted information and documents are correct and clear can help avoid delays.
What happens if I fail the Binance verification process?
If you fail the verification process, you will typically be notified of the reason and may be given the opportunity to resubmit your documents or correct your information.
Read More
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- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Conclusion
If you have been delaying the process, wondering “How long does Binance verification take?”, you now have an answer: not very long. Although you don’t have to complete the Binance verification process, it can help you by making it harder for cybercriminals to pretend to be you and use your account. If you want to use Binance for large transactions, Binance verification is not optional. This requirement is in place so that Binance can comply with AML and KYC regulations around the world.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
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