How long does Binance verification take before you can start trading? As one of the best crypto exchange platforms, Binance has designed a strict verification process to ensure safe trading practices for its users. This platform is obliged under the Know Your Customer (KYC) and Anti Money-Laundering (AML) regulations to provide proof of their customers and activities on the trading platform.
The Binance verification process takes between a day to ten days to complete. The variance in verification time depends on factors such as the type of account you are trying to open, the level of security required, and your country of residence. While account verification isn’t a must, it’s mandatory for users wishing to have withdrawal access and keep their crypto assets safe from cyber-criminals.
This article takes delves into the Binance verification process to discuss the following important aspects:
- What is the process of Binance verification?
- Why is Binance account verification necessary?
- Why is my account verification not successful?
What Is the Process of Binance Verification?
Binance account verification is essential for serious crypto traders. Once you register on Binance, you will be required to submit the following information to start the verification process of your account and allow you to begin trading securely:
- Your names are in the exact order they appear on your government-issued identity documents.
- Your date of birth.
- Your residential address, postcode, and city of residence.
Ready to join Binance? Here is how to verify your account:
Step 1: Submit Personal Documents
After opening your account and submitting your personal information, you must upload a photo of your government-issued identification documents like a National ID or a Passport. Other government-issued identification documents acceptable for verification include a Driving license, voter’s ID, or Social Security Number.
When using any identification documents for account verification, ensure to upload the official smart card version and not a copy to avoid rejection.
It is essential to follow the document instructions as outlined to avoid the invalidation of your account. These instructions include the type of document to upload and the photos’ background and lighting to ensure the document’s information is visible in its accurate detail.
Step 2: Submit Your photo
Once you upload your identification documents, you must submit a photo of yourself for face verification.
You can take a selfie using your phone or upload an official passport-size photograph. Once again, follow the instructions regarding the face recognition photo you send to ensure it is visible and matches the details on your identification documents.
Step 3: Provide Proof Of Address
You will need to provide proof of address to apply for a Verified Plus account. To do this, you’ll need to confirm your residential address details, then upload an official document, e.g., a utility bill or bank statement, to verify your physical address.
Once done submitting the requisite information and documents for verification, you can wait for a verification response via the email you’ve provided on your account. The time it takes to verify depends on the accuracy of the information you have provided and your country of residence, as different countries have different verification systems and timelines.
Why Is Binance Account Verification Necessary?
Binance account verification is essential for the following reasons:
a) Compliance with finance and trading regulations
Like stock market exchanges, cryptocurrency exchanges undergo heavy regulation by governments and private financial bodies to ensure the safety of their client’s assets. These regulations are put in place to prevent money laundering, terrorist funding, and other financial crimes that cyber criminals may perform on crypto-trading platforms.
Binance complies with the regulations in every country to ensure your crypto-assets are safe and accessible for trading and withdrawal.
b) Security of your account
Binance verification helps to ensure the identity of their users, their accounts, and the platform in general. The requirement to use verifiable government-issued documents for registration ensures that the person registering the trading account is the owner of the submitted papers and is of legal age to operate a trading account on Binance.
c) Access to funds and other benefits
Binance verification is vital as it allows you to trade or withdraw large amounts of cryptocurrency on the platform. This access is essential for organizations in the Enterprise accounts on the platform requiring access to large amounts of cryptocurrency trades and withdrawals executed by a specific member.
d) Trust and accountability
The Binance verification process helps to build a sense of trust between the platform and its users. With a verified account, you can be sure that your crypto assets are in safe hands because the platform has taken the necessary measures to ensure that only you have access to the trading account.
Why Is My Account Verification Not Successful?
Some of the reasons why your account verification may be unsuccessful include the following:
a) Incomplete or incorrect information or documents:
When submitting information and documents for account verification, follow the instructions on the submission form by filling out the correct information and uploading the proper documents to avoid invalidation. It is also critical to provide valid government-issued documents in the correct format to ensure all details are legible after uploading.
b) Lack of important documentation
Your Binance account verification will only be successful if you provide the requisite documents in your application. Have all the documents near you when filling out the submission form, and provide information and photos of each where required
c) Country-specific regulations
Your Binance account verification may fail if your country’s laws or trading regulations prohibit cryptocurrency trading. Some verification processes may also take long or be denied based on the time it takes to verify certain documents in your country.
d) Timing and technical issues on the platform
The Binance platform may experience minor technical hitches with internet connection or platform updates since it’s an online trading platform. The timing for submission of verification details is also set to 15 minutes maximum.
While technical issues are rare in Binance, they are also not entirely unexpected. You can always apply for verification again if your application is timed-out or you experience technical hitches the first time around. Binance allows you up to 10 verification applications in 24 hrs.
Conclusion
The Binance verification process is one of the strict and primary reasons crypto traders globally trust the platform. The time it takes for Binance to verify your account allows for due diligence on your part and the crypto-trading platform for the safety of your cryptocurrency assets and your peace of mind. Get your Binance account verified today and enjoy safe and hassle-free trading online.
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