The world has been able to adopt new concepts quickly over the last several decades. Indeed, technology is moving at a rapid pace and it seems that we are all here for it. We are looking to simplify our lives with the tools of our time.
But at the same time, it is necessary to be aware of the different aspects present within this new world. For instance, it is critical to set up new accounts at the right crypto exchanges and to get verified in cases where you seek to trade larger volumes and have more functionality.
There are entities that facilitate these transfers, one of these primary entities include Binance, an exchange that has been based in multiple locations around the world. Indeed, now the firm is present across the world and has played a pivotal role in enabling access to cryptocurrency assets.
Are you having a hard time verifying your identity on Binance? Here are the steps you can take to register and verify your Binance account. Let us find out more about this entity and how you can seamlessly move through the verification process.
What is Binance?
Known for having the lowest transaction fees, Binance is an online exchange platform where the platform users trade cryptocurrencies. The platform supports more than 600 cryptocurrencies and it has over 28.5 million users as of October 2021.
Binance makes trading easier for its users by making it possible to buy crypto using fiat currencies. The platform also supports nine languages making it preferable to other exchange platforms.
Binance has managed to rank high due to its annual exchange volume. The numbers have been increasing since its launch. In 2017, which makes the first year in business for Binance, the platform reported an annual exchange volume of USD 59 billion.
Although there was a slight decrease in annual exchange volume in 2019, it still managed to reach an annual exchange volume of USD 7.5 trillion in 2021.
Binance gained 12 million users in 2018 and it gets on average 3.5 million new users each year. If you are planning to register and activate your Binance account, we have prepared steps and guides you can follow to register and verify your account.
Binance’s level of verification determines your trading limits. Users who have completed only the basic account verification have a withdrawal limit of 0.06 BTC. This type of user will have a hard time withdrawing funds from their Binance accounts. And users who have completed the identity verification will have a withdrawal limit of 100 BTC.
To benefit from the upgraded levels of Binance, you need to complete the identity verification process. The following are the steps involved in the process of identity verification.
Binance Registration Guide
There are two account types you can use to register on Binance. The two options are personal and entity accounts. An entity account is an account type that lets you trade as a corporation or limited partnership.
The verification process of an entity account is similar to a personal account. But you need to pay attention to the account type you chose before you begin the verification process. Once you choose your account type, you cannot go back and change it.
As for registration, you can register through your web browser by going to Binance.com. You can also download the desktop or mobile app to register. You can either use your phone number or email address to register in Binance.
If you are using the mobile or desktop app, open the app and click register on the upper left-hand side. Fill out the email address and the password required. The referral ID is optional but if a friend referred you to register, you can fill in your friend’s Binance referral ID.
If you prefer to use their website, the steps are explained as follows.
Step-1: Go to Binance’s website and click the “Register” button
Step-2: Choose either the email or phone number option
Step-3: Fill out your phone number or email along with your password.
Step-4: Make sure to read and agree to the terms of service
Step-5: Fill out a referral ID if there is any
Step-6: Finalize the security verification
Step-7: A verification will be sent to you through your email or phone number depending on what you filled
Step-8: Enter your verification code and you have been registered
Step-9: Strengthen your account’s security by enabling two-factor authentication (2FA), phone verification, and google verification which you can find on your dashboard.
Verification Process of Binance
After you have created your account, you need to verify it. As a new user, it will redirect you to a page and click the “Start Now” button.
The second way is to log in to your Binance account and choose the “user center” and click on “Identification”
You will be asked to verify your identity, location, employment status, and why you want to use Binance.
Identity Verification
You will need to fill out your personal information such as nationality, full name, and date of birth. Reading and agreeing to the terms of service is necessary at this step.
Based on the country you selected, you will need to complete the ID verification and liveliness test on different vendors’ websites.
There are three vendors and each vendor follows a different identification process and each option will have a different requirement. You need to make sure that your name matches your ID document.
You can be directed to one of the three vendor websites depending on the country you filled.
First Vendor
After agreeing to the terms of service in the first step of identity verification, click continue. A new page that includes four steps to get started will appear.
Step-1: Scan your ID document or passport depending on what is required
Step-2: Click the “start” button to start scanning your ID
Step-3: Complete the video selfie by clicking the “I am ready” button to start recording
Step-4: Verify your identity through your bank account. (You will be asked to transfer 1 cent through the selected bank)
Step-5: Fill out your phone number and agree to the terms and conditions
Step-6: A verification code will be sent to you. Fill it out and confirm to finish
Second Vendor
This vendor’s website follows three steps to start verifying your identity.
Step-1: You need to scan your ID document. You can use your passport, driving license, national ID, or residence permit.
Step-2: Upload the photo of your ID
Step-3: Record a video selfie. (You will be asked to say the digits that appear on the screen out loud)
Step-4: Finish the recording and click the “submit verification” button
Third Vendor
You will follow the three steps to get your account verified.
Step-1: Select the country your ID was issued in.
Step-2: Scan the ID of your choice. Your ID can be a national ID, passport, residence permit, or driving license.
Step-3: Record the video selfie and follow the written instructions
Step-4: Wait until it finishes processing the video selfie
Step-5: You have now completed the identity verification
Location Verification
After submitting your ID document and video selfie, you will be required to submit proof of address.
You will fill out your country, city, residential address, and postal code. Depending on your country, you will upload your utility bill (water, internet, electricity) or bank statement.
Compliance Questions
You will answer for what purpose you’re planning to use Binance. You will have options such as investing, trading, etc.
You need to specify your source of income for financial regulations. Occupation, savings, and inheritance are included in the options.
You will choose your employment status and how much you expect to trade on the platform.
After you have completed all the above steps, you have successfully submitted your application. You have to wait until Binance reviews your data. An email notification will be sent to you once your data has been reviewed.
Why Should You Complete Your Identity Verification?
The primary purpose of identity verification is to strengthen your account’s security. It will protect your account against fraud, money laundering, and corruption.
As a new user, you will be required to finish the identity verification process. Existing users who haven’t completed their verification will access limited services. Not only you will get limited access, but you will be prone to potential security risks.
Binance also requires you to re-verify your account from time to time. This happens when Binance upgrades its security standard.
You need to re-verify your Binance account if:
- You used an old ID to register
- You haven’t verified your location
- Your previous verification doesn’t meet the current standard
You will receive an email if re-verification is needed from you.
How Do You Re-verify Your Account?
Binance will send you an email to remind you about re-verification.
Step-1: Open your account and click continue on the pop-up prompt
Step-2: You will see the new verification
Step-3: Click the “start now” button to start the new verification
Step-4: Complete the new verification and wait till your verification is reviewed
Things to Remember in Binance Verification
The following are points you need to remember when you are in the process of Binance verification.
- To pass the verification, you need to download the Binance app
- The verification period can take a few minutes or a few days, either way, be patient
- Fill out the correct information otherwise, your verification will fail
- Read terms and conditions of service thoroughly as it varies for different countries
- Choose your account type carefully
- Make sure to enable 2FA to increase your account’s security
- If you are a new user, watch tutorials that are posted on Binance’s website
- Keep up with Binance verification updates
In conclusion, these are the steps that are involved in verifying your identity in Binance. If you are a new user, you need to read and learn about every verification step thoroughly. As mentioned above, some steps can not be reversed. So you need to pay attention to the process.
If you are planning to use Binance for the long term, then consider keeping yourself up to date with all the new features and upgrades. These will help you avoid major mistakes and become experts in your field.