Binance may have reduced its Bitcoin withdrawal limit, but other crypto exchanges are even more stringent
- Binance has decreased the withdrawals of Bitcoin for unverified user accounts by 97%.
- This is normal for large crypto exchanges, combating money laundering.
- A basic user account verification is instant, but a complete KYC verification by an exchange may take a few days.
The world’s largest cryptocurrency exchange, Binance, has drastically reduced the amount of Bitcoin that unverified users can withdraw in a day.
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Until 27th July 2021, Binance basic account users — those who haven't submitted full know-your-customer (KYC) identity proof — could withdraw upto two Bitcoins per day, which amounts to around ₹59 lakh.
That has now been reduced to merely 0.06 Bitcoin, which is around ₹2 lakh — 97% less than what was possible before.
AdvertisementMost such large exchanges already place limits on unverified accounts, as illustrated in the table below.
Withdrawal limits of popular crypto exchanges in India
Source: Respective crypto exchange terms and conditions
|Exchange||KYC Unverified Account||KYC Verified Account|
|Binance||0.06 Bitcoin||100 Bitcoin|
|WazirX||Cannot withdraw||3 Bitcoin|
|Coinbase||Cannot withdraw||$50,000 by default on Coinbase Pro|
|CoinDCX||₹10,000||Crypto currency worth ₹500,000|
|CoinSwitch Kuber||https://coinswitch.co/kuberverse/crypto-withdrawal-temporarily-disabled/||₹100-₹ 50,000|
|ZebPay||0.19 Bitcoin for Unwhitelisted L1||4.71 Bitcoin for Whitelisted L1|
*Comparison is of accounts usually offered to retail traders/investors
The move by Binance is expected to make it harder for anonymous users to use cryptocurrency for illegal activity.
With regulators all over the world cracking down on the crypto exchange, this seems to be Binance’s way of offering an olive leaf. The KYC requirements will make it easier for the authorities to trace cryptocurrency holdings back to their owners.
On social media, some users have reported wait times of up to a month, to complete the ‘Advanced Verification’ process on Binance — something the company itself has admitted can take up to 15 business days.
Advanced Verification (L2) can take up to 15 business days. To ensure a speedy verification process, please be sure… https://t.co/ahDqTdLRkY— Binance.US (@BinanceUS) 1612462152000
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