Binance has decreased the withdrawals ofBitcoin 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.
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.
Most such large exchanges already place limits on unverified accounts, as illustrated in the table below.
*Comparison is of accounts usually offered to retail traders/investors
The move by Binance is expected to make it harder for anonymous users to$4.
With regulators all over the world $4, 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 $4 of $4, to complete the ‘Advanced Verification’ process on Binance — something the company itself has admitted can take up to 15 business days.
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