What is KYC? Example KYC on Binance exchange
KYC verification is the first and mandatory process after registering an account with cryptocurrency exchanges to increase your daily deposit and withdrawal limit, or if you are participating in ICO projects or IEO you must complete this step before participating can.
What is KYC?
KYC stands for the sentence “Know your customer“, Means” do you know who the customer is “or” know the customer “, in the cryptocurrency market KYC is understood as” identity verification “or” verification of the real name “. This is the process by which identifying information related to the customer of a particular service is collected. Some of the basic information that customers often need to provide is portraits, passports, ID cards, home addresses, or other privacy requirements.
KYC was established with the aim of removing anyone who does not meet the requirements from using the service. Every other entity will have different requirements as well, similar to cryptocurrency exchanges, every exchange has a different KYC verification process and standard.
For example: Exchange A only allows US citizens to register and trade there. Floor B allows world citizens to use it again. At this point, exchanges A and B just need to filter each user’s nationality based on the KYC information collected.
Based on the database that the KYC process collects, the authorities can investigate or prosecute misconduct.
Which documents are required for the identity verification (KYC)?
Depending on which documents are required for the identity verification, the following documents are often used in the identity verification:
- Identity card (ID card) or passport (Passport)
- Driver’s license (many projects allow the use of a driver’s license instead of a passport or ID card)
- The proof of residence is valid for 3 months. These documents can be utility bills, water bills, television bills, and so on, as long as they contain information about your address. I used to live in JAPAN and this process is mandatory there.
- Along with the above documents, users will be asked to take more “selfie pictures” with their ID or passport. Typically, this review takes 24-48 hours to get results.
Example of KYC on the Binance exchange
In principle, after you have registered with binance, you can also trade on the stock exchange, but you have to face many restrictions, such as:
- Withdraw only up to 2BTC / day.
- Cannot buy and sell P2P.
- Limited ground support when you are having trouble with something.
Note that you will be prompted to enable 2FA beforehand. And install the Binance app on your phone.
After you have logged into your account at Binance Exchange, you will be redirected to your administration page. Look in the top right corner of the screen and click the little humanoid icon above it. You click on ” Verification”
After pressing “Verification“You will be forwarded to the next page as shown below, here you only have to pay attention to the topic” Authentication of personal data “. Please press the button “accuracy“.
We will start KYC on the page that comes up afterwards.
Please fill in the required information in the fields below
After you have completed this step, you will be redirected to a secure page where you will need to submit your login details
Press the button “begin”To start this process
You will be asked to submit the documents shown in the picture. Click on any document you have and submit to complete this step.
The final step is that you need to take a real photo in the Binance app on your phone to verify your real portrait. You will receive a QR code after following the steps above.
For security reasons, I will not leave this QR code here.
Go to the Binance app I just recommended to you above. Click the humanoid icon in the left corner of the phone screen, scroll down and select “to scan“Then select the QR code on your computer. Follow the exact request.
If you complete this step and get no errors, after 8-12 hours you will be able to KYC.
At this point, you have officially entered the cryptocurrency market, relax and enjoy the journey.