Hello Aitor, do I need to verify my Binance account? I opened my account long time ago and never verified it. Is there any restriction for unverified accounts? I really tried to get an answer for this question but no one gave me a clear answer. I’m sorry to waste your time with stupid questions.
Hi Yitek, of course it’s not a stupid question. In fact I think it’s a very good one and I can tell you I didn’t know the answer not long time ago, but I know it now and I think I can help to bring some light.
Ok, Binance has 3 verification levels. First one is just to put your name, lastname, email and address and in my case it was automatically granted. I’m not sure of the exact info that Level 1 asks (I passed Level 1 several years ago), but it’s almost nothing and very easy and fast to pass. After verifying with Level 1, you will be able to trade and withdraw up to 2 BTC / day.
Level 2, a.k.k.a identity verification. It allows you to withdraw up to 100 BTC / day and it increases fiat deposit limit. You need to send a photo of your national id or passport and there is also a facial recognition. In order to complete facial recognition you can use your webcam or you can install Binance app in your cell phone. I have heard some people had problems with facial recognition as the system didn’t recognize them, and some of them even had to send a video to Binance guys to pass Level 2, lol. In my case, I downloaded Binance app to my cell phone and at the beginning it did nothing, but finally it worked and got Level 2 verification.
Level 3. I never reached to level 3. I took a look 1 month ago and it asked to buy some cryptocurrencies with a credit card. I didn’t want to buy, so I just stopped verification. Now, while I’m writing this text I checked it again and now it doesn’t ask to buy anything with credit card. I’m going to paste here what it’s asking:
Proof of Residence
Please choose and upload one of the following documents:
Utility bill (electricity, gas, water/sewage, fibre/broadband services)
Government-issued proof of address document
We do not accept:
ID card / Passport / Driver License
Bank transaction receipt
Reference letter from bank/utility company
To minimize the time of address verification, please ensure your documents meet the following requirement:
• Your name on the document must be the same as your submitted ID
• Your address on the document must be the same as the residential address you entered
• Your document must have been issued within the last 3 months
• Your name, address, document issue date, and issuer must be shown clearly on the document
• Your document must be high quality (at least 300 DPI) in one of the following formats: PDF, JPEG, JPG, PNG
Please note there is a long wait time for address verification due to high volumes. Your address may not be verified until 2021-03-22 (UTC).
Address verification is mainly required for Binance Card applications or to increase your fiat limits. Do reconsider if you truly need to have your address verified.
I have seen a lot of people trading since long time with Level 1 verification, and 2 BTC / day withdrawal is more than enough BUT their terms and conditions state that under certain circumstances they could freeze your account until you get verified. It seems it’s not something common, personally I don’t know anyone whose account was frozen while being Level 1, but I know there are cases.
Summarizing, Level 1 verification can be more than enough for many people, but if you don’t want undesired surprises, better to pass Level 2 verification.
I hope this helps. And if the case someone doesn’t have a Binance account yet and wants to create an account, I would be grateful if you create it through my Binance referral link
Good news, a few minutes after submitting an electricity invoice, I got this email:
Address Verification Confirmed
Your address has been successfully verified. Your Binance account can now*:
• Buy crypto instantly with credit/debit card (up to $50,000 daily limit).
• Deposit/withdraw fiat** via cheap and reliable bank transfer or local channels (up to $50,000 daily limit).
• Buy/sell crypto via p2p trading (unlimited).
To further increase these account limits, please proceed to fill in the Source of Wealth Declaration Form for approval or contact customer support.
Level 3 verificated user here
Thank you very much for the detailed response. It was really helpful.
Update: Now unverified Binance accounts are not allowed to make trades as I explained here: