KYC is a form of user identity verification that is very necessary in the current digital age, and almost all major cryptocurrency exchanges require KYC to be completed before transactions can be made. Let's explore in detail about KYC and the reasons why it has become essential in this article.
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KYC process at Binance
On Binance.com, identity verification is a mandatory requirement to trade cryptocurrencies, with three KYC levels: Intermediate, Advanced, and Professional advanced.
Users must provide
Personal information
Identification documents (cccd, driver's license, passport, etc.)
Facial recognition
Proof of address.
To increase the trading limit, users must declare the source of funds and verify they are not politically exposed. Binance applies one of the strictest KYC policies to protect users and the ecosystem.
Guide to register Binance
To register a Binance account on the phone:
Step 1: Visit the website Binance.com and click Sign up (Register), choose the type of account (Individual/Entity), then select Sign up with Email or Phone.
Step 3: Enter email/phone number, create a password (at least 8 characters, including 1 uppercase letter and 1 number) and Referral ID = 22381599
Step 4: Agree to the Terms of Service, click Create Personal Account.
Step 5: Enter the verification code received via email/phone number to complete the registration.
Guide to KYC for Binance account from A to Z
After completing the registration or logging into the Binance account, users need to perform KYC to access trading products such as Binance Futures, Binance Launchpool, etc. BTA will now guide the detailed steps for KYC registration on Binance:
Step 1: Log in to the Binance app, click Verify now on the homepage or go to Profile and select Action Required if you do not see the notification.
Step 2: Select country of residence > Click Continue.
Step 3: Enter personal information (Must match identification documents)
Step 4: Upload a photo of your identification document (CCCD/CMND or Passport).
Step 5: Verify your face by centering and moving your head as instructed.
Step 6: Wait for Binance to verify and receive a notification email.
Note: You can attempt verification a maximum of 10 times within 24 hours. If denied, wait 24 hours to retry and do not exit the app during verification.
Conclusion
KYC has become an indispensable part of the cryptocurrency market, especially for exchanges like Binance. And in Vietnam, KYC plays a significant role in protecting users and ensuring cryptocurrency transactions when related regulations are not yet truly focused on and developed.
Binance, as the world's leading exchange, is always committed to working alongside customers and users to contribute to the sustainable and safe development of the cryptocurrency market.