What should you do if Binance asks you to prove the Source of Funds?
Many users are surprised to receive a message from Binance asking them to prove the source of their funds, and their account may be temporarily restricted. There’s no need to panic; this is a routine measure required by international anti-money laundering (AML) laws and Know Your Customer (KYC) procedures.
What does Source of Funds mean?
It’s a request from the platform to clarify where the money you deposited or are trading with came from. The request may appear when you deposit a large amount, engage in unusual activity, or undergo a periodic account review.
Documents commonly accepted
Bank statement or transfer records
Employment contract, payslip, or business invoices
Proof of sale of an asset (property, car, gold)
Records of purchasing or transferring cryptocurrency from another platform or a well-known wallet
Tips to avoid problems
Be honest: Submit only genuine documents. Forged documents may result in your account being permanently closed.
Be clear: Make sure the images are legible and complete, and that the name matches the name on your account.
Use official channels: Use only the Binance app or official website, and don’t contact anyone claiming to be an “employee” via WhatsApp or Telegram.
Beware of scammers: Anyone offering to “lift the restriction” in exchange for money is a scammer.
Keep your records: Save proof of the source of your funds from the start; this will save you time later.
$IBMB $GEVB $ARMB
#Binance
#SourceOfFunds
#SafeTrading
#Cryptocurrency
#FinancialAwareness
Many users are surprised to receive a message from Binance asking them to prove the source of their funds, and their account may be temporarily restricted. There’s no need to panic; this is a routine measure required by international anti-money laundering (AML) laws and Know Your Customer (KYC) procedures.
What does Source of Funds mean?
It’s a request from the platform to clarify where the money you deposited or are trading with came from. The request may appear when you deposit a large amount, engage in unusual activity, or undergo a periodic account review.
Documents commonly accepted
Bank statement or transfer records
Employment contract, payslip, or business invoices
Proof of sale of an asset (property, car, gold)
Records of purchasing or transferring cryptocurrency from another platform or a well-known wallet
Tips to avoid problems
Be honest: Submit only genuine documents. Forged documents may result in your account being permanently closed.
Be clear: Make sure the images are legible and complete, and that the name matches the name on your account.
Use official channels: Use only the Binance app or official website, and don’t contact anyone claiming to be an “employee” via WhatsApp or Telegram.
Beware of scammers: Anyone offering to “lift the restriction” in exchange for money is a scammer.
Keep your records: Save proof of the source of your funds from the start; this will save you time later.
$IBMB $GEVB $ARMB
#Binance
#SourceOfFunds
#SafeTrading
#Cryptocurrency
#FinancialAwareness
