Enhanced Due Diligence (EDD) is an advanced verification process that Binance may conduct to ensure full alignment with regulatory requirements and compliance standards. This is a standard and common compliance process, which helps us maintain the integrity and security of our platform.
When completing EDD verification, you will be prompted to declare if you are a Politically Exposed Person (PEP) or related to PEP, and to declare your Source of Funds (SOF) and Source of Wealth (SOW).
Please refer to our “Step-by-step Guide” for further detailed information along with our “Acceptable Documents” list for documents type you can provide.
A PEP declaration is a statement where you confirm whether you, your relatives, or close associates hold or have held a prominent public position. A Politically Exposed Person (PEP) is an individual who currently holds, or has previously held, a significant public role - such as a senior government official, a high-ranking executive of a state-owned enterprise, or their immediate family members and close associates. You are required to declare if you fall under this category.
For more detail on this, please refer to our detailed guide here.
Source of funds (SOF) refers specifically to the origin of the money you have deposited or you plan to deposit into your Binance account, such as salary, savings, proceeds from asset sales etc. The sources of funds are always of a liquid nature.
Source of wealth (SOW) refers to the origin of your total accumulated assets. It represents the main activities that generated your total wealth, such as income from employment, business profits, investments, inheritance, real estate etc. It includes both liquid and illiquid assets, covering traditional and crypto holdings. The sources of wealth can be liquid or illiquid.
Key difference: SOW explains how you built your total wealth, while SOF explains where the deposited money comes from.
Please refer to our “Step-by-step Guide” for further detailed information along with our “Acceptable Source of Funds and Wealth Documents” list for documents type you can provide.
Our goal is to verify your identity and ensure compliance while understanding your unique situation. Do refer to our list of questions below.
If you need further assistance, our Customer Support Team is here to help guide you through the process.
1. My account has already been verified, why do I need to go through additional verification or EDD?
The additional information that we request during the EDD process helps us ensure that your account fully complies with the latest regulatory and security standards. This is essential to protect your account by ensuring that we have the necessary information that we need to mitigate any risks on the platform. Providing this information helps us maintain a safe and trusted platform for our users.
2. What will happen if I don’t provide the requested information?
To keep your account fully functional, it's important to complete the additional verification process and submit the necessary information to support the verification of your account. Failure to comply may lead to some features or services being restricted or temporarily unavailable until the verification is completed.
Once you’ve submitted the requested information, we will reach out to you if additional information is required.
3. I feel unsafe providing details of my payslip.
We understand your concerns. Your personal information and documents submitted are securely protected with strong encryption and security measures. We follow strict physical, electronic, and procedural safeguards to keep your data safe and confidential. Rest assured that your personal information is safely protected.
4. I am self-employed. What documents do I need to submit?
Please provide any of the following documents:
5. I am a student. What documents do I need to submit?
Please provide valid documents based on the sources of your funds and wealth - e.g. Bank statement showing your allowance, or any employment income (if applicable).
6. I have been unemployed for a while and just relying on my savings. What documents do I need to submit?
You may provide a bank statement to verify your savings. The bank account statement should be dated within the last 3 months, displaying your full name and the savings balance.
