Man peeping to see stranger at the door

WHY IS KYC IMPORTANT FOR YOUR CRYPTO ACCOUNT?

Imagine a man peeping to see who is at his door bell! Does that paint a picture of INSECURITY?

INSECURITY is actually the “first scare away” for many crypto traders. The crypto space is full of a lot of scammers, spammers, fraudsters, hackers, wallet bugs, rug-pulls and many other crypto related crimes and KYC seems to be the checkmate to conquer INSECURITY in the crypto sphere.

Genuine traders are scared of trading because they don’t want to lose the assets they have worked so hard to buy, earn or even HODLed for years. Do you fear the insecurity of trading on an exchange, saving or staking your assets there?

The good news is there are traders who are not scared to trade and you can be a part of them. How is that even possible?

Lets paint another imaginary scenario- A bunch of KYCed traders trading on a secured platform where only real identified traders are allowed. Does this paint a picture of SECURITY?

The truth is CRYPTO TRADING SECURITY starts with you. Have you completed your KYC? Creating a secured environment for trading crypto actually starts with you. Complete your KYC and encourage others to do same. Trust me a network of KYCed traders is the best form of SECURITY possible.

Currently BINANCE is one of the Centralized Exchanges (CEX) that aims to create such a secure platform for crypto traders and all its other crypto investment customers. They recently posted an announcement in a bid to achieve this feat. Read here: https://www.binance.com/en/support/announcement/51bf294e26324211a4731ca998e110ca

WHAT IS KYC?

KYC means KNOW YOUR CLIENTS or KNOW YOUR CUSTOMER. It is a simple process of Identity verification to gather identifying data and contact information from crypto account owners. The major purpose for KYC is the prevention of fraud, money laundering, and other illicit activities in the crypto space, as well as the illegal and gross misuse of crypto-financial accounts.

Anti Money Laundry (AML) and KYC processes work together in helping government regulatory bodies to prevent financial crime and dishonest activities; hence the need for every crypto service(s) user to successfully complete KYC.

WHY SHOULD YOU KYC?

· A Secured Community: When all crypto accounts are verified, a network of verified KYC users will only lead to a more secured community.

· Higher Crypto Deposit & Withdrawal Limits: Completed KYC customers are allowed to carry out unlimited crypto deposits and withdrawals of up to 100 BTC daily.

· Enjoy High Fiat Deposit & Withdrawal Limit: Intermediate Verified accounts can make deposits and withdrawals of up to $50,000 daily limits while Advanced KYC grants users a higher deposit and withdrawal limit of up to $200,000 daily.

· P2P Trading: Only KYCed customers can use the P2P platform to buy and sell major crypto assets with unlimited transaction limits.

· More Functions are Enabled: Non-verified accounts present limited functionalities. A successful KYC is mandatory in order to be able to maximize usage of registered crypto accounts.

· To Avoid Restrictions for Non-KYCed Accounts: Those who refuse to complete their KYC are restricted from depositing fiat or crypto. They are also not permitted to use any trading functions except withdrawal of their existing funds.

WHAT IF I DON’T WANT TO KYC?

It is entirely your choice to make such a decision; you would have to trade with the restrictions or use other CEX not KYC compliant or a Decentralized Exchange (DEX); but remember you would be like that man peeping to see who is at his door bell. That is surely not a pleasant trading environment you have to agree.

A neighborhood is more likely to be secured when everyone knows everyone- This is what BINANCE is offering its esteemed customers- A COMPLETELY SECURED TRADING PLATFORM with a network of KYCed users.

HOW TO SUCCESSFULLY COMPLETE KYC ON BINANCE?

To successfully complete Intermediate KYC verification; here are a few tips to guide you.

§ You will need to use an acceptable Identity document. A Driver’s License, A Government-issued photo ID, An International Passport, A Social Security Number, A PAN Card or A Voters ID Card are acceptable identity documents.

§ First, Login to your account or if you don’t have one; you can create a free trading account right away here: https://accounts.binance.com/en/register?ref=65177765

§ Once you are Logged in, go to account profile; and click on Identity Verification or just use this hyperlink: https://www.binance.com/en/my/settings/profile

§ The first process is to provide personal details such as full name email address and date of birth in order to complete the Basic Identity Verification.

§ The next step requires uploading any of the accepted identity document as outlined above; uploading a passport photograph and completing the facial verification task that involves blinking the eyes to confirm you are not a robot.

§ Once these processes are carried out with precision and accuracy, it takes virtually less than 24hrs for the platform to confirm the KYC as successful or not.

§ For extra benefits like an increased trading volume and a higher withdrawal limit; you will need to complete the Advanced Verification which requires that you upload a proof of residence such as a Utility bill or a bank statement of account to confirm your residential details.

Want to become a Binancian to enjoy the numerous benefits of trading with us? Here is what you need to do- Register today and get a $500 savings voucher for completing your KYC and join a network of real and identified crypto traders.

For more details on how and why you need to complete your KYC verification on Binance — the most popular crypto currency platform where you can buy and sell crypto; invest in crypto, save, stake and trade any of the over 4000 digital instruments and pairs; Read more here: https://www.binance.com/en/blog/421499824684902130/%E2%80%8Bwhat-is-kyc-and-how-is-it-increasingly-important-for-crypto

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Nwankpa Kelechi

I am a crypto currency content creator and also a crypto trading training instructor. Feel free to reach me via email: kaycpompey@gmail.com.