Binance Verification

With extensive experience as an electrical/software/coding engineer along with having a diverse financial background, Thomas Wettermann’s areas of interest include Machine Learning (ML), artificial intelligence (AI), and Financial Technology (FinTech). For the past few years, Thomas Wettermann has focused on the underlying technologies that support and promote all phases of cryptocurrency, Web 3.0, and metaverse ecosystems.

Binance Logo (Source: Binance Twitter)

Founded in 2017, Binance is now the world’s largest cryptocurrency exchange when one considers trading volume. Indeed, Binance’s trading volume is more than three times larger than its nearest crypto exchange competitor Coinbase Exchange.

In 2019, Binance stated that it was “unable to provide services to any U.S. person" and that it would partner with a U.S. company called Binance.US.

US-based investors trying to access the Binance.com website are now provided the following warning: “Binance is unable to provide services to U.S. users. Binance.US (BAM Trading Services) is a US-regulated cryptocurrency trading platform.”

Binance.US Logo (source: Binance.US)

Binance.US is an online service that offers US-based investors the opportunity to buy, sell, and store cryptocurrencies. In just three years, Binance.US has already become the tenth largest cryptocurrency exchange when one considers trading volume.

Where in the US is Binance Available?

As noted previously, the crypto services of Binance are not available to any US-based investor. On the other hand, Binance.US is available to US based investors but only those investors residing in certain US States. For example, Binance.US is currently not available in the following seven states: New York, Connecticut, Texas, Hawaii, Idaho, Vermont, and Louisiana.

The reason for this restricted availability has mainly to do with hostile and stifling state regulatory laws. For example, one reason crypto exchanges like Binance.US would not make their services available in a given state is that the state may have issued certain rules and regulations regarding cryptocurrencies.

New York is a primary example. New York’s crypto regulatory agency issued licensing requirements for cryptocurrency businesses called the "BitLicense." The BitLicense requires operations related to transactions involving any form of digital currency to obtain a license from the state.

However, before being granted a license, applicants must have strict compliance and supervisory policies and procedures in place, including anti-money laundering, know-your-customer, and cybersecurity programs. It is estimated that it costs roughly $100,000 to apply for such a license including time allocation, legal fees, and other related expenses.

Moreover, the license requires a 30-page application, a $5,000 application fee, thousands of man-hours, and the presentation of accounting and records from the last seven years.

Rather than jump through these types of regulatory hoops, cryptocurrency exchanges like Binance.US will seek out more crypto-friendly states like Wyoming, Nevada, and Florida.

How long does Binance Verification Take?

Binance is a centralized exchange and must therefore comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. As a Binance user, you must therefore undergo identification verification procedures.

The Binance verification process is a timed process where you are required to submit all your information within a 15-minute window after you initiate this process.

These steps are summarized below:

Step 1: Sign in to your account

Step 2: Select Intermediate/Identity verification

Step 3: Select Nationality/Country of Origin

Step 4: Fill in basic personal identification

Step 5: Select ID document

Step 6: Submit photo(s) of your documentation

Step 7: Upload self-portrait

Step 8: Complete facial verification

Step 9: Personal verification

Step 10: Address verification

This verification process usually only takes one to two days. The best way to reduce how long does Binance verification take is to make sure that all the images and pictures of your documents are clear and legible.

All opinions expressed on this site are owned by Thomas Wettermann and should never be considered as advice in any form. Thomas Wettermann is not an independent financial advisor.

Any opinions, news, research, analyses, prices, or other information contained on this website is provided as a general market commentary of Thomas Wettermann and does not constitute investment advice. Thomas Wettermann will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.

Trading digital financial assets such as cryptocurrencies can carry a high level of risk, and may not be suitable for all investors. Before deciding to invest, purchase, and/or trade cryptocurrency you should carefully consider your investment objectives, level of experience, adversity to risk, and volatilities. You may possibly sustain a loss of some or all of your initial investment; therefore, you should not invest money you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading, and seek advice from a qualified and independent financial advisor.

All the views expressed on this site are those of Thomas Wettermann and do not represent the opinions of any entity with which Thomas Wettermann has been, is currently, or will be affiliated.