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❕NEWS Verification is a must on binance exchange platform

AudraMiller

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There are many people that make use of the binance cryptocurrency exchange platform because it provides them with a very easy way to trade between cryptocurrency coins and also it has a lot of different cryptocurrency coins therefore expanding their portfolio. Recently binance exchange platform has had a lot of concerns regarding regulatory measures in various countries and as a result it was their proposal to try and create headquarters in different countries in order to allow various exchange platforms to abide by the necessary regulations. However recently it seems that binance exchange platform has made know your customer verification process compulsory for all of its users. This could show that they are moving more towards a regulatory standpoint for cryptocurrency and as a result it could show a potential for them to be legalised or listed in various stock exchanges in the future. This is my opinion. What do you think about this?
 
I have not verified my account yet and I noticed that Binance is asking me to do some verification. The problem is I don't have the documents to do it. To me its or security purpose
 
I have not verified my account yet and I noticed that Binance is asking me to do some verification. The problem is I don't have the documents to do it. To me its or security purpose
This may cause a lot of people to stop with the use of binance and venture into other cryptocurrency exchange platforms. Especially with those platforms that don't need a verification process.
 
Binance made this strict verification requirement due to the fact that they are now being tackled by many regulators from different countries
 
This may cause a lot of people to stop with the use of binance and venture into other cryptocurrency exchange platforms. Especially with those platforms that don't need a verification process.
Most exchanges now make kyc compulsory if you want to really maximize the use of such platforms. This may likely discourage a lot of people but the situation has made it a necessary step.
 
Not using Binance anyways.. i use coinex since you can send and receive as low as $1 or maybe below.. and buying Cryptocurrency you don't need 10 dollars to do so
 
Probably one of the reasons why they are attacked by the sec because they didn't enforce verification in the first place as probably some illegal activities are happening their in the platform also by other people
 
There are many people that make use of the binance cryptocurrency exchange platform because it provides them with a very easy way to trade between cryptocurrency coins and also it has a lot of different cryptocurrency coins therefore expanding their portfolio. Recently binance exchange platform has had a lot of concerns regarding regulatory measures in various countries and as a result it was their proposal to try and create headquarters in different countries in order to allow various exchange platforms to abide by the necessary regulations. However recently it seems that binance exchange platform has made know your customer verification process compulsory for all of its users. This could show that they are moving more towards a regulatory standpoint for cryptocurrency and as a result it could show a potential for them to be legalised or listed in various stock exchanges in the future. This is my opinion. What do you think about this?
I think to make this KYC mandantory is the step in the right direction, because it shows the regulators of different nations, that Binance will adapt to the local legislation and cooperate. For customers it also gives security if Binance is moving into regulated state in many countries.... and with a KYC to each customer, Binance knows that their operations will potentially less used for shady businesses. Everybody wins
 
I think to make this KYC mandantory is the step in the right direction, because it shows the regulators of different nations, that Binance will adapt to the local legislation and cooperate. For customers it also gives security if Binance is moving into regulated state in many countries.... and with a KYC to each customer, Binance knows that their operations will potentially less used for shady businesses. Everybody wins
It is a good step for them in that regard, however there is a risk that they will lose a lot of customers as well, as there are many people that are going to rather choose to go to an exchange that does not need this information.
 
I don't mind with binance verification. Although there is no Guaranteed that our data and privacy will safe or not but this is one thing that we have to trust to binance..
 
I am glad that Binance is making KYC verification to be compulsory. It brings safety and makes more people and institutions to trust them. The good thing is that it is not so hard to get verified there.
 
I don't mind with binance verification. Although there is no Guaranteed that our data and privacy will safe or not but this is one thing that we have to trust to binance..
That is the concern that many people have as there are many platforms that have had breaches in their security, even with reliable platforms such as hardware wallets as well.
 
They are following the know your customer strategy in order to make sure who they are dealing with. It is a very good effort held by binance to identify the genuine customers. It will ensure the safety of them as well as the other traders who are working in it.
 
There are many people that make use of the binance cryptocurrency exchange platform because it provides them with a very easy way to trade between cryptocurrency coins and also it has a lot of different cryptocurrency coins therefore expanding their portfolio. Recently binance exchange platform has had a lot of concerns regarding regulatory measures in various countries and as a result it was their proposal to try and create headquarters in different countries in order to allow various exchange platforms to abide by the necessary regulations. However recently it seems that binance exchange platform has made know your customer verification process compulsory for all of its users. This could show that they are moving more towards a regulatory standpoint for cryptocurrency and as a result it could show a potential for them to be legalised or listed in various stock exchanges in the future. This is my opinion. What do you think about this?Reu
Regulatory is the main reason why Binance often update their rule but the recent rule reason might be the polynetwork hacking issue and the japaness exchange hacking issue. This is why they are not allowing new user on binnace to trade without KYC.
 
Regulatory is the main reason why Binance often update their rule but the recent rule reason might be the polynetwork hacking issue and the japaness exchange hacking issue. This is why they are not allowing new user on binnace to trade without KYC.
Thank you for sharing this information with us I think that it is very important that they do have a verification process because it prevents people from getting involved in the crypto-currency exchange if they have malicious intent as well because this will allow them to track any of the potential hackers.
 
I think it's another way or medium to prevent cryptocurrency scams and happening , do it's a good thing that verification is now a must , it have a positive Benefits
 
I think it's another way or medium to prevent cryptocurrency scams and happening , do it's a good thing that verification is now a must , it have a positive Benefits
It is a good way to prevent cryptocurrency scams but with so many of these sites actually having data breaches recently, it leads to the question of how this will impact the user if their data is exposed.
 
It is a good way to prevent cryptocurrency scams but with so many of these sites actually having data breaches recently, it leads to the question of how this will impact the user if their data is exposed.
If the user is caught he or she might be tracked , because the binance platform would find it very easy since he or she registered with verification data
 
If the user is caught he or she might be tracked , because the binance platform would find it very easy since he or she registered with verification data
If this is the case and it is found to have a positive effect on the number of people that are falling victims to scams (by lowering the number of scams) the certainly other exchange sites will follow in their footsteps as well.
 
If this is the case and it is found to have a positive effect on the number of people that are falling victims to scams (by lowering the number of scams) the certainly other exchange sites will follow in their footsteps as well.
I am sure that most exchange platform got the confidence of not accepting verification data , but now that binance have accepted verification am sure they might change too
 

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