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Like other financial institutions, major cryptocurrency exchanges across the globe make KYC, or identity verification mandatory in order for users to receive uninterrupted access to their services. Why is KYC verification necessary, how does it benefit cryptocurrency traders and how does it differ from anti-money laundering regulations? Does KYC verification defeat the purpose of decentralization in public cryptocurrencies? It refers to the verification of a customer's identity, typically by a financial institution. Identity verification requires information that can be used to—of course—verify your identity, like a valid ID card, utility bills containing your home address, a passport, etc. ID document requirements vary from institution to insitution, and even region to region.



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WATCH RELATED VIDEO: How to Update Bank Details on Binance (Latest Update)

How to Verify My Residential Address on Binance


When Canadian cryptocurrency trader Fawaz Ahmed saw the price of ethereum dropping, he knew it was time to get out. Unfortunately for him, he couldn't. Ahmed was trading on Binance, the world's largest digital currency exchange by trading volume.

And on May 19, Binance experienced a major outage which meant that, for about an hour, he was unable to exit his position. When prices fell below a certain point, Ahmed's position got wiped out. Binance's customer service team gave Ahmed an "absurdly" low offer of compensation, he said.

Ahmed is one of hundreds of investors expected to take part in arbitration proceedings against Binance, seeking damages for the money they lost when the cryptocurrency exchange went offline. Binance has experienced several outages over the years in times of heightened volatility for virtual currencies. That can be costly for traders, especially when prices are plunging.

And those losses can balloon to millions of dollars when investors make risky bets using leverage, or borrowed money, to augment trades — which, on Binance, is something users do often. Binance recently cut the maximum leverage customers can take on futures — financial derivatives that oblige investors to buy an asset at an agreed-upon price at a later date — to 20 times from a previous limit of times.

Binance wasn't the only crypto exchange to face disruption to its service on May Coinbase users were also temporarily unable to access its site.

Changpeng "CZ" Zhao, Binance's boss, has previously said the exchange has no official headquarters. That makes it extremely difficult for investors to figure out how, and where, to take the company to court. A group of crypto traders hopes to change that. With the help of Liti Capital, a little-known Swiss private equity firm providing litigation financing, nearly 1, people are expected to join arbitration proceedings in Hong Kong to seek damages from Binance.

Big investors bought up bitcoin as hoped and in the process ruined its usefulness as a hedge. With rising rates and inflation, investors are split on how to value bitcoin.

Binance is "the first company that has ever grown to any size in any industry — much less the financial industry — where there is no regulation," he said. Kay said that Liti Capital began working on the Binance case after receiving a call from Aija Lejniece, an independent lawyer working with a group of crypto traders in France.

Lejniece specializes in international arbitration cases. Binance's terms of use say that any legal dispute must be resolved through arbitration at the Hong Kong International Arbitration Centre. Arbitration proceedings, unlike class action lawsuits, aim to settle disputes out of court.

The format makes it harder for the average consumer to make a claim, Kay said, as claimants have to pay arbitration fees and additional costs — for instance, traveling to Hong Kong. Crypto, a nascent industry, is still largely unregulated. While some firms in the space, like Coinbase, have sought to build rapport with regulators, Binance and many others operate mainly outside the purview of established rules. That hasn't gone unnoticed by regulators, who are racing to catch up with new innovations in financial services.

Two main concerns with crypto are a lack of protections for consumers and the risk of money laundering and other illicit activity.

Binance, in particular, has attracted attention from authorities in multiple countries. Britain's Financial Conduct Authority recently banned the firm's U.

Meanwhile, financial watchdogs in Japan, Canada and Italy have issued warnings saying Binance does not have the authority to operate in the countries. To add to Binance's woes, the company lost its U. The company, which was founded by Zhao in China four years ago, recently said it was pivoting to become a regulated institution , with plans to obtain licenses in multiple jurisdictions and set up regional headquarters. Zhao has said he is willing to step down from the exchange to hand the baton to someone with more regulatory experience.

Skip Navigation. Key Points. Hundreds of investors are expected to take part in proceedings against crypto exchange Binance, seeking damages for money they lost during a major outage. Binance says it has no official headquarters. That has made it incredibly difficult for investors to figure out how, and where, to take the company to court.

In this article. VIDEO Read more about cryptocurrencies from CNBC Pro Big investors bought up bitcoin as hoped and in the process ruined its usefulness as a hedge With rising rates and inflation, investors are split on how to value bitcoin.



Binance Warns Iranian Traders to Withdraw Crypto Amid Sanctions

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How do I change my nickname (alias)? Please set your nickname (alias) professionally. Our admin might close the merchant's ads or disqualify.

Binance begins to restrict US users ahead of regulatory-compliant exchange launch

We use cookies for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and to analyse how our Sites are used. A new world is possible. Let's not go back to what wasn't working anyway. Delivered every weekday. Bonn-based BaFin published a note on its website on Wednesday afternoon stating that tokens tracking the movement of shares in Tesla, Coinbase and MicroStrategy represent securities requiring a prospectus that has not yet been issued. The issuer may be liable for any investor losses. Booming prices of digital currencies and heavy interest from retail investors for share trading have encouraged cryptocurrency exchanges to explore new products that mimic those found in the traditional financial industry.


Frequently Asked Questions on Binance P2P Merchant Portal

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The company has grown to become one of the biggest names in crypto by allowing anyone to use its service to trade myriad tokens, many of which are unavailable or limited on other exchanges. But over the past year, Binance has matured and begun to offer more formalized services.

​What Is KYC or Identity Verification, and How Is It Increasingly Important for Crypto?

Tether USDT is a blockchain- based cryptocurrency whose tokens in circulation are backed by an equivalent amount of U. Stablecoins track traditional fiat currencies, like the dollar , the euro , or the Japanese yen , which are held in a designated bank account. Tether tokens, which were developed by the crypto exchange BitFinex, are the native tokens of the Tether network and trade under the USDT symbol. Tether belongs to a breed of cryptocurrencies called stablecoins which aim to keep cryptocurrency valuations stable, as opposed to the wide swings observed in the prices of other popular cryptocurrencies like Bitcoin and Ethereum. That would allow it to be used as a medium of exchange and a mode of storage of value, instead of being used as a medium of speculative investments.


Cryptocurrency traders seek damages from Binance after a major outage cost them millions

How can we help you? Account Functions. Binance Fan Token. Binance Earn. Crypto Derivatives. Other Topics. How to Use Binance Support If you encounter issues while using Binance services, you can search for solutions on the Binance Live Chat.

If you need to change to another country/region of registration or entity type during the Can I apply for a second Entity Account?

How to Apply for Entity Verification

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. Thieves have stolen millions of dollars in bitcoin from exchanges. Bitcoin and other cryptocurrencies have proven a prime target for hackers despite their characterization by proponents as super safe and impregnable.


How can we help you? Account Functions. Guide to Account Functions. Binance Fan Token. Binance Earn. Crypto Derivatives.

To kick off ConsenSys' Ethereal Summit on Thursday, Unchained Podcast host Laura Shin held a cozy fireside chat with Zhao who, to mark the occasion, was wearing a personalized football shirt emblazoned with the Binance brand.

Sign Up. The highest and lowest price paid for this asset in 24 hours. All Time High. The highest price paid for this asset since it was launched or listed. Price Change 1h. The percent change in trading volume for this asset compared to 1 hour ago. Price Change 24h.

When Canadian cryptocurrency trader Fawaz Ahmed saw the price of ethereum dropping, he knew it was time to get out. Unfortunately for him, he couldn't. Ahmed was trading on Binance, the world's largest digital currency exchange by trading volume.


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