Cryptocurrency exchange Binance updated its daily withdrawal limit to comply with increased crypto regulations throughout the world.
The change is effective immediately for new account registrations. For existing accounts, the change will roll out in phases from August 4 through August 23, 2021.
The new Binance daily withdrawal limit
Binance released a statement on July 27, 2021, which says: “Daily withdrawal limits will be adjusted to .06 BTC for accounts which have completed only Basic Account Verification.”
This is a significant decrease from the 2 BTC that was previously allowed to be withdrawn on a daily basis.
Want to withdraw more? You’ll have to complete KYC verification
Customers who wish to increase their Binance daily withdrawal limit will need to complete Know Your Customer (KYC) verification. KYC-verified customers will be able to withdraw up to 100 BTC per day.
In order to gain this verification, users will have to provide a selfie and photographs of their passport, ID card, or drivers license. This is a step up from basic account verification, which only requires a name, date of birth, and address but does not require any supporting documents.
What if you don’t trade Bitcoin on Binance?
For users trading in altcoins, the Binance withdrawal limit is based on the value of BTC. Users with basic account verification will be able to withdraw crypto valuing up to 0.6 BTC per day, while KYC-verified customers can withdraw crypto valuing up to 100 BTC per day.
Why did Binance change the daily withdrawal limit?
This update is a way for Binance to stay compliant with increasing regulations throughout the world; it’s also a response to a wave of pressure from countries such as the United Kingdom, Italy, and Japan which have all recently banned Binance in their respective countries due to the exchange’s lack of regulation.
Regulatory bodies see these KYC checks as a way to combat money laundering and other fraudulent and illegal activities. Increased KYC procedures also allow for law enforcement and tax bodies to trace, monitor, and seize fraudulent funds more easily.