On many cryptocurrency exchanges those users who haven’t passed KYC are facing some restrictions. For example, they may have minimum limits on funds deposit and withdrawal, also, they are sometimes not allowed to use the exchange additional functions or to trade. Read more about why verification is needed in our article
On Binance you are to complete the basic verification to be able to deposit and withdraw
funds. The next verification level is intermediate. Passing it you’ll be able to use API keys
. These keys are necessary for connecting to the exchange of trading terminals, for example, the CScalp
. Also, after you complete the intermediate verification, your fiat funds deposit and withdrawal limits extend.
Extended verification does not affect user's access to trading on Binance and the use of other exchange functions. Therefore, we shouldn’t waste our time on it.
There is a verification levels table below, with passing requirements and restrictions for each level.