To fight against bad actors on the Binance platform, the Binance exchange has introduced a new KYC framework for Nigerian users.

The changes also come with a new withdrawal fee. The fee is no more 0.02 percent. Users will now pay a flat fee of NGN 300. The KYC changes will allow users to withdraw higher amounts. The updated identity verification requirements look like this:

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Level 1: Basic 

Information required to move to Level 1 includes:

  • Email
  • Full Name (first, middle and last)
  • Date of birth  
  • Residential Address   
  • Nationality   
  • A government-issued ID (driver’s license, international passport, and identification card) and selfie.

Daily deposit/withdrawal limit: NGN 4,000,000,000

Monthly deposit/withdrawal limit: NGN 80,000,000,000

Level 2: Address Verification

You can move from Level 1 to Level 2 by verifying your address. Documents accepted for address verification includes:

  • Bank statement
  • Utility bill (electricity, water, waste disposal, internet etc.)

These documents must have the same name you used in your Level 1 verification and should not more than 3 months old.

Daily deposit/withdrawal limit: NGN 20,000,000,000

Monthly deposit/withdrawal limit: NGN 400,000,000,000

Level 3: Source of Wealth

If you are a level 2 verified user and want to upgrade your account to Level 3, you will need to fill the Source of Wealth Declaration Form. This form refers to the origin of how you obtained your entire body of wealth.

It gives you access to similar daily and monthly limits in Level 2.

In a statement announcing the KYC framework, Binance said:

Binance is committed to maintaining the highest standards of Know Your Customer (KYC), Anti-Money Laundering, and Counter-Terrorism Financing (CFT) compliance to prevent abuse of its products and services for money laundering and terrorist financing purposes.

To achieve this, Binance has implemented sophisticated compliance and monitoring systems for its fiat gateways, which include daily monitoring tools such as on-chain monitoring for cryptocurrency transactions.

Identification and verification of all its users allow Binance to protect its users and prevent fraud, on top of meeting its AML/CFT obligations.

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The post Binance Cuts Withdrawal Fees In Nigeria And Updates KYC Requirements appeared first on BlockNewsAfrica.


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