As per the official Binance announcement, as of October 19, 2021, all Binance accounts new and existing will need to complete KYC (Know Your Customer).
Existing users who have not completed Intermediate Verification will have their account permissions changed to “Withdraw Only” at 00:00 AM on 19th October 2021 (UTC). “Withdraw Only” users will have services limited to withdrawal, order cancellation, position close, and redemption. Existing users will be informed directly with more details.
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Previously Binance allowed new users with an unlimited crypto deposit, trading and 2 BTC withdrawal daily limit.
It is assumed that with the new rules, the Intermediate requirements will become the Basic, but this is yet to be confirmed.
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