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KYC, or “know your customer”, is a common practice in the financial industry aimed at preventing money laundering, identity theft, and other fraudulent activities. This involves verifying the identity and personal information of customers before they access financial services.

Binance, one of the world’s largest cryptocurrency exchanges, also follows a thorough KYC process for its users. Binance has three levels of KYC levels, each with its own requirements and limitations.

The first level, known as “Basic Verification”, requires users to provide their full name, country of residence, and date of birth. This level enables a daily withdrawal limit of 2 BTC (or equivalent amount in other cryptocurrencies) and allows users to trade on Binance.

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