Binance is the single largest cryptocurrency exchange in the world, doing over $16 billion in 24-hour exchange trading volume. With over 600 different cryptocurrencies available, there are tons of exotic altcoins and crypto trading options so you can get busy trading and lose all your money in crypto with a smile! BUY HIGH SELL LOW! (Not financial advice).
Unlike KuCoin, where users can trade without identity verification, Binance requires complete identity verification for all users, otherwise known as (Know Your Customer) KYC verification.
Big ones that we need to get out of the way
If you live in the USA, you’ll be redirected to Binance.US, which has full KYC but a watered-down offering (about 60) of cryptocurrencies.
If you live in China, Binance (or any other crypto exchange) is unavailable due to the government firewall. If you can skirt the government firewall, you should still be able to use your Chinese address to register.
Know your customer is the identity verification process that a crypto exchange uses to get your Information so you can buy and sell cryptocurrency on their exchange with your bank account or credit card.
Governments rightfully hate money laundering, a tool for criminal organizations and tax evaders. KYC and getting your information is required by all other financial institutions, and cryptocurrency exchanges are in fact just that- financial institutions.
Without further ado, here are the Binance KYC countries. If your country isn’t listed here, it’s safe to assume that Binance isn’t available where you live.
How long does the identity verification process take?
Identity verification with Binance varies by country. The UK has the longest verification process time I’ve seen, at 10 days. Most other countries take 2-3 days maximum. Binance is a huge entity with robust KYC systems and is able to verify users quickly.
Full Binance KYC is available in the following countries (alphabetical):
Antigua and Barbuda
Isle of Man
Macedonia (North Macedonia)
Papua New Guinea
Saint Kitts and Nevis
Saint Vincent and the Grenadines
Sao Tome and Principe
Trinidad and Tobago
Turks and Caicos
United Arab Emirates
Virgin Islands, British
Buying cryptocurrency with a credit card or debit card
In some locales, you have the ability to buy cryptocurrency on Binance with only a debit or credit card without having to connect to a bank account. This doesn’t mean you get to skip the identity verification process, but it does make it easier to get started.
Paying with a bank card is currently disabled:
Argentina, Brazil, Colombia, Hong Kong, India, Indonesia, Israel, Kazakhstan, Kenya, Malaysia, Mexico, Nigeria, Peru, Philippines, Singapore, South Africa, South Korea, Switzerland, Taiwan, Turkey, and Vietnam.
Paying with a bank card is still enabled:
Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of Cyprus, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, UK, and Ukraine.
As you can see, the Binance exchange operates in most countries!