Why do I need to complete EDD?
Binance requires all users to complete Identity Verification to increase their account security and to comply with their countries’ regulations. To enhance account security and secure your assets, Binance may require you to complete additional identity verification procedures from time to time.
For example, after we upgrade our compliance standards, we may require existing users to complete additional Identity Verification procedures to be fully aligned with the latest Anti-Money Laundering (AML) regulations.
What information do I need to provide during EDD?
As part of completing the enhanced due diligence (EDD) process, you will be prompted to declare if you are a Politically Exposed Person (PEP), and you may be asked to upload documents to declare your Source of Wealth (SOW).
Please visit How to Complete the Source of Wealth Declaration for a detailed guide on the verification process.
How long does it take to complete EDD?
In general, it takes approximately 10 business days to review your EDD verification. You’ll be notified of the result when the review is complete.
Frequently Asked Questions
1. I feel unsafe providing details on my payslip.
Your personal information and documents submitted are securely protected by encryption protocols and software. We maintain physical, electronic, and procedural safeguards concerning the collection, storage, and disclosure of your personal information. Rest assured that your personal information is safely protected.
2. How do I calculate my annual income? Do I need to include my other investments?
You can calculate your annual income by adding all the income sources received during the year, including your salary, wages, tips, bonuses, commission, rental income, etc. Please also include other investment income, such as profits from stocks, bonds, or mutual funds, in the calculation.
After that, deduct the expenses related to earning the income to calculate your net annual income. For example, business expenses, investment expenses, or rental property expenses.
3. I am self-employed. What documents do I need to submit?
Please provide any of the documents below:
- Tax statement from the previous tax year;
- Latest invoices/contracts/agreements for self-employed services or profit/loss statements, proving monthly or annual income.
If you have any questions, please contact the Customer Service team.
For more details, please refer to:
