Binance regularly evaluates its products and services to meet local regulatory requirements. To enhance account security and secure your assets, Binance may require you to complete additional identity verification procedures for specific fiat services.
Additional verification will be triggered when you start using the fiat service on Binance. You will be asked to resubmit your ID verification.
How to complete extra verification before using the fiat service?
Scenario 1
You’re asked to complete an additional ID verification
Depending on your country of residence, you will go through the verification with different vendors. Please refer to the specific guide below.
After completing the Identity Verification, you need to answer a short questionnaire. You will be able to use Binance’s fiat service after your verification is reviewed.
Onfido
1. Click [Choose document]. Select an ID document. Please note that you must use a valid official ID (i.e., not expired) with your photo on it.
2. Select your ID document’s issuing country and click [Submit document].
3. Continue the verification process on your phone. Click [Get secure link] and you will see a QR code. Scan it with your mobile. You may also click [Get link via SMS] to get it texted to your mobile, or click [Copy link] and paste it to your phone’s browser.
4. After successfully connecting your mobile, you will see the below screen on your computer. Please keep this page open throughout the process.
5. You need to take a photo of the front side of your ID document. Tap [Take photo] to begin.
If you haven’t enabled camera access, tap [Enable camera] to continue.
6. Tap [Take photo] and follow the instructions to take a photo of your ID document. Please make sure that your details are clearly visible. Tap [Upload] to submit, or tap [Redo] to retake.
7. You’ll also need to complete a face verification by taking a selfie. Tap [Take photo].
8. Position your face within the oval. Please make sure your face is clearly visible before tapping [Upload]. If not, tap [Retake] to try again.
9. Tap [Submit verification]. Please wait patiently for us to review your verification details.
Sumsub
1. You’ll see an overview of the verification steps. Scan the QR code with your phone to begin.
2. Tap [Continue]. Read and agree to the terms and tap [Next].
3. Select your ID’s issuing country. Then choose your document type and tap [Next]. Please note that the supported document types vary depending on your selected country.
4. Allow camera access and position your ID document inside the box. Take a photo of your document. Tap [Accept] to submit or [Try again] to retake.
5. The system will process your photo. If your details are clearly visible, tap [Document is readable]. If the system cannot detect your information on the photo, tap [Try again] to retake, or tap [Choose another document type] and use a different ID document to verify.
6. You’ll also need to complete a face verification by taking a selfie. Look straight into the camera and position your face within the frame. Please make sure that your face is clearly visible. Follow the instructions on the screen and tap [Upload] to submit.
7. Your data has been submitted. Please wait patiently for us to review your verification details.
Acceptable documents include:
1. European Union (EU) users
- ID Card (by any country)
- Passport (by any country)
- Driving License (issued by European Union only)
- Residence Permit (issued by Lithuania only)
2. Non European Union (EU) users
- ID Card (by any country)
- Passport (by any country)
Scenario 2
You’re asked to complete the questionnaire
You need to answer a short questionnaire with 4 simple questions. After completing it, you can start using Binance’s fiat service.
Scenario 3
You’re asked to complete the enhanced due diligence (EDD)
You may be asked to upload documents to declare your Source of Wealth (SOW). Your documents must be:
- issued in your name (or provide clarification as to why third-party documents can be used to verify your source of wealth);
- clearly visible with at least 300 dpi (dots per inch);
- recently obtained within the last month, quarter, year, etc.;
- in acceptable forms, such as .pdf or photocopies of physical documents with all 4 corners visible. Screenshots are accepted as well;
- clearly showing the issuer’s name/logo;
- clearly showing the issue date.
Acceptable documents include:
Category | Description |
| Salary |
|
| Self-employment |
|
| Inheritance |
|
Donation/Gift/Grant | If you’re a student and receive an allowance, please use this option as Proof of Wealth.
|
| Mortgages/Loans |
|
Company Profits (Shares/Dividends) |
|
| Financial investment |
|
| Crypto Investment (and declaration) |
|
| Others | Mandatory text of where their wealth is from and supporting documents |
Frequently Asked Questions
1. Why does Binance need details on my wealth (enhanced due diligence, EDD)? Why are you holding my asset when it's my right to withdraw it?
To comply with Anti-Money Laundering (AML) regulations, Binance is required to conduct source of wealth and source of funds reviews on certain accounts. It is a standard and common compliance practice.
You can still withdraw your asset if you have a fiat balance on your Binance account and don’t want to complete the enhanced due diligence (EDD). However, FATF and EU-listed high-risk countries residents must complete the SOW Declaration to access fiat products on Binance.
2. Why do I need to submit an EDD?
To ensure users' funds are safe and secure, Binance is required to comply with tighter Anti-Money Laundering (AML) regulations and collect a Source of Wealth Declaration (SOW) from users residing in certain countries. If you reside in the following FATF and EU-listed high-risk countries, you must complete the SOW Declaration to access fiat products on Binance.
3. 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.
4. How do I calculate my annual income? Do I need to include my other investments?
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 expenses related to earning the income to calculate your net annual income. For example, business expenses, investment expenses, or rental property expenses.
5. 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.
6. What happens if my documents are rejected? Can I still deposit, trade, or withdraw from Binance?
If you were asked to complete additional ID verification and you failed to pass, Binance will temporarily stop providing services to you as we couldn’t verify whether you’re the account holder. If you have a fiat balance on your Binance account, please contact the Customer Service team to complete another verification process to verify your identity.
If you were asked to complete enhanced due diligence (EDD) and don’t have a fiat balance on your Binance account, you can still withdraw your assets without completing the EDD. However, If you reside in the following FATF and EU-listed high-risk countries, you must complete the SOW Declaration to access fiat products on Binance.