On the Binance exchange, without passing the user identification procedure (KYC), the functionality of the service is significantly limited.

Without KYC, users cannot trade, create API keys for trading bots, or use the P2P platform for exchanging cryptocurrency for fiat money.

To get the basic level of verification (KYC 1), you need to provide personal information, upload a scan of an ID document, and undergo a facial recognition procedure. After passing KYC 1, access to trading, API key creation, P2P exchange without restrictions is opened. There is also an opportunity to withdraw up to 50,000 dollars in fiat and up to 8 million BUSD in cryptocurrency on a daily basis.

Verification of the second level (KYC 2) allows you to increase the limit on withdrawal of fiat funds up to 2 million dollars per day.

Binance has introduced restrictions for Russians, namely:

• If KYC 1 on Russian documents and KYC 2 is not passed, you cannot trade on P2P.
• If KYC 1 on Russian documents, KYC 2 on Russian address, then you can trade only in rubles.
• If KYC 1 is for Russian documents and KYC 2 is for an address of another country, then you can trade in the currency of the country where KYC 2 was passed, as well as many other currencies except RUB, EUR, USD and UAH.

Trading on Binance is restricted for users from the United States, Canada, the Netherlands, Malaysia, and some other countries. In accordance with the fifth package of EU sanctions against Russia, the Binance exchange has restricted services for Russian citizens, legal entities registered in Russia, and individuals residing in the country. These restrictions apply to accounts with cryptocurrency assets exceeding 10,000 euros. Additionally, in the Binance P2P section, only the Russian ruble is available for trading for Russian citizens.