In the world of cryptocurrencies, KYC (Know Your Customer) is an essential procedure to ensure security and compliance with international and local laws. This procedure helps combat money laundering, terrorism financing, and protects users from financial fraud. In this article, we explore the concept of KYC, its importance, and why platforms like Binance require it. We also provide a detailed guide on how to complete KYC on Binance in the MENA region.
🔍 What is KYC?
KYC stands for 'Know Your Customer', which is a procedure required from individuals wishing to use financial platforms – such as banks or cryptocurrency trading platforms – to verify their identity using official documents.
🧭 Why do cryptocurrency platforms like Binance require KYC completion?
According to Notabene's guide on travel rules and KYC in cryptocurrencies, the adoption of KYC by digital platforms aims to:
✅ 1. Anti-Money Laundering (AML)
KYC helps track the sources of funds and verify their legitimacy, thereby limiting the use of cryptocurrencies in illegal activities.
✅ 2. Combating the financing of terrorism (CFT)
By identifying users, it becomes difficult to use platforms to fund suspicious entities or activities.
✅ 3. Protecting users
In case of losing access to the account or an attempted hacking, identity verification helps recover it easily.
✅ 4. Compliance with regulatory requirements
Governments and central banks around the world enforce strict laws regarding digital financial transactions and require platforms to comply to avoid penalties.
🌍 The importance of KYC in the Middle East and North Africa (MENA)
As the adoption of cryptocurrencies grows in the MENA region, governments have begun to establish regulatory frameworks to ensure the safety of transactions.
Platforms like Binance implement KYC requirements to ensure compliance with these laws and to provide a safe environment for users in the region.
📝 Steps to complete KYC on Binance in the MENA region
Based on the official verification page on Binance, here are the detailed steps to complete the KYC process:
🔹 Step 1: Log into your account
Log in to your account at www.binance.com or create a new account.
🔹 Step 2: Go to the verification center
From the top menu, click on the account icon.
Select 'Verification' from the dropdown menu.
🔹 Step 3: Choose the country
Select your country of residence within the Middle East or North Africa (e.g., Saudi Arabia, UAE, Egypt...).
Click on 'Start Now'.
🔹 Step 4: Upload documents
Choose the type of document: Passport, ID card, or driver's license.
Take clear photos of the documents as per the instructions.
Take a selfie using the camera.
🔹 Step 5: Biometric verification (Face Verification)
You will be asked to complete a biometric verification using the camera.
Follow the instructions displayed on the screen.
🔹 Step 6: Awaiting review
Your information will be reviewed within a few hours to one business day.
You will receive an email notification when the verification is complete.
📌 Direct link to the verification center on Binance:
https://accounts.binance.com/register?ref=HBBC21V8
❓Frequently Asked Questions
Can Binance be used without KYC?
You can browse the platform and use some features, but you will not be able to withdraw or trade large amounts until after verification.
Is the KYC process safe?
Yes, Binance uses advanced encryption techniques to protect your information and does not share data with unauthorized parties.
What should I do if the verification fails?
You can resubmit the documents or contact Binance support for assistance in completing the process.
🧾 Summary
Completing KYC on cryptocurrency platforms is a necessary step for every serious user dealing with digital assets. It not only ensures legal compliance but also provides greater protection against fraud and hacking.
The Binance platform provides an easy and fast verification process for users in the MENA region, and following the mentioned steps guarantees you a safe and reliable experience.
