Binance Tightens the Requirements for API-Keys Users

As many of you know, Binance, the largest crypto exchange in the world in terms of trading, has modified the verification requirements. What will this do to users and how to extricate from the current situation? Just keep reading.

Restrictions for Unverified Users

From now on all new users must complete the Intermediate Verification to have access to the exchange's tools and options, including deposit/withdrawal of funds and trading.

For existing users, new measures will be introduced in phases (through October 19) to minimize disruption. For them, the terms of use of the platform will be temporarily changed. They will only be able to withdraw funds, cancel an order and close an active position. Customers will receive an email with more detailed information about the new verification. The sooner they verify identity, the faster they will get access to the exchange's products and services.

Consequences

Given the changes, the status of the active API keys of accounts that have not completed intermediate verification will be changed to a read-only mode. The trading functions of the corresponding API keys will be disabled. Users can complete the Intermediate Verification to regain access to the API keys and trading features. The change doesn’t affect those who don't use the Binance API service. They can still access Binance services on the website and using the app. New users will not be able to create API keys without verification from August 9.  

For those of you who don't know it already, the Intermediate Verification includes downloading identity documents, in addition to personal information, which is indicated at the stage of basic verification. Users also need to pass a check using the face recognition tool.

Solution

If you want to go on trading from multiple accounts, there is a way out. You can activate a sub-account on the main one and transfer all your unverified accounts there. “But what if this function is available only for brokers or in other complex ways?” - you may ask. We assure you, there is no reason to worry! As an official Binance broker, Equite has agreed to activate sub-accounts for its users. To do this, you need to take a few simple steps:  

  1. Verify the main account (if you haven’t already). If not, create a link https://www.binance.com/en/register?ref=XDU6AU70 

  2. Fill out a simple form - https://forms.gle/zVNcAgWjvdUBkDCm6.

Once we collect the applications, we will send them to Binance and it will activate our users ' sub-accounts.

Trading History

We care about our users, so we strive to ensure you the required level of support. Equite is well aware of how important it is for you to have a history of your successes (and failures, perhaps). That is why we’ve developed a mechanism allowing you to migrate and save (!) your trading history on new accounts.

To take advantage of this unique opportunity:

  • transfer all funds from the old account to the new one after activation. Please note that the assets you are going to withdraw from the old unverified account should match those that you will create on your sub-account. Only in this case, users will be able to switch with the saving of trading results;
  • create a new API key in the system and don’t delete the old one;
  • contact the support service - we will be happy to migrate your data to a new account.

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