The trading of cryptocurrency like BTC, ETH, XRP, in Nigeria is no longer news. The vast majority of Nigerian youths trade these coins everyday. Binance is one of the many platforms available to trade these cryptocurrencies.
The problem most Nigerians have with Binance is how to verify their accounts. You can’t trade cryptocurrencies on Binance without verifying your account. This is very important for security. If you’re having such an account verification problem, you’re in the right place.
I’ll be explaining how to verify Binance account in Nigeria in this article.
About Binance
Binance is a popular cryptocurrency exchange platform. You can trade a variety of cryptocurrencies on Binance and it’s a global exchange platform. It only doesn’t operate in the United States for some reasons. The platform was founded in 2017 and is the world in terms of trading volume.
Binance has its own cryptocurrency, the Binance Coin (BNB). BNB has become popular in Nigeria, just as popular as most other alt coins in the market. The BNB is the cryptocurrency with the third highest market capitalization in 2021.
Binance is one of the safest platforms to trade cryptocurrency in Nigeria.
Verifying Binance
Binance verification is part of their KYC policy. The platform is focused on preventing financial terrorism, money laundering, and abuse of products and services. This is in compliance with AML/CFT obligations.
Verifying your Binance account doesn’t have to be difficult. There are three verification levels and they include:
Level 1
This is the first verification level and it involves providing your basic information and government-issued ID. You must complete this first level verification before you can conduct any transaction on Binance. The first level verification allows you to deposit and withdraw a maximum of 4 million per day and 80 million per month.
That’s a relatively very high sum so you may not need to perform the level 2 verification ever. For the level 1 verification, you have to provide the following information about yourself:
- Full Name (first, middle and last)
- Date of birth
- Residential Address
- Nationality
For the government-issued ID, you can provide any of the following:
- Driver’s License
- International Passport
- National Identification Card
You’ll have a problem with the ID verification if you provide your NIN slip. The slip will most likely be rejected. As much as it’s what the NIMC mainly issues, it’s not a card but just a slip. Only upload your National ID if you have the plastic ID card.
The voter’s card isn’t listed in the possible options but you can still use it. Many Nigerians who use Binance confirm that the PVC works for level 1 account verification. After uploading, the documents will be checked in a short while and you’ll receive confirmation that your account is verified.
Level 2
This is the second verification level and it involves address authentication. You have to pass the level 2 verification to conduct very huge transactions. The second level verification allows you to deposit and withdraw a maximum of 20,000,000 million daily and 400,000,000 monthly.
You most likely will be a large company using crypto before you can engage in such a large amount of cryptocurrency transactions in Nigeria. For the level 2 verification, you can provide any of the following:
- Bank statement
- Utility bill (electricity, water, waste disposal, internet etc.)
These documents must clearly show your address in full as entered in Binance and your name as in your government-issued ID. Any difference, even of the slightest degree, could cause a failed verification.
Furthermore, the documents you upload must be recent to prove you still reside in the address. Binance will not accept any address verification document older than 3 months.
Level 3
This is the third verification level. The advantages aren’t different from what you get in level 2. You still have a maximum limit of N20,000,000 per day and N400,000 per month for deposit and withdrawal. Nevertheless, this verification involves declaration of wealth.
You have to verify how you get the funds you use in trading cryptocurrencies. For level 3 verification, you have to fill and submit a Source Of Wealth Declaration Form. You’ll get the form once you request for level 3 verification on Binance.
Since the limit is the same as the level 2, there’s no need to undergo the level 3 verification. You should only complete the level 3 verification if Binance specifically requests for it.
Other Verifications
It’s possible that you want to trade more than N20,000,000 per day and N400,000,000 per month. Very large companies do it. You can request for an increase in your limit on Binance. This is possible by contacting the Binance support team.
Increasing your trading limit above the Level 3 limit requires further verification. Binance doesn’t publicize what this further verification entails so you can only get the details from the support team.
Furthermore, Binance require your photo. You’re not to upload a photo but instead you’ll take a live selfie and submit. The selfie must be taken in a well lit environment. You’ll get all the instructions you need for the selfie on the capture page.
Does Binance Support BVN Verification?
Binance previously supported account verification via BVN. Support for BVN ended around the same time the CBN put a ban on banks conducting cryptocurrency transactions. Hence, you cannot verify your Binance account with BVN as your identification.
Summary
Verifying your Binance account is a straightforward process. The most important thing you need is a government-issued ID card. Your NIN slip is not a card so it won’t work. Binance will accept an international passport, driver’s license, or voter’s card.