Binance has not made it official but withdrawal limit for many non KYC users has been reduced to mere 0.05 BTC which is around 3000 dollars at time of this writing. While 0.05 BTC is enough for many new users who are just started investing in cryptocurrencies, it is way too low for old Binance users who enjoyed 2 BTC limit without doing any sort of KYC.
So, what to do if you get stuck in this situation. Well, one of cryptocoindaddy’s authors experienced similar situation. He had around 4BTC on his binance account when he suddenly found that his daily withdrawal limit has been reduced to mere 0.05 BTC.
He contacted Binance support which was quick to respond that he must perform full KYC to increase his daily withdrawal limit. In fact, that full KYC allows users to perform withdrawals upto 100 BTC.
However, if you wanted to remain anonymous without doing KYC on binance because you felt 2 BTC daily withdrawal limit was more than enough, well, you are out of luck. You will be forced to do full KYC unless you are happy with 0.05 BTC limit for non KYC users.
Binance support added this new rule has come into effect since April 23rd 2021, but we could not find any announcement on their twitter account.
Binance US requires compulsory KYC but this is first time, non-US users are being forced to do KYC. It could be that an official announcement about compulsory KYC is in tunnel as we are sure not many will be happy with their 0.05 BTC daily withdrawal limit.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.