Does BingX Require KYC? A Complete Guide

BingX is a popular cryptocurrency trading platform that offers a range of features and benefits to its users. The platform is designed to be user-friendly and accessible, but it also has some requirements in place to ensure compliance with regulatory requirements.

To use BingX, you'll need to complete a Know Your Customer (KYC) verification process. This is a standard procedure for many online financial services, and it's required to prevent money laundering and other financial crimes.

BingX KYC requirements are outlined in the platform's terms of service, which state that users must provide identification documents and proof of address to complete the verification process. This typically involves uploading a government-issued ID and a utility bill or bank statement.

The KYC process on BingX is designed to be quick and easy, with most users able to complete the verification process within a few minutes.

For another approach, see: Kyc Process Steps

To set up an account on BingX, you'll need to provide some basic information, including your email address, password, and phone number.

The verification process is straightforward, and you can expect to receive a verification code via SMS or email within a few minutes.

BingX requires users to complete the Know Your Customer (KYC) process, which involves providing identification documents such as a passport or national ID card.

This process is designed to ensure the security and legitimacy of all transactions on the platform.

The KYC process typically takes around 24-48 hours to complete, after which you'll be able to access all the features of your BingX account, including funding and trading.

To fund your account, you can use a variety of payment methods, including bank transfers, credit cards, and cryptocurrencies.

BingX supports over 20 different cryptocurrencies, including Bitcoin, Ethereum, and USDT.

Worth a look: Kyc Account

To withdraw funds from BingX, you must first bind Google Authentator, email, and phone verification.

The daily withdrawal limits for all verification levels are as follows: no-KYC users can withdraw up to $50,000 per day, while Level 1 KYC users can withdraw up to $5,000,000 per day.

Here's a breakdown of the daily and monthly withdrawal limits for no-KYC and Level 1 KYC users:

BingX claims to be a global platform with regulatory compliance across its regions. It has branch offices in the EU, Australia, Hong Kong, and Taiwan.

BingX is registered as a Digital Currency Exchange (DCE) in Australia under AUSTRAC with registration number 644804571 and license number 100725677-001.

In Lithuania, BingX operates as a licensed digital currency exchange with the Financial Crime Investigation Service (FSIC) under registration number 305995741 and license number 4400-1839-5132.

However, BingX's registration with FinCEN as a Money Services Business (MSB) for FX activities in North America cannot be verified through FinCEN's MSB registrant search.

Here are the regulatory details for BingX in Australia and Lithuania:

BingX requires Know Your Customer (KYC) verification for certain actions, including withdrawals, BingX Loans, and the OTC Desk. You'll need to provide a photo ID and proof of address to use these services.

The KYC process has three levels: Unverified, Basic, and Advanced. Unverified users have a daily withdrawal cap of 20,000 USDT, while Basic KYC users can trade up to a deposit cap of 2,000 USDT with a 24-hour withdrawal limit of 20,000 USDT.

To verify your identity, you'll need to provide personal details, including a government-issued ID, Passport or Driver's License, and a live selfie. This means your device must have a webcam for facial recognition.

Here are the daily withdrawal limits for different verification levels:

To verify your identity on BingX, you'll need to provide personal details, including a government-issued ID, Passport or Driver’s License, and a live selfie. Your device must have a webcam for facial recognition.

BingX's KYC process is managed by a third-party verification program called sumsub. Note that you must reside in a country supported by BingX, and some areas like the United States are restricted.

BingX has three levels of KYC: Unverified, Basic, and Advanced. Each level offers different access and benefits, with varying deposit and withdrawal limits.

Here's a breakdown of the benefits at each level:

Starting June 13, 2024, BingX updated KYC benefits regionally, offering enhanced limits and features at higher KYC levels.

KYC Requirements are designed to prevent money laundering and terrorist financing by verifying the identity of customers.

Customer due diligence is a crucial part of KYC, involving the collection and verification of customer information.

This includes name, date of birth, address, and identification documents.

In some cases, additional information such as occupation, income, and source of wealth may be required.

The customer's identity is verified through a combination of manual checks and automated systems.

The level of due diligence required can vary depending on the risk profile of the customer.

High-risk customers may require more stringent verification procedures.

See what others are reading: Due Diligence Kyc

To withdraw funds from BingX, you'll need to complete the KYC process, which involves providing a photo ID and proof of address.

BingX mandates users to complete the KYC process for certain actions, including withdrawals, BingX Loans, and the OTC Desk.

The KYC process ensures that users are who they claim to be and helps BingX comply with regulatory requirements.

By verifying your identity, you'll be able to use these services and withdraw your funds safely and securely.

Additional reading: Source of Funds Kyc