Binance is the largest centralized cryptocurrency exchange, overseeing over a billion dollars worth of trades. Binance rose to popularity because of its security, as the platform demands every user to complete the verification process. This allows the team to effectively monitor transactions and apprehend criminals.
Address verification is one of the levels of validation on Binance. After completing, it allows you to access all the features available on the crypto platform and have unlimited withdrawal and deposits. However, many users complain about their Binance verification not working. Binance address verification failure is a common scenario that happens for infinite reasons.
Sometimes, resolving the issue is beyond uploading the proper documents. An exploit or hack could be the reason for the problem. In this case, the exchange will have to contact a reputable smart contract audit platform like QuillAudits to uncover the reason for the vulnerability and suggest possible solutions.
What You Need to Know About Binance Verification
If you plan on venturing into the world of cryptocurrency, one of the first things you’ll be required to do is to undergo verification on the crypto platform or exchange. Exchanges facilitate the buying and selling of cryptocurrencies. Some platforms, such as Binance, require users to complete all the validation processes to access their full features.
Complete identity verification helps you to know your customer & that is what we also do. As we are leading the crypto trading market, we want our consumers not to have limited funds assets. After verifying, we confirm and allow the verified users to trade as much as they want.– Binance
This is because Binance is subject to the laws stipulated by various jurisdictions. Not just Binance, crypto trading platforms must comply with the laws of the country of operation or risk being shut down. Therefore, completing the verification process is compulsory. Authenticating your address (advanced verification) is the last step in the procedure after completing your identity verification.
Identity verification is divided into two – basic level and intermediate level. Primary level verification requires your email and mobile phone number alongside your bank account. Every user must complete this validation process. Intermediate/medium-level verification requires facial and voice verification. These will unlock increased trading limits and withdrawals.
Why Complete Binance Verification Process?
Besides the apparent reason for having unlimited access to all trading tools and having a more remarkable ability to withdraw, these verification measures intend to safeguard your asset from fraudsters and hackers. The DeFi space is rid of criminal activities, from money laundering to fraud and tax evasion.
In 2022, two major DeFi hacks have already occurred. Earlier this week, cross-chain protocol Wormhole suffered a $326 million loss to hackers. Last month, Qubit Finance lost $80 million to malicious actors. These add to the numerous DeFi exploits in 2021 and the year before.
Binance thought it necessary to put some measures to curb the illegal activities in the nascent space. The verification process will keep track of users’ accounts and the source of funds. So in all, these measures are meant to protect the user and not cause any harm. Only a user with malicious tendencies will complain or fail to complete any of the validation processes on Binance.
Binance Address Verification Failed: What Causes This?
Binance address verification requires your proof of address to provide optimal security to the users. If you encounter failure while verifying your address, the issue can be attributed to three factors – invalid documents, upload failure, incomplete residential address, and exploit.
All photos and documents, such as a bank statement and utility bills, must be uploaded correctly. According to Binance, the document must not be older than three months. So, if your records fall within three months and older, they won’t be accepted, leading to address verification failure.
Binance can’t verify addresses if the name on the documents doesn’t tally with those on your Binance account. The photos must be clear to authenticate the facial features and avoid rejection.
Each user is given a 15-minute period to upload all the necessary documents and finalize the verification. So, you must have all the documents ready. Once the period elapses, you will encounter upload failure, causing the validation process to fail.
Incomplete Residential Address
Another reason your Binance address verification failed or you experienced Binance verification pending might be because you provided the wrong details about where you live. It could be that you wrongly filled in the zip code or even number. This will be rejected without contemplation.
Crypto exchange hacks are common, and we have seen many cases where they lost millions of dollars worth of cryptocurrencies. If Binance senses a potential hack, all activities, including verification, would be pending until the issue is solved.
Robots are deployed to automate certain processes on the platform. If a vulnerability is detected, the robot would ultimately malfunction. The smart contracts could also be affected, which then impacts withdrawals. Since its emergence, cyber hacks have been a significant issue in the DeFi space, with malicious players inventing new ways to circumvent protocols.
In DeFi hacks, the crypto firm would try to resolve it by contacting QuillAudits. It can identify the vulnerability through its excellent automated tools and series of security testing, track the source, and ensure that such exposure never harms the platform or the user.
Other factors that can cause failures include; logging in from multiple I.P.s, answering security questions wrongly, accessing the account from an unsupported country, typos in the submission, enabled Two-Factor Authentication, etc.
How Long Does Binance Verification Take?
If you are unsure how long verification takes on Binance, here is a dropdown?
Binance can verify addresses within a short time. It takes a minimum of 15 minutes to complete the verification process on Binance, including uploading necessary information, such as Photo I.D., full name, occupation, age, address, etc. However, this might not be the case, especially after numerous attempted failures.
In some cases, you might have to wait for as long as 72 hours to get an email notification on your successful verification. The team’s availability will also affect the processing time. Each user can retry nine times after the initial failure within 24 hours. To avoid this delay, you must have all the documents ready.
Binance Withdrawal Address Verification Failed: Why and How to Solve it
You may witness a Binance withdrawal address error for many reasons. The error could be insufficient balance, unfinished account verification, rapt account change, hacking, or policy violation. In any of the cases mentioned above, you should contact Binance.
Tackling Smart Contract Issues and DeFi Exploits
Smart contract security is an area that needs to be focused on for the growth of blockchain technology. Exchanges are built on a blockchain, but they are continually exploited due to integrated smart contracts. Hackers capitalize on the bug to cater away users’ funds.
Binance itself has been a victim of hack before when attackers catered away with over $40 million worth of bitcoin in 2019. DeFi exploits can be prevented if the smart contracts are properly audited. This could also fix verification issues, such as Binance address verification, failed trust wallet, and withdrawal errors.
QuillAudits uses a systemic approach to extensively validate DeFi projects’ security and verify the state of smart contracts. We obtain the specifics from our clients, confirm the details manually, run the smart contracts using our automated tools, and deliver the audit reports.
We aren’t limited to identifying vulnerability alone. We also monitor security and recommend best practices to secure the protocol.
Frequently Asked Questions (FAQs) on Binance Address Verification Failure
Why is Binance verification taking so long?
As mentioned above, you must complete the verification process within 15 minutes, and In some cases, you might have to wait for as long as 72 hours to get an email notification on your successful verification. The team’s availability will also affect the processing time.
How do I change my residential address on a Binance?
To Change Your Personal Information on Binance, follow:
- Open a new support ticket.
- Fill out the ticket form.
- In the box stating “Please describe your request in detail,” you will need to request to reset your account’s verification level back to Basic Verification.
- Click “Submit.”
What happens if you don’t verify your Binance account?
If you fail to verify your Binance account, it will get restricted to “Withdrawal Only”.