does Binance ask for the source of funds?

vassom

Newbie

Nov 24, 2023

43

37

• Apr 18, 2024

• #1

Hi,

so, I sell copyrighted content, which is somewhat illegal, I want to use crypto because regular payment processors are a pain in the ass.

I've never used crypto, so this might be a stupid question,
if I got funds in a wallet and sent them to crypto exchanges like Binance, to withdraw them as Fiat to my bank, do they ask about the source of funds, business nature....and all that ? do I have to lie and provide inaccurate docs like when dealing with Stripe, Paypal.... ?

thanks

 

A

Alinapopo

Banned - Selling via PM

Apr 3, 2024

37

18

• Apr 18, 2024

• #2

Not at all

 

DavidG1510

Banned - Multiple Rules Violations

Jun 28, 2023

1,459

648

• Apr 18, 2024

• #3

Binance can ask for source of funds if we are talking about 6 figures.

 

guestpostingservices

Regular Member

Mar 16, 2019

281

74

• Apr 18, 2024

• #4

yes as per binance is regulated company in some rare case they will ask you source of funds even proof of the transaction, most of the times they locked account and ask details and after review they re activated the account if everything are ok

 

D

Deleted member 1705787

Guest

• Apr 18, 2024

• #5

Well its really depend upon the transaction they received and if someone has reported the transaction which came into your account they might have freeze the account and ask for SOF inorder to fix that !

 

zarrakdesigner

Elite Member

Jr. VIP

Jul 16, 2012

2,942

443

• Apr 18, 2024

• #6

Binance asks for your source of Funds if your payments are in the 5 to 6 figures range, as I have experienced it myself.

 

S

seomaster5

Elite Member

Oct 31, 2021

5,161

1,485

• Apr 18, 2024

• #7

If the payments are big and it is from bad sources, yoy will have to do verification of different types for sure.

 

D

Deleted member 1705787

Guest

• Apr 18, 2024

• #8

seomaster5 said:

If the payments are big and it is from bad sources, yoy will have to do verification of different types for sure.

Click to expand...

Plus Binance have put someone white list address to many exchangesand if you made deposit from those its still ask you for verification for my case I been used crypto.com for 280K and had to gone through with so much verification to provide POF and SOF

 

vassom

Newbie

Nov 24, 2023

43

37

• Apr 18, 2024
• Thread Starter Thread Starter

• #9

zarrakdesigner said:

Binance asks for your source of Funds if your payments are in the 5 to 6 figures range, as I have experienced it myself.

Click to expand...

Thanks, my transactions will not reach 5 figures since i can't provide a valuable proof, but god forbid if they ask, can i bypass the KYC and KYB checks with fake business model, fake website, invoices.... Have you heard if people succeed with it ?

 

vassom

Newbie

Nov 24, 2023

43

37

• Apr 18, 2024
• Thread Starter Thread Starter

• #10

seomaster5 said:

If the payments are big and it is from bad sources, yoy will have to do verification of different types for sure.

Click to expand...

Bad sources like what ? Other exchanges ? Does you own wallet (e.g trustwallet) considered a suspicious or bad source ?

 

D

Deleted member 1705787

Guest

• Apr 20, 2024

• #11

vassom said:

Bad sources like what ? Other exchanges ? Does you own wallet (e.g trustwallet) considered a suspicious or bad source ?

Click to expand...

Bad source means the address which is already blacklisted by the exchanges from doing fraudulent activities or any other malicious activities considered as bad source and if you have any transaction from that certain wallet or address then the possibility is the exchange will put freeze on your account and you can't withdrawal those funds until you don't provide them Source of funds

 

samratfkt

Power Member

Jr. VIP

Oct 28, 2020

579

121

• Apr 20, 2024

• #12

Using since 3 years now, Never asked such questions.