If Binance requires that I agree to let them share my biometric data in order for me to access my account, it means my assets are being held hostage until I give them something of value which I am not otherwise obligated to give them. Can someone please explain how this is not extortion?
If Binance requires that I agree to let them share my biometric data in order for me to access my account, it means my assets are being held hostage until I give them something of value which I am not otherwise obligated to give them. Can someone please explain how this is not extortion?
Experiencing the same, it’s fucked up. Idk what to do either
I have sent a request ticket to find out how to withdraw everything without accepting the new TOS. This really is bullshit
Is this Binance.us or Binance.com? Not having this issue with my .com account
I have been thinking about this issue….we are in the Same boat. As from my view point “extortion” is a good name for this issue!
Who tf cares? You’re using a centralized exchange that KYC’s.
Cost of doing business.. everything and everyone has a price.
I did not like Binance as it was easy to transfer my funds to them but very expensive to get my funds out. The cheapest options was to hold my funds in the Binance Token when trading from one cryto to another. This is just a scam to me. They are making profits from my work. IMO find another exchange
I got this same message, I have never liked binance, I am glad I do t have any thing on that exchange, as time passes by, one thing remains important, not your keys not your coins, I hope OP doesn’t have any significant amount on the platform, I see this happening w all other exchanges, like some people point out, it’s not just the app verifying that we are the real users, it’s them selling our biometrics to some weird companies out there in other countries
Man, it’s so fucked up, I mean I get it they are doing some majors to make their site more secure, but why sharing ????
I’m glad I cashed out after the latest crash and pust my money in other exchanges and Quint NFTs.
They probably made a deal with the government on this one… Maybe crypto is at its turning point and it’s time to go… They seem to have put this as an incredibly interesting moment too, when you’re less likely to withdraw. Just another reminder that they’re after profit and don’t care about you.
They’re a Chinese company too, so keep that in mind when conducting business with them. I think it’s time to move away from binance. There are other platforms, but I’m worrying they’re not going to lag behind too much if binance will get away with it.
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Wouldn’t the “third party” be an application that does the biometric matching between the two photos? Instead of having to update the TOS every time a facial recognition service changes names or decides to up its prices for their service Binance.us has in the agreement to change contracts with third party services. It is disturbing of the lack of transparency on that the service companies aren’t specifically provided but hey, there’s other DEX out there…
Probably part of government crack down, sharing your biometric data meaning third-party (i.e government) can access your account at any given time. They will know who you are and where your money come from and go to.
Is this required on on binance or just binance.us?
Are other exchanges doing this like ftx?
I have a similar issue with my ID, they’re requiring I buy a whole new ID to match the address on my bank statements to withdraw my money, they had no issue with me depositing the money without this information however. They’re saying for me to withdraw the $40 I invested, I have to spend $30 to buy a whole new ID just to withdraw my own money LOL. It would be no issue if this were normal and it was more than $40, but it’s such a silly rule.
Binance is going down when the sec starts suing everyone
If we don’t do this government cracks down and they shut the exchanges down I assume I had to submit ID and KYC etc in UK to various exchanges. If we don’t people launder money etc
Thanks for all the responses, especially those that aimed to answer the question I asked and also those who didn’t use any acronyms!
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