It depends on which region you are in. In most cases, when your account migrates to a new entity, you will need to resubmit KYC information, even if you have already been verified before.
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This is because regulatory requirements have changed, and your previous information may no longer be enough. It is a mandatory compliance rule.
Why Do I Need to Verify Again If I Was Already Verified?
Account migration essentially moves you from your original entity, such as the global platform, to a new entity regulated in a specific region. It is like moving to another city and having to register your identity again at the local police station.
Take the UAE as an example. After Binance obtained a local VASP license, all UAE residents had to migrate their accounts to the Binance UAE platform regulated by VARA. To do this, KYC information must be resubmitted.
What Happens If I Do Not Re-KYC?
The consequence is direct: your account functions will be restricted.
If you do not complete KYC within the required time, your account will be set to Withdrawal-Only Mode, or WOM. This means you can only withdraw your assets. You cannot trade, deposit, or join activities such as airdrops. Your account will only return to normal after you complete verification.
Specific Steps and Key Points
Although the exact steps may vary by platform, the general process is similar:
- Act after receiving the notice: Usually you will receive an official email or see a pop-up reminder when logging into the App. Tap "Start Verification".
- Submit your documents: You generally need proof of residence, proof of identity such as a passport or local ID, facial recognition, and sometimes proof of source of funds.
- Wait for review: After submission, the review may take a few business days. You will be notified by email once it is approved.
Risk reminders:
- Do it yourself and beware of scams: All migration operations must be done through the official Binance website or official App. Do not trust any "migration link" sent by a third party.
- Your account stays the same, only the service provider changes: After the process is complete, your login account, UID, and account balance are usually not affected. Only the underlying service provider changes to the new regulated entity.
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Final Check After Verification
After completing the new KYC, you can:
- Check the status on the "Identity Verification" page in the App. It should change from "Pending" to "Verified".
- Try a small withdrawal or trade to confirm that your account functions have been restored.
