How to buy NEO on Binance?

As a cryptocurrency enthusiast, I'm curious about the process of purchasing NEO on Binance. Could you please elaborate on the steps involved in this process? I'd like to know if I need to set up an account first, verify my identity, deposit funds into my account, and then proceed with the purchase. Additionally, I'm also interested in knowing if there are any specific fees or limits associated with buying NEO on Binance. I understand that Binance is a leading cryptocurrency exchange, so I'm hoping for a detailed yet concise explanation to guide me through the process. Thank you in advance for your assistance.