No sir, only if you want to transfer assets or get USD etc. You can bid still.

From their restrictions page: Due to regulatory reasons in the US (we're not happy about it either), Namebase accounts are restricted in functionality until they have successfully been verified. Once an account has been verified, it'll be able to:

    Trade on Namebase Pro (non-US only)
    Withdraw HNS (non-US only)
    Buy and Sell HNS with BTC (global)
    Buy and Sell HNS with USD (US only)

Before an account has successfully verified, it'll still be able to:

    Transfer HNS into its cloud wallet
    Bid on Handshake names
    Withdraw Handshake names