Binance Poland has announced its extra deposit and withdrawal requirements in the EU will come into effect later this month.
Binance Poland is making significant changes to its crypto deposit and withdrawal procedures. The crypto exchange is introducing new requirements that reflect the tightening grip of EU regulatory standards.
Binance Introduces Stricter Rules for Deposits and Withdrawals
According to the exchange’s announcement, the update is set to take effect on January 20, 2025. The platform aims to improve transparency and strengthen compliance across crypto assets transactions. This move underscores Binance’s commitment to fostering a secure and transparent crypto ecosystem.
Under the new framework, Binance will implement dual-layered verification for all transactions. Polish users of Binance will notice immediate changes, as new regulations require detailed information for deposits over €1,000 or equivalent.
If applicable, users must now disclose the sender’s full name, country of residence and the originating crypto exchange. Meanwhile, withdrawals will require the beneficiary’s full name, country, and exchange name, if relevant.
These changes are designed to prevent illicit activities like money laundering and fraud. The trading platform has warned that failure to provide the required details may result in transaction delays or cancellations. In such cases, funds could be returned to the sender.
To help users adjust, Binance has promised to provide clear instructions on the new requirements. The exchange’s privacy notice also explains how it handles data, assuring users that their information will be secure and follow the rules.
These updates follow the EU’s Markets in Crypto-Assets (MiCA) regulation, which was fully effective in December 2024. MiCA aims to make crypto rules more standard, focusing on transparency, security, and preventing money laundering.
Many crypto firms are also tightening their operations in response to the MiCA regulations. In October, Coinbase Global Inc (NASDAQ: COIN) said it would delist certain stablecoins in the European Economic Area (EEA). It cited the need to meet MiCA’s standards on transparency, liquidity, and consumer protection.
Road Ahead: What’s Next for Binance
Meanwhile, across the Atlantic, Binance.US is gearing up to restore USD services after a challenging year. Legal hurdles, including allegations of securities law violations and money laundering settlements, forced the platform to suspend USD transactions in mid-2023.
Since then, it has operated as a crypto-only exchange, urging users to convert USD into stablecoins like USDT $1.00 24h volatility: 0.0% Market cap: $144.63 B Vol. 24h: $26.96 B . On another front, Binance Labs, the trading platform’s venture capital branch, is set to rebrand this year.
This change will highlight Binance Labs’ independence and broader focus under former CEO Changpeng ‘CZ’ Zhao. Recall that CZ has been permanently banned from Binance leadership due to regulatory issues. Nevertheless, he will lead Binance Labs’ investment strategy, targeting secondary markets and over-the-counter (OTC) deals.
As reported by Coinspeaker, Binance achieved notable milestones, as detailed in its 2024 end-of-year report. According to its report, the company ecosystem surpassed 250 million registered users last year.
Impressively, Binance Labs also invested in 46 projects like decentralized finance (DeFi), Artificial Intelligence (AI), Bitcoin, and gaming. These efforts fueled the growth of the BNB Chain ecosystem.
The trading platform also introduced new technologies like decentralized science (DeSci) and zero-knowledge (ZK) innovations.
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