Binance Tightens EU Compliance Measures
With the latest regulatory alignment, Binance users in Poland and Belgium face changes in how they deposit and withdraw funds. Learn more here.
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Starting January 20, Binance users in the specified regions must declare sender details for deposits exceeding €1,000 (or its equivalent).
The deposit process now includes filling out additional data, such as the sender’s full name, the country of origin, and the exchange used (if the funds come from another platform).
Withdrawals are not exempt either, as users must provide beneficiary information regardless of the withdrawal amount.
Find out more:Will the ECB Follow the U.S. in Adding BTC to Reserves?
Failure to provide required details may result in delayed, declined, or reversed transactions, the statement warns.
This update coincides with the EU’s adoption of stricter crypto regulations, notably the Travel Rule. The European Banking Authority (EBA) asserts that these measures will bring greater transparency and security to digital asset transactions.
However, JPMorgan highlights that MiCA regulations open new doors for euro-denominated stablecoins.
Read on:Dutch AFM Grants MiCA Licenses to 4 Digital Asset Firms
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