Binance Poland announced plans on Thursday to implement new procedures for cryptocurrency deposits and withdrawals, effective January 20, 2025, in response to evolving EU regulatory standards.
The changes are designed to align with local guidance and meet stringent EU requirements for cryptocurrency transactions.
These updates will primarily affect Polish and Belgian users of the platform, who will need to provide additional information for certain transactions.
Binance Poland Implements Enhanced KYC Procedures for EU Compliance
To meet EU regulatory obligations, Binance Poland will enforce stricter procedures for users conducting cryptocurrency deposits and withdrawals.
Deposits exceeding €1,000 (or its equivalent in other currencies) will require users to provide detailed information about the sender.
All cryptocurrency withdrawals, regardless of the amount, will require users to provide beneficiary details.
Source: Binance
Users depositing funds will be prompted to supply the sender’s full name, country, and, if applicable, the name of the originating crypto exchange.
Those initiating withdrawals will need to furnish the beneficiary’s full name, country, and exchange name (if relevant).
According to Binance’s announcement, this dual-layered verification intends to improve transparency and reduce risks of illicit financial activities such as money laundering and fraud.
If users fail to provide the required information, transactions may be delayed or canceled, with Binance potentially returning the funds to the sender.
To avoid disruptions, Binance has advised its users to adhere to the updated procedures promptly.
Binance Tightens Compliance Measures Amid Regulatory Changes
The updates are not limited to inter-exchange transfers but extend to transactions involving self-hosted wallets as well.
The initiative is part of the EU’s broader initiative to tighten digital asset regulations through MiCA, which became fully effective this year.
These measures may introduce additional steps in users’ transaction processes but promise a more secure and transparent ecosystem in the long run.
Binance has assured its users of a smooth transition and has encouraged them to consult its privacy notice for more information on data handling practices.
Similarly, according to a report in Dec, Binance.US plans to restore USD services by early this year.
Binance initially stopped because the company faced legal challenges last year, including allegations of securities law violations, the loss of money transmitter licenses in seven states, and a $50 million settlement over money laundering charges. These led to Changpeng Zhao’s resignation as CEO.
In response, Binance.US suspended USD transactions in mid-2023, transitioning to a crypto-only platform while urging users to convert USD to stablecoins like USDT. Additionally, Binance is also planning to rebrand Binance Labs.
Binance Lab, the venture capital arm spun off from Binance earlier this year, is set to rebrand in 2025 to reflect its independence and evolving vision.
As part of the new reform, it will now be led by former Binance founder Changpeng Zhao (CZ). The entity will expand its investment focus to include secondary markets and OTC deals.
CZ, permanently banned from Binance leadership due to regulatory issues, will concentrate on investing in and directly engaging with projects.
In 2024, Binance Labs invested in 46 projects in diverse sectors, such as DeFi, AI, Bitcoin, and gaming.
These investments contributed to the growth of the BNB Chain ecosystem and advancing fields like decentralized science (DeSci) and ZK technologies.
The post Binance Poland to Adjust Deposit and Withdrawal Procedures for EU Compliance appeared first on Cryptonews.
