Binance has updated its cryptocurrency deposit and withdrawal procedures in Poland to align with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
In a blog post on January 17, the exchange announced that starting January 20, users may be required to provide additional information when making crypto deposits and withdrawals.
Under the new requirements, users conducting crypto deposits exceeding 1,000 euros ($1,030.80) must provide additional information, including the sender’s full name, country, and originating exchange details. Similarly, for withdrawals, users must provide the beneficiary’s full details, including their name, country, and exchange information.
Binance clarified that these updates only impact crypto transfers but warned that transactions could be delayed or returned if the required information is not provided.
The adjustments reflect broader compliance measures following MiCA’s enactment on December 30, 2024. This comprehensive EU regulatory framework establishes standardized rules for crypto asset service providers (CASPs), aiming to enhance consumer protection and strengthen anti-money laundering measures across the European Union.
The impact of the regulations is already evident as crypto exchanges operating in the region began to make significant adjustments to their services. In December 2024, Coinbase terminated its USD Coin (USDC) yield program across the European Economic Area (EEA), claiming that MiCA regulations prohibit offering interest on stablecoins. This change affected customers in Iceland, Norway, and Liechtenstein, and it sparked frustration among users who relied on the program for additional income.
In another development, Broadridge Financial Solutions partnered with the Crypto Carbon Ratings Institute (CCRI) to launch a platform designed to help financial firms comply with the new regulations. The platform is expected to combine CCRI’s sustainability data with Broadridge’s ClearFI platform and equip crypto service providers, exchanges, brokers, and asset managers to meet MiCA’s new reporting standards.
Notably, Binance had previously made other moves to comply with the MiCA regulations. It announced in August 2024 that it will now list a newly launched stablecoin, EURI, that is fully compliant with the new rules. EURI, introduced on August 24 by the Luxembourg-based neobank Banking Circle, is the first stablecoin issued by a bank to comply with MiCA and is categorized as an e-money token.
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