Binance Tightens Rules: No More 'Passport Control'! 🛂💰
Starting January 20, 2024, Binance users from Poland will have to tighten up a bit. 😅 Now, to deposit or withdraw crypto, you will need to share details as if you are opening a bank account.
What exactly will change?
1. 💸 Deposits over €1000 — tell Binance who the sender is (full name, country, and exchange name, if applicable).
2. 🏧 Withdrawal of any amount — provide details about the lucky recipient of your coins.
Why such complications?
It's all about the new EU laws for crypto, known as MiCA. Binance is simply following the rules to comply with European requirements.
And that's not all!
Other exchanges have also started to feel the pressure from MiCA:
• Bybit has completely left France. 🇫🇷 “Au revoir, crypto!”
• Coinbase has restricted access to stablecoins that do not meet the new regulations and suspended bonuses for USDC holders. 😢
What is all this for?
The EU wants to make crypto safer and more transparent so that fraudsters cannot use it for their 'dirty deeds'. But because of this, even honest users have to jump through new bureaucratic hoops. 🏃♂️💼
