Topic: Binance changes terms of service (Read 58 times)

It means you need to leave EU instead of leave Binance.

People might say "just use no KYC exchanges and avoid CEX", but I don't think so, the banks could ask where the source since you're receive money in banks not in cash, then in the end you need to reveal the exchange you use. Pretty sure no KYC exchanges isn't legal in EU, they might confiscate your coins if you unable to provide the identity of someone you trade.

E-mail from Binance is:

Dear Sir/Madam,
 
We are writing to inform you about upcoming changes to crypto withdrawal and deposit procedures that will affect our users in Poland. These changes are being gradually implemented to prepare for EU regulatory requirements and to comply with local guidance.
 
Changes to Crypto Deposit and Withdrawal Procedures:
 
Crypto Deposits to Binance (for transfers above €1,000 or equivalent):  Users will be required to provide the sender’s information when receiving funds.
Withdrawals from Binance:  Users will need to provide the beneficiary’s information when sending any amount of crypto.
Affected Transactions:  These updates apply only to crypto deposits and withdrawals.
 
Actions Required:  Users will see a pop-up message requesting additional information on the originator or the beneficiary when performing deposits and withdrawals.
 
Sending Crypto Assets to Another Crypto Exchange or Self-Hosted Wallet:  You will need to provide additional information on the beneficiary, such as:
Full name
Country
Name of the crypto exchange (if applicable)
Receiving Crypto Assets from Another Crypto Exchange or Self-Hosted Wallet:  You will need to go to the crypto deposit page of your Binance account and click on transactions pending credit. A pop-up message will then request additional information on the originator, such as:
Full name
Country
Name of the crypto exchange (if applicable)
 
Consequences of Not Providing Required Information: Transactions may be delayed or not processed if the necessary information is not provided. In some cases, we may be required to return the transaction to the originator. Please ensure you provide all required information during the deposit and withdrawal procedures.
 
To learn more please visit this page.
 
Thank you for your understanding as we work to ensure compliance while maintaining a smooth experience for you.
 
Best regards,
The Binance Team

Honestly, as any other Binance user here, I would also be interested to know the source of this news or regulation you referring to. It sounds like a major shift that would impact not just Binance but the entire crypto ecosystem knowing that this platform hold a huge quantity of assets. If what you saying is true, forcing us to disclose full names of both senders and recipients would be a massive blow to the principles of privacy and decentralization that made crypto so appealing in the first place. 
This kind of rule could indeed scares a lot of users myself including, especially those who value anonymity or are in regions where crypto is not legal. Exchanges like Binance would definitely face backlash from their users and people will definitely move to more private alternatives like DEX.

If you can share where you heard this or if there’s an official statement, it would help us understand how credible this is and what might have motivated it in first place. However, I believe this is just speculation or rumors, because we would have it all over the news now.

This is crypto regulation that has already started to take effect in the EU if this is what the OP is referring to already. Some people would feel safe about it and begin to invest while some others who understand the core principles behind Bitcoin will be unhappy about it. Even though I don't live in the EU, I know that if it has started to happen there it will eventually spread to the part of the world where I reside. Before Binance stopped their operation in my country, there was a rumor that they were given a condition by the government that if they want to continue their operations, they would have to submit the personal information of all their users. It did not happen but I know it is an option that is still possible for other exchanges to explore.

Although I agree that the OP should back up what he says with a link, I think it is likely that you have not received this notification because you do not live in the EU, but if it has reached the OP it will be because he does live there.

It's not just Binance, those are MiCA requirements for the whole EU. Any exchange will have to apply them in the territory.

Like Charles-Tim said,  you should drop some link for us to confirm this information. I haven't come across such on any platform, x and not even binance itself. So I wonder how you got such.. but if really something like that is imposed on its users, it would only cause a downfall of their service as most users wouldn't want to go through such procedures to transact. What then is the use of crypto if you need to share detail about your transaction, it's more like going to use a bank where you fill a form and input the sender and receiver details.

You can post a link about it instead. No one will just believe you. I have Binance but I do not get any notification about this. Also I do not see any news about it.

It does not make any sense but the way exchanges are today, do not think of privacy while using them. Do not forget that verification is compulsory on Binance.

You now need to prove from who you received crypto and prove who are you sending to. Give exact full name of the persons.

This says that binance is finished. No one will use such shitty exchange.

This does completely ruin anonymity of crypto. The main thing that made crypto worth tons of money.

I don't know why you guys aren't talking about that...