Binance cuts withdrawal limits, rolls out tax reporting tool
Existing Binance users will be unable to withdraw more than 0.06 BTC per day without completing full KYC verification, effective in August. Binance, the world’s biggest cryptocurrency exchange by trading volumes, continues its efforts to maintain dialogue with global regulators by introducing withdrawal limits and a new tax reporting system.The company officially announced Tuesday a major update to its Know Your Customer policies, significantly reducing maximum withdrawal amounts for users who have not completed full identity verification.Effective immediately for new Binance accounts,....
Related News
The company announced a halt in withdrawal activity via their official Twitter account on Monday morning which lasted for just over 2 hours. Major cryptocurrency exchange Binance announced the suspension of all transaction withdrawals on its platform on Monday morning due to a “large backlog” of data. CEO, Changpeng Zhao, assured all users that funds were safe, before the functionality was restored. The platform shared this announcement on their official Twitter page via a thread, stating:We're on it. Funds are SAFU. https://t.co/LbJbZsVhl0— CZ Binance (@cz_binance) November 1,....
CEX. IO halves minimum limits for US Dollars withdrawals and introduces Individual Business and Corporate accounts. CEX. IO Bitcoin Exchange announces decreasing fees for withdrawals in USD and EUR, as well as lowering minimum limits for respective withdrawals. From now on, CEX. IO users will be able to withdraw their fiat earnings with better conditions, being charged a considerably lower commission. Thus, a fee for withdrawing US Dollars via bank transfer has decreased from $50 to $35 per transaction. Meanwhile, withdrawal cost in EUR remains only €10 within an ordinary SWIFT withdrawal,....
Following the latest round of EU restrictions against Russia, digital asset exchange Binance is limiting services to Russian clients. The company pledged to lead the industry in implementing the sanctions and urged all major trading platforms to follow. Crypto Exchange Binance Cuts Services to Russian Accounts in Accordance With EU Penalties Binance, the world’s leading cryptocurrency exchange, is restricting services for Russian nationals or natural persons residing in Russia and legal entities established in the Russian Federation that have crypto assets exceeding €10,000....
Added comment from Yacuna regarding changes to deposit and withdrawal limits for unverified customers. UK-based cryptocurrency exchange Yacuna has waived all trading and withdrawal fees in a bid to boost the ecosystem, the firm says. In a statement on the move, Yacuna CEO Andrei Martchouk said: 'We want to support blockchain technologies until they dominate the market and do not wish to leech on our customers in the current environment.' The only fees now in place are those that apply for speedier methods of fiat bank deposits, details of which can be found here. Deposit and withdrawal....
One of South Africa’s biggest cryptocurrency exchanges, Luno, has confirmed that it has started restricting withdrawals by clients. The exchange insists the limits are meant to “act as a deterrent for illicit actors moving large amounts of funds within the crypto ecosystem.” The Restrictions on Transfers However, despite this acknowledgement, Luno has so far refused to explain how the exchange sets the so-called “dynamic risk-based limits.” According to a report, the limits — which are separate from the send limits that appear on Luno’s....