Binance updates crypto rules in Poland to meet new MiCA requirements
Binance updated its cryptocurrency deposit and withdrawal procedures in Poland to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA). In a blog post on Jan. 17, Binance wrote, “Starting Jan. 20, users may need to provide more information when performing crypto deposits and withdrawals.” The new requirements apply to crypto deposits exceeding 1,000 euros ($1,030.80) and all withdrawals. For deposits, users must provide the sender’s full name, country and crypto exchange name. For withdrawals, similar details about the beneficiary are required.Binance clarified that these updates only affect crypto transfers. Still, the company warned that transactions might be delayed or returned if the information is unavailable.What MiCA means for crypto in EuropeMiCA, officially enacted on Dec. 30, 2024, established a regulatory framework for cryptocurrencies across the EU. It standardizes crypto asset service providers’ (CASPs) rules and improves consumer protection while addressing Anti-Money Laundering (AML) concerns.The MiCA framework also enforces stricter rules for stablecoin issuers, requiring them to maintain full reserves and obtain licenses to operate within the EU. Under MiCA, crypto transfers of more than 1,000 euros must include detailed information about the sender and recipient to ensure transparency.Cryptocurrency is legally recognized in Poland, and activities such as mining, buying and selling are permitted under the current framework. Crypto income is taxed at a flat rate of 19% for individuals and businesses.On Dec. 9, 2024, the Government Legislation Center published the fourth version of the long-awaited Crypto Assets Market Act, a draft regulatory framework for Poland’s cryptocurrency sector. This act requires Virtual Asset Service Providers (VASPs) to transition to the new CASP licensing system by June 30, 2025, well ahead of the EU MiCA’s transition deadline of July 2026.