/biz/ - Business & Finance

>>51558612
if the overall global market didn't collapse this might be true

Binance now requires EEA users to re-verify (!) their account until October 12th, otherwise their account will be set to "withdraw only".
It will presumably be possible to comply at a later date and regain full access to all services (just like in the past).
The new directive in question is the Sixth Money Laundering Directive (6AMLD):
>6AMLD provides EU member states with clarification on emerging money laundering threats, defining the regulatory requirements introduced in 5AMLD in greater detail.

Harmonization: 6AMLD provides a harmonized definition of money laundering across all EU countries in order to close loopholes in domestic legislation. That harmonization includes an expanded list of 22 money laundering predicate offenses, including cybercrime, environmental crime, tax crime, and human trafficking and smuggling.
Harmonization is EU law-speak for: the law is the same across all member states. (Denmark might have opted-out, not sure though).

Previous AMLDs were already targetting "tax crime" but they turned out to be nothingburgers for the average Binance user.
There is no indication that Binance is required to report users to their national tax agencies (they would if they were legally required to, duh) but I will personally wait out how the implementation of this AMDL will work out it practice before going through any new KYC.

You can read the text (in English, available in all EU member states' languages) here: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52021PC0420&from=EN

Check out Article 18
>Identification and verification of the customer’s identity:
(....)obliged entities shall obtain at least the following information in order to identify the customer and the person acting on their behalf:

place of residence, tax ID number, occupation, national ID number etc etc
TL;DR:
set up an account on another exchange and slowly but surely move your funds there
Even if you dont comply with KYC, you'll be able to withdraw.