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The reason is you don't have KYC up to date. Exactly same thing happens with bank. The current money laundering laws requires everyone to keep they KYC with banks up to date exact same way as Binance requires for their customer. Otherwise you don't get you funds out of the bank either. Might be your bank does not follow the compliance as of now, but it will sooner or later. I have several examples on large European banks denying withdrawal or deposit without getting explaining where the money is going or coming. Even for small sums. Binance need to follow exactly same compliance as banks. These compliance requirements are originated from US so I would assume it holds for US citizens at US banks as well. I have experiences only on Canadian and European banks, but for both I need to keep my IDs up to date regularly and in Canada it actually requires most of the time me t visit the ban k physically. The point being here is, they both follow same compliance and the only difference having your EUR at the bank compared to storing EURI at Binance is the latter gives 7% APR. Or did you think Binance follows stricter compliance just to be a dick head for clients? They follow the compliance regulations to be able to do their business just like banks do.
None. But my euros are in bank so I don’t get why would it be terrible to have EURI on Binance earning 6% interest. You explain.
There is EURI on Binance.
EURI seems to be one of the coins allowed on binance in europe, which should suggest it's audited and properly pegged. USDC as well.
( European here ) Yet hasn't the Euro central bank issued their very own blockchain with "EURI" ? I've been spammed from Binance to get EURI and from what I understood it's basically the equivalent for euro fellows to invest in USDT
tldr; As cryptocurrency adoption grows in Europe, MiCA-compliant stablecoins are capturing a significant market share. A report by Kaiko and Bitvavo highlights the expansion of euro-denominated trading volumes, which consistently exceeded 2023 averages in 2024. The euro has become the third most-traded fiat currency in crypto, with stablecoins adapting to new regulations. MiCA regulations have reshaped the stablecoin landscape, with Circle’s EURC, Societe Generale’s EURCV, and Banking Circle’s EURI holding 91% of the market share by November 2024. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
And what if I convert my crypto in EURI?
tldr; Binance, the world's leading cryptocurrency exchange, has added Eurite (EURI), a new euro-backed stablecoin, to its trading platform. EURI, created by Banking Circle, is the first euro-pegged stablecoin compliant with the European Union’s Markets in Crypto Assets Regulation (MiCA). It will be available for trading with zero fees for a limited time and comes as both an ERC-20 token on Ethereum and a BEP-20 token on BNB Smart Chain. This move aims to make stablecoins more accessible and provide a robust banking service for digital asset users. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.