How to Withdraw Crypto from Binance in Ireland

Want to withdraw your crypto off Binance? Then here is a guide to explain the process.

As per Google Keyword Planner, there has been a large increase month-on-month with people searching for guidance/instructions on how to withdraw money or crypto from Binance.

Withdrawing your crypto is a convenient process, but there are a few key things to consider to ensure a smooth transfer.

This guide will walk you through the steps involved in withdrawing crypto from Binance. Binance are registered in Ireland to offer their services to Irish customers. However, they don't have a dedicated Irish website, like CoinJar do.

What has changed with Binance?

Before we dive into the “how,” let’s talk about why withdrawing crypto/funds from Binance has become a common query.

The relationship with several of Binance’s local payment processor partners ended in mid-2023, reportedly due to regulations in places like the UK and USA becoming much more strict.

As a result, depositing and withdrawing funds from Binance has become more challenging recently.

So now, customers of Binance may want to know how to move their crypto from Binance to another crypto exchange like CoinJar that does let them cash out in Euro.

This is not to be perceived as investment advice. All readers are advised to complete their own independent research and or seek independent advice.

Before withdrawing your crypto from Binance

Account verification

Ensure your Binance account is fully verified, which may require providing government-issued ID and proof of address.

Destination: Have a suitable wallet address ready to receive your crypto. This could be a hardware wallet, another exchange wallet, like an account on CoinJar, or a software wallet.

How to withdraw crypto from Binance

Log in to your Binance account.

Follow the advice on the Binance website at the time of writing this article (15/04/2024).

Here's a breakdown of some common networks:

ERC-20

The Ethereum network is widely adopted and supports numerous tokens (ERC-20 tokens). However, transaction fees on Ethereum can be uncompetitive, especially during periods of network congestion.

Other Networks

Binance might support additional networks for specific cryptocurrencies. Always ensure you choose the network compatible with your receiving wallet.

How to transfer crypto

Enter the recipient address. This is the unique wallet address where you want to receive your crypto. Be very careful when entering this address, as any mistakes could result in permanent loss of your funds.

Review your withdrawal details. Double-check the withdrawal amount, network selection, and recipient address before proceeding.

Binance might require additional protection verification steps like two-factor authentication (2FA) for withdrawals.

Follow the on-screen prompts to complete this step.

Confirm the withdrawal.

Once everything is verified, click the "Confirm Withdrawal" button.

Please note the Travel requirements means that crypto exchanges must obtain, hold, verify and transmit required originator and beneficiary personal data, immediately when conducting crypto transfers. It includes instances where the originator and beneficiary are the same person (e.g. when the same person has accounts with different Crypto exchanges).

Processing time and fees

Processing times can vary depending on the chosen network.

Transaction fees will also be deducted from your withdrawal amount. The fee structure can vary depending on the chosen network and current network traffic. Binance displays the estimated withdrawal fee before you confirm the transaction.

Things to remember

Double-check recipient address and network selection. Even a minor mistake can lead to permanent loss of funds.

Consider network fees. Choose a network that balances speed and cost based on your needs.

Start with a small test transaction (optional). This can help verify the process works smoothly before transferring a larger amount.

Never share your wallet address or private keys with anyone.

There are a few reasons why users might choose to transfer their crypto from Binance to CoinJar.

Fiat support

CoinJar allows users to deposit and withdraw their local money directly, which can be convenient for those wanting to convert their crypto to Euro. As of mid-April 2024, Binance currently restricts direct fiat deposits and withdrawals in many countries.

Please note that CoinJar is not in any way associated with or acting on behalf of Binance and does not have any agreement or partnership with Binance.

Things to note

Network fees: The chosen network will determine the transaction fees. Consider the trade-off between speed and cost when selecting a network.

By following these steps and keeping the above considerations in mind, you can successfully transfer your crypto holdings from Binance to CoinJar.