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. Binance is now a crypto-only exchange, which means that to cash out, you have to move your crypto to another exchange or service that allows you to cash out into your bank account.

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.

Navigate to your "Wallet" section. You'll typically find this option on the top menu bar.

Select "Fiat and Spot." This will display a list of what cryptocurrencies you hold.

Choose the cryptocurrency you want to withdraw. Click on the corresponding crypto to access its details.

Locate the "Withdraw" button. This will probably be positioned next to your current crypto balance.

Enter the withdrawal amount. Specify the exact amount of crypto you want to transfer. Choose the withdrawal network. (Important! Read this part very carefully!) Selecting the correct network is crucial for a successful transfer. Binance supports various networks depending on the chosen cryptocurrency.

Please note that information about how to withdraw from Binance was derived from the Binance website at the time of writing this article (15/04/2024).

Here's a breakdown of some common networks:

BEP20

This is Binance's own network, known for its efficient transaction speeds and competitive fees. However, not all wallets support BEP20. Double-check compatibility with your receiving wallet before selecting this network.

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 in some countries 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. Generally, better performing networks like BEP20 offer quicker processing times, while more protected networks like Ethereum might take longer.

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.

Transferring crypto from Binance to CoinJar

We've covered the general steps for withdrawing crypto from Binance. Now, we are going to explain a scenario relevant to many crypto holders: Transferring crypto from Binance to CoinJar so you can cash out into your local currency.

Why transfer from Binance to CoinJar?

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

FCA regulation

CoinJar is registered in every country it operates in, for anti money laundering purposes with local regulatory bodies.

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.

How to transfer crypto from Binance to CoinJar

While you can't directly transfer local currency between the two platforms, you can still move your crypto holdings.

Follow steps from the above section to initiate a withdrawal from Binance.

Crucially, choose the correct network:

For ERC-20 tokens (common on Ethereum): Select the ERC-20 network.

For other cryptocurrencies: Check if CoinJar supports the native network of your chosen coin and select accordingly. (Always double-check compatibility before proceeding!)

Locate the deposit address for your chosen cryptocurrency within your CoinJar account. This will be a unique string of characters. Carefully copy and paste this address into the recipient address field on Binance.

Double-check the withdrawal amount, network selection, and recipient address (your CoinJar deposit address) before confirming the transaction.You will need to sign up as a CoinJar customer if you are not already.

Prove who you are

To sign up, you must verify you are a real human and provide a copy of your ID such as a driver's licence, passport, or other identifiers, as directed at the onboarding stage.

Payment methods

Once your ID has been approved, you may open an account on the exchange. After this is done, you may move typical everyday money like Euro (fiat) via your account.

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.

Transaction processing time: Processing times will vary depending on the chosen network. Efficient networks like BEP20 (if compatible with CoinJar) might process quicker, while more protected networks like Ethereum could take longer.

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