Currently, purchasing cryptocurrency with fiat currency on Binance can be done via credit card or through the C2C trading market. Since August of last year, the exchange has enforced an anti-fraud measure known as the "T+1 Withdrawal Policy", requiring a 24-hour holding period for BTC-equivalent deposits made via C2C before corresponding digital assets can be withdrawn.
T+1 Policy Extended to New Taiwan Dollar and Euro Markets
This policy has now been activated for Binance's P2P trading in New Taiwan Dollar (TWD) and Euro (EUR). After depositing cryptocurrency via TWD or EUR, users cannot withdraw the equivalent purchase amount (calculated in BTC) within 24 hours.
Example from the announcement:
- If a user's account originally holds 2,000 USDT (assumed equivalent to 0.2 BTC) and deposits 1 BTC via C2C, the controlled amount is the "1 BTC equivalent" in cryptocurrency.
Within 24 hours, the user may withdraw either:
- 2,000 USDT (leaving 1 BTC in the account), or
- 0.2 BTC (leaving 0.8 BTC + 2,000 USDT, which equals 1 BTC under this assumption).
- The key requirement is that the remaining assets must equal the deposited 1 BTC value.
However, internal transfers and trades on the platform remain permitted during the restriction period.
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Key Takeaways:
- Purpose: Prevent money laundering and protect traders.
- Scope: Applies to TWD/EUR C2C markets since 2023.
- Flexibility: Funds can still be traded internally during the hold period.
FAQ Section
Q: Can I trade cryptocurrencies during the T+1 holding period?
A: Yes, internal platform trades are allowed—only withdrawals are restricted.
Q: How is the controlled amount calculated?
A: It’s based on the BTC-equivalent value of your C2C deposit (e.g., 1 BTC = 1 BTC value in other coins).
Q: Does this policy affect credit card purchases?
A: No, it applies solely to C2C market deposits.
Q: Why was this policy extended to TWD/EUR markets?
A: To standardize anti-money laundering measures across all fiat gateways.
Q: Are there exceptions for trusted users?
A: No, the policy is mandatory for all C2C participants.
Risk Advisory
Cryptocurrency investments carry significant volatility risks, including potential total loss of capital. Always assess risks independently.