How do I transfer funds from Binance to Bitvavo?

Binance is under pressure amid a spate of legal issues that have severed many of its key banking relationships around the world and eroded its market share. After announcing it would leave the Dutch market, tens of thousands of users have transferred their funds to other exchanges such as Bitvavo, which protect their customers’ money with a guaranteed fund. We explain the process step by step.

The problems at Binance, one of the world’s leading crypto exchanges, continue to pile up. Several senior executives have already left the company at a time when it is facing immense regulatory pressure.

In addition to the US Securities and Exchange Commission’s (SEC) lawsuits against the platform and its CEO, accusing them of violating laws, failing to have the necessary registrations and selling unregistered securities, there have been regulatory problems in Europe.

On the one hand, financial regulators in Germany and the Netherlands denied Binance’s application for a licence to hold crypto-assets and, shortly afterwards, Binance announced that it would leave the latter market because it could not obtain registration as a virtual asset service provider.

On the other hand, Belgium ordered the company to immediately cease its operations in the country on charges of non-compliance with existing regulatory rules. At the same time, Paysafe, a British digital payments platform, announced that it was ceasing to support Binance’s euro-denominated transactions, leaving the crypto exchange unable to transact within the SEPA area.

The alternative that 11Onze Recommends

Thousands of users have already transferred their funds to other exchanges that comply with the European regulatory framework and offer more security. This is the case of Bitvavo, which 11Onze Recommends, a cryptocurrency management platform that is registered with the Dutch Central Bank, where its depositors have access to the guarantee fund and which uses cold wallets to prevent cybercrime. That is, Bitvavo customers’ digital coins are regularly downloaded onto physical devices that are disconnected from the internet.

According to Bitvavo, the inflow of capital from Binance to Bitvavo is already in the tens of millions of euros and growing every day. Bitvavo expects total deposits of digital assets to reach a value of hundreds of millions of euros. The process of transferring funds between the two crypto-asset management platforms is not complicated but requires a number of steps, which we explain below.

Transfer cryptocurrencies from Binance to Bitvavo

From the app
At Bitvavo

1. Log in to our app
2. Tap on the digital currency you want to deposit
3. Tap on the three-dot menu, at the top right of your screen
4. Tap deposit
5. Select the network to see your address
   Note: Deposits via the Binance Smart Chain (BSC) result in the loss of your assets (excluding BNB).
6. The address of your Bitvavo wallet is now displayed. You can use this address to transfer your digital currency.

At Binance

1. Navigate to ‘Spot’ on your Binance account
2. Select the appropriate cryptocurrency
3. Select ‘Withdraw’ and then ‘Send via Crypto Network’
4. Paste in the Bitvavo cryptocurrency deposit address
5. Choose the suitable network (this is critical!)
6. Select the desired amount and press the ‘Withdraw’ button
7. Confirm the transaction by following the on-screen instructions
8. Your transaction has been confirmed and sent to Bitvavo.

Source: Btivavo

From the webb
Log in to your Bitvavo account

1. Navigate to the digital currency you want to deposit and click on it
2. Navigate to ‘Deposit’ and click on it
3. Select the network to see your address
   Note: Deposits via the Binance Smart Chain (BSC) will result in the loss of your assets (excluding BNB).
4. The address of your Bitvavo wallet is now displayed. You can copy this address to transfer your digital currency.

At Binance

1. In your Binance account, go to Spot withdrawals
2. Choose the relevant cryptocurrency
3. Paste the Bitvavo deposit address for this cryptocurrency
4. Select the appropriate network (very important to do so!)
5. Choose the desired amount and confirm the transaction

Source: Bitvavo

11Onze Recommands Bitvavo, cryptocurrencies easily, safely and at a low price.