Binance sets Tough Guidelines for Users in South Africa
Binance has introduced new compliance policies for South African users, requiring personal data submission from senders and receivers for all crypto transactions.
Quick overview
- Binance has implemented new compliance policies for South African users, requiring personal data submission for all crypto transactions.
- These changes are in response to South African laws aimed at monitoring digital asset movements more closely.
- Starting April 30, users must provide full names, recipient residence, and exchange details for deposits into other wallets.
- Transactions may be delayed or refunded if the required information is not provided, with additional compliance measures expected by mid-year.
Binance has introduced new compliance policies for South African users, requiring personal data submission from senders and receivers for all crypto transactions.
According to the firm, this change complies with South African laws that seek to monitor the movement of digital assets more closely.
The announcement from Binance comes after the South African Financial Intelligence Center (FIC) began enforcing the Travel Rule for crypto in the region.
In a statement on the platform directed towards South African users, Binance informed them of the new policies starting on April 30. Users making deposits into other crypto wallets will provide their full names, the recipient’s residence, and the exchange details to receive funds.
Furthermore, when recipients of non-Binance wallets transfer crypto to their wallets, they must also provide the same details for the counterparty’s transfer to the wallet.
The exchange contends that incoming deposits will remain pending transactions awaiting credit until sufficient details are provided.
Binance warned that transactions may be delayed or refunded to the sender if the necessary information is not provided.
The company intends to address the other two conditions by the middle of the year, which include demonstrating an increase in the investigation and prosecution of complex money laundering and terrorist financing offenses.
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