The crypto exchange Binance
$10.41B
is introducing new compliance procedures for people in South Africa who send or receive cryptocurrency using the platform.
Starting April 30, users will need to provide specific details about the person they are getting cryptocurrency from or sending it to, before any deposit or withdrawal can be processed.
For incoming transfers, users must share the sender’s full name, country of residence, and, if the crypto was sent from another exchange, the name of that platform. Outgoing transactions will need similar details about the person or service receiving the funds.
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These rules will not affect other Binance features, such as trading or staking. They only apply to deposits and withdrawals.
The company announced the changes on April 23 and said they are required to meet regulatory demands in South Africa. Binance also warned that if users do not fill in the required information, their transfers may be delayed or even returned.
To get ready for the changes, users in South Africa will be asked to log in again starting April 24.
Binance said the decision was made to comply with updated rules in South Africa, as the country has recently tightened oversight of crypto activity. On April 2, South Africa’s Revenue Service (SARS) reminded individuals, exchanges, and intermediaries involved in crypto to register with the agency.
Meanwhile, a Nigerian court recently delayed Binance’s tax case to April 30. Why? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
