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Binance tightens compliance rules for South Africa to transfer encryption

Binance has been assigned to implement new compliance measures for South African users, which requires the information of the sender and the future for all encryption and cloud deposits.

in advertisement On April 23, the largest stock exchange in terms of daily trading in encrypted currencies said this step comes in response to local organizational demands.

Starting April 30, Binance users in South Africa will be asked to provide additional information when transferring the encryption.

For deposits, users must detect the full name of the sender, the country of residence, and if possible, the name of the original encryption. Likewise, withdrawals will require details of the beneficiaries before treatment.

Binance to require information for all encryption transfers in South Africa. Source: binance

The update will not only affect the sediments of clouds and clouds, leaving trading and other unmatched basic system features.

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The details of the transfer may be the opposite of transactions

Binance warned that failure to provide the required information may lead to delayed transactions or, in some cases, the return of money to the sender.

In preparation for operation, users will need to re -conduct their accounts starting from April 24.

The change comes at a time when South Africa is moving to enhance the supervision of the rapid encryption sector.

On April 2, Bloomberg I mentioned South Africa’s revenue service (SARS) urges individuals, coding and mediators participating in encryption transactions for power registration, warning that failure to do so is now illegal.

In March, the Financial Sector Conduct (FSCA) in South Africa Release A public warning against unlicensed encryption companies, Afriinvest and Mutualwealth, accusing them of seeking investments while promising unrealistic returns up to 10,000 Rand ($ 542) per day.

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South Africa is pressing to become a major encoding center

Ben Kasleen, the chief marketing official (CMO) at Crypto Exchange Valr, told CointeleGraph in September 2024.

Kashlin said that the strong legal legal framework in South Africa and the ease of work makes it a major entry point for expanding encryption throughout the continent.

The South Africa Cheap Market is expected to achieve $ 278 million in 2025, with growth expectations with an annual CAGR growth rate by 7.86 % and up to 332.9 million dollars by 2028, According to To Statista.

Revenue in South Africa’s encryption market will grow by 7.86 % by 2028. Source: Statista

Organizational momentum, with FSCA approval of 59 encryption platform licenses in March 2024, is increasing, while more than 260 requests remain under review.

Cointelegraph called Bonnes for comments, but she did not receive a response by publishing.

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