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Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Binance introduces stricter compliance measures for South African users

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Binance is implementing new compliance measures for users in South Africa, effective April 30.

According to an April 23 statement, the changes will require all its South African users to provide detailed information about the sender and receiver of any crypto transfer on the platform.

The firm added that users initiating withdrawals must enter the recipient’s full name, country of residence, and, if applicable, the name of their crypto exchange.

Binance users must verify the sender’s details for incoming deposits. This process involves checking the deposit page for any pending transactions, after which a prompt will request the sender’s full name, country, and exchange of origin if relevant.

The exchange stated that a failure to provide accurate information may result in the transaction being blocked or returned to the original sender.

Binance said the update is part of its effort to align more closely with South African regulatory expectations and ensure uninterrupted service within the region.

Binance’s global compliance efforts

The move in South Africa is part of Binance’s broader effort to reinforce regulatory compliance across its global operations.

Last week, the exchange launched a re-verification process in India to strengthen user identification and meet national anti-money laundering (AML) standards.

The new KYC process in India applies to both current and new users. It requires them to submit official documents, including their Permanent Account Number (PAN).

According to the exchange:

“This is as per the Indian anti-money laundering (AML) laws and these requirements equally apply to all exchanges in India.”

This comes in response to regulatory actions against Binance in 2024, when India’s Financial Intelligence Unit (FIU) issued a $2.2 million penalty for AML violations and ordered the Binance app removed from the Apple App Store.

Since then, Binance has registered with the FIU and resumed efforts to bring its operations in India back in line with legal requirements.

The post Binance introduces stricter compliance measures for South African users appeared first on CryptoSlate.

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