When navigating your Binance account, you may come across references to the term PEP or “politically exposed person.”
A PEP (politically exposed person) is a natural person, who is or has been:
A. Entrusted with a prominent public function, such as:
- Head of State or of Government;
- Senior Politicians and Ministers;
- Senior Government, Judicial (whose decisions are not subject to further appeal) or Military Officials;
- Senior Executives of State Owned Corporations (with genuine economic or political importance);
- Important Political Party Officials;
- Members of Ruling Royal Families, with Government responsibilities;
- Members of Senior Management or Individuals who have been entrusted with equivalent functions in an International Organisation (i.e. directors, deputy directors and members of the board or equivalent functions).
- Senior Religious Officials
B. Entrusted with a leading function of an international organization:
- Informed about the organization as part of a type of leading function: president, director, deputy director, secretary general, member of the board, chairman of the board, vice chairman of the board or equivalent function.
C. Family member to person (PEP) stated in A or B above:
- Spouse
- Person considered to be equivalent to a spouse according to national law
- Child
- Child’s spouse or person considered to be equivalent to a spouse according to national law
- Parent
- Parent of a child’s spouse or person considered to be equivalent to a spouse according to national law
- Grandparents
A PEP can also be:
- Natural person known to be a close associate, with beneficial ownership of legal entities or arrangements jointly with PEP or assigned to set up such entities or arrangements for benefit of a PEP according to categories A and B above.
- Natural person who has sole beneficial ownership of a corporate entity or any other form of legal arrangement that is known to have been established for the benefit of that PEP.
- Other close relations with a PEP under categories A and B.
- Beneficial owner with a PEP in categories A and B, as well as the other related categories.
