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Binance South Africa will require information on both senders and receivers to comply with local regulations
Source: The Block
South African users may face stricter Know Your Customer (KYC) procedures when sending and receiving cryptocurrency.
New Regulations
Binance, the world's largest centralized cryptocurrency exchange, announced that new requirements regarding digital asset deposits and withdrawals for South African users will take effect on April 30 to comply with local regulations.
User New Requirements: The notice mentioned that users may need to provide additional information before sending cryptocurrency, including the recipient's full name and country of residence. The same applies when receiving cryptocurrency, as South African account holders may need to clarify whether the funds are coming from or being sent to a self-custody wallet.
South African users may face stricter Know Your Customer (KYC) procedures when sending and receiving cryptocurrency.
New Regulations
Binance, the world's largest centralized cryptocurrency exchange, announced that new requirements regarding digital asset deposits and withdrawals for South African users will take effect on April 30 to comply with local regulations.
User New Requirements: The notice mentioned that users may need to provide additional information before sending cryptocurrency, including the recipient's full name and country of residence. The same applies when receiving cryptocurrency, as South African account holders may need to clarify whether the funds are coming from or being sent to a self-custody wallet.
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