When committing deposits, South African traders will have to reveal the full name of the sender, the country of residence and, if necessary, the name of the cryptocurrency exchange, from where the assets are translated. To withdraw funds, the beneficiary will be required.
When trading and use of other functions of the platform, traders will not have to indicate additional information. Binance warned that if local traders refuse to provide the necessary data, this may lead to delayed transactions, and in some cases to the return of the funds to the sender.
The leadership of the exchange explained that this step was taken for the sake of compliance with the requirements of local authorities, since South African regulators strengthened the supervision of the rapidly developing cryptocurrency market.
Earlier, the South African tax service threatened to private individuals, crypto -rhizas and participating in cryptocurrency transactions to services with rigid measures for non -compliance with tax legislation. In March, the Office of the Financial Sector of South Africa (FSCA) reported two crypto films Afriinvest and MutualWealth, working in a country without a license. The regulator accused the company of illegally attracting investments and promises of unrealistic daily profit in size of up to 10,000 rands (about $ 542).
Recently, the South African authorities warned about the risks of investment in decentralized finance projects (Defi). Among the main risks of Defi FSCA projects, market manipulations, violation of smart contracts and fraud called market manipulations.
Source: Bits
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