Connect with us

Published

on

Binance tightens South African compliance rules for crypto transfers

Binance is set to implement new compliance measures for South African users, requiring sender and receiver information for all crypto deposits and withdrawals.

In an announcement on April 23, the largest exchange in terms of daily trading volume of cryptocurrencies said the move comes in response to local regulatory demands.

Starting April 30, Binance users in South Africa will be prompted to provide additional information when transferring crypto.

For deposits, users must disclose the sender’s full name, country of residence, and, if applicable, the name of the originating crypto exchange. Similarly, withdrawals will require beneficiary details before processing.

Binance tightens South African compliance rules for crypto transfers
Binance to require information for all crypto transfers in South Africa. Source: Binance

The update will only impact crypto deposits and withdrawals, leaving trading and other platform features unaffected.

Related: US judge transfers Binance lawsuit to Florida, citing first-to-file rule

Missing transfer details may reverse transactions

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

In preparation for the rollout, users will need to re-login to their accounts starting April 24.

The change comes as South Africa moves to boost oversight of the rapidly moving crypto sector.

On April 2, Bloomberg reported that South Africa’s Revenue Service (SARS) is urging individuals, crypto exchanges and intermediaries involved in crypto transactions to register with the authority, warning that failure to do so is now illegal.

In March, the Financial Sector Conduct Authority (FSCA) of South Africa issued a public warning against two unlicensed crypto firms, Afriinvest and Mutualwealth, accusing them of soliciting investments while promising unrealistic returns of up to 10,000 rand ($542) per day.

Related: Binance, KuCoin, MEXC report service issues due to AWS network interruption

South Africa pushes to become key crypto hub

Emerging economies across Africa, particularly South Africa, are positioning themselves as potential digital asset hubs amid growing regulatory clarity, Ben Caselin, chief marketing officer (CMO) of Johannesburg-based crypto exchange VALR, told Cointelegraph in September 2024.

Caselin said that South Africa’s strong legal framework and ease of business make it a key entry point for crypto expansion across the continent.

The South African crypto market is projected to generate $278 million in revenue in 2025, with expectations to grow at a compound annual growth rate (CAGR) of 7.86% and reach $332.9 million by 2028, according to Statista.

Binance tightens South African compliance rules for crypto transfers
Revenue in South Africa’s crypto market is expected to grow by 7.86% by 2028. Source: Statista

Regulatory momentum is increasing, with the FSCA approving 59 crypto platform licenses in March 2024, while over 260 applications remain under review.

Cointelegraph contacted Binance for comments but did not receive a response by publication.

Magazine: Former Love Island star’s tips on how to go viral in crypto: Van00sa, X Hall of Flame

Continue Reading

Politics

Sir Keir Starmer set for Donald Trump trade talks as PM walks diplomatic line between EU allies and US on Gaza

Published

on

By

Sir Keir Starmer set for Donald Trump trade talks as PM walks diplomatic line between EU allies and US on Gaza

Gaza and transatlantic trade are set to dominate talks between Donald Trump and Sir Keir Starmer when the pair meet in Scotland on Monday.

Downing Street said the prime minister would discuss “what more can be done to secure the ceasefire [in the Middle East] urgently”, during the meeting at the president’s Turnberry golf course in Ayrshire.

Talks in Qatar over a ceasefire ended on Thursday after the US and Israel withdrew their negotiating teams.

Mr Trump blamed Hamas for the collapse of negotiations as he left the US for Scotland, saying the militant group “didn’t want to make a deal… they want to die”.

Sir Keir has tried to forge close personal ties with the president, frequently praising his actions on the world stage despite clear foreign policy differences between the US and UK.

The approach seemed to pay off in May when Mr Trump announced the agreement of a trade deal with the UK that would see several tariffs lowered.

The two leaders are expected to discuss this agreement when they meet, with the prime minister likely to press the president for a lowering of outstanding tariffs on imports such as steel.

Prior to the visit, the White House said the talks would allow them to “refine the historic US-UK trade deal”.

Extracting promises from the president on the Middle East may be harder though.

Please use Chrome browser for a more accessible video player

Should aid be dropped into Gaza?

Despite some reports that Mr Trump is growing frustrated with Israel, there is a clear difference in tone between the US and its Western allies.

As he did over the Ukraine war, Sir Keir will have to walk a diplomatic line between the UK’s European allies and the White House.

On Thursday, French President Emmanuel Macron announced his country would formally recognise a Palestinian state in September, the first member of the G7 to do so.

That move was dismissed by Mr Trump, who said it “doesn’t carry any weight”.

Read more from Sky News:
US and EU agree trade deal – with bloc facing 15% tariffs
Geldof accuses Israel of ‘lying’ about Gaza starvation

Please use Chrome browser for a more accessible video player

Trump: ‘It doesn’t matter what Macron says’

The UK, French and German leaders spoke over the weekend and agreed to work together on the “next phase” in Gaza that would see transitional governance and security arrangements put in place, alongside the large-scale delivery of aid.

Under pressure from members of his own party and cabinet to follow France and signal formal recognition of Palestine, Sir Keir has gradually become more critical of Israel in recent months.

On Friday, the prime minister said “the starvation and denial of humanitarian aid to the Palestinian people, the increasing violence from extremist settler groups, and Israel’s disproportionate military escalation in Gaza are all indefensible”.

Government sources say UK recognition is a matter of “when, not if”, however, it’s thought Downing Street wants to ensure any announcement is made at a time when it can have the greatest diplomatic impact.

Please use Chrome browser for a more accessible video player

Baby Zainab starved to death in Gaza

Cabinet ministers will be convened in the coming days, during the summer recess, to discuss the situation in Gaza.

The UK has also been working with Jordan to air drop supplies, after Israel said it would allow foreign countries to provide aid to the territory.

President Trump’s trip to Scotland comes ahead of his second state visit to the UK in September.

Follow the World
Follow the World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

Downing Street says Ukraine will also likely be discussed in the meeting with both men reflecting on what can be done to force Russia back to the negotiating table.

After the meeting at Turnberry, the prime minister will travel with the president to Aberdeen for a private engagement.

Mr Trump is also expected to meet Scottish First Minister John Swinney while in the country.

Continue Reading

Politics

Crypto isn’t crashing the American dream; it’s renovating it

Published

on

By

Crypto isn’t crashing the American dream; it’s renovating it

Crypto isn’t crashing the American dream; it’s renovating it

The US housing regulator’s decision to recognize crypto assets in mortgage applications marks a historic shift from exclusion to integration, opening new pathways to homeownership.

Continue Reading

Politics

Govt vows to protect ‘pavement pints’ and make it easier for pubs to extend their opening hours

Published

on

By

Govt vows to protect 'pavement pints' and make it easier for pubs to extend their opening hours

“A wave of new cafes, bars, music venues and outdoor dining” could come to the UK – as the government unveils plans to overhaul planning rules and “breathe new life into the high street”.

Under the proposals, ministers also want to reform licensing rules to make it easier for disused shops to be converted into hospitality venues.

In a statement, Chancellor Rachel Reeves said she planned to scrap “clunky, outdated rules… to protect pavement pints, al fresco dining and street parties”.

The reforms also aim to prevent existing pubs, clubs, and music venues from suffering noise complaints when new properties hit the market.

Developers who decide to build near those sites will be required to soundproof their buildings.

Customers drink in an outdoor seating area of a pub in London during pandemic in December 2021
Image:
Reuters file pic

As part of dedicated “hospitality zones”, permission for al fresco dining, street parties and extended opening hours will be fast-tracked.

The government says the reforms aim to modernise outdated planning and licensing rules as part of its Plan for Change, to help small businesses and improve local communities.

More on Hospitality

The rough plans will be subject to a “call for evidence” which could further shape policy.

Business Secretary Jonathan Reynolds said the proposals will “put the buzz back into our town centres”.

“Red tape has stood in the way of people’s business ideas for too long. Today we’re slashing those barriers to giving small business owners the freedom to flourish,” he said.

The hospitality industry has broadly welcomed the changes but argued tax reform was also essential.

Kate Nicholls, chairwoman of UKHospitality, described the proposals as “positive and encouraging”.

However, she added: “They can’t on their own offset the immediate and mounting cost pressures facing hospitality businesses which threaten to tax out of existence the businesses and jobs that today’s announcement seeks to support.”

Read more from Sky News:
Licensing reforms for London venues
Pubs forced to adapt to survive

While supporting the reforms, Emma McClarkin, chief executive of the British Beer and Pub Association (BBPA), had a similar message.

“These changes must go hand in hand with meaningful business rates reform, mitigating staggering employment costs, and a cut in beer duty so that pubs can thrive at the heart of the community,” she said.

In July, BBPA estimated that 378 pubs will shut this year across England, Wales and Scotland, compared with 350 closures in 2024, which it said would amount to more than 5,600 direct job losses.

Please use Chrome browser for a more accessible video player

Pubs closing at a rate of one a day

Bar chain Brewdog announced this week that it would close 10 sites, partly blaming “rising costs, increased regulation, and economic pressures”.

Andrew Griffith MP, shadow business secretary, said: “Though any cutting of red tape for hospitality businesses is welcome, this is pure hypocrisy and inconsistency from Labour.”

He said the government was “crippling the hospitality industry by doubling business rates, imposing a jobs tax and a full-on strangulation of employment red tape”.

Continue Reading

Trending