Rongchai Wang
Sep 03, 2024 14:45
Binance Bahrain B.S.C. (c) will now provide services for South African derivatives users, ensuring compliance with local regulations.
In a move to comply with local regulatory requirements, Binance Bahrain B.S.C. (c) will now be the entity providing services for derivatives products to South African residents. This transition is part of Binance’s commitment to adhere to regulatory obligations, according to an official announcement from Binance.
Impact on South African Derivatives Users
South African users of Binance’s derivatives products will need to register new accounts with Binance Bahrain and accept the applicable Terms of Use. Additionally, users will need to resubmit all required Know-Your-Customer (KYC) documentation to comply with Bahrain’s regulatory standards.
Implications for Binance
This strategic shift allows Binance to continue serving its South African user base while maintaining compliance with local regulations. Binance Bahrain is licensed by the Central Bank of Bahrain as a Category 4 Crypto-Asset Service Provider, enabling it to offer crypto exchange and custodian services.
Binance’s move to Bahrain for its South African operations comes amid increasing regulatory scrutiny worldwide. By aligning its operations with local legal frameworks, Binance aims to ensure the continuity of its services without legal hindrances.
For more details, please refer to the official announcement.
Image source: Shutterstock
