Travel Rule kicks in

Jan

Jan

Who's the Boss?
Staff member
Joined
May 24, 2010
Messages
14,144
Reaction score
12,296
Location
The Rabbit Hole
Travel Rule kicks in

Cryptocurrency exchanges and wallet providers in South Africa have warned customers that they will have to provide additional information whenever they make a transfer from today.

This is part of an effort for South Africa to exit the Financial Action Task Force (FATF) greylist by complying with its “Travel Rule” for virtual assets.
 
Does it matter? SA will never exit the grey list. The cadre elite will have to stop stuffing their couches before that happens.
 
Regarding self-custody, VALR said customers could still withdraw to their private wallets like Metamask or Ledger.

“You’ll need to indicate that it’s a self-hosted wallet during the withdrawal process,” VALR said.
Click to expand...
Sooo... you could basically transfer to any wallet address anyway and simply check a box saying it's self-hosted?

How are they going to verify if any particular address is self-custody or not?
 
Said this won't work as the blockchain isn't designed this way and doesn't have the space. Now they simply ask you to provide the information and warrant it's correct. LOL. Another hair brain scheme like FICA and RICA.
 
MrGray said:
Sooo... you could basically transfer to any wallet address anyway and simply check a box saying it's self-hosted?

How are they going to verify if any particular address is self-custody or not?
Click to expand...

Like the "book of honesty" that you still need to complete when entering some complexes...
 
I'm so glad my R5000 of buying weapons of mass destruction can be bypassed by saying it's my own wallet...what a relief. So if I send money from my own wallet to luno...will they block it?
 
Jan said:
Travel Rule kicks in

Cryptocurrency exchanges and wallet providers in South Africa have warned customers that they will have to provide additional information whenever they make a transfer from today.

This is part of an effort for South Africa to exit the Financial Action Task Force (FATF) greylist by complying with its “Travel Rule” for virtual assets.
Click to expand...
We are stealing, pillaging, misusing funds and sponsoring terrorist organizations or accepting funds from them...

BUT... we are clamping down on the evil cryptocurrency use to get ourselves off the greylist..
 
Email from Binance:

Dear Binancians

In adherence to local regulatory requirements, Binance will gradually introduce changes to crypto withdrawal and deposit procedures for South African users.

Starting 30 April 2025, users may need to provide more information when receiving and sending crypto on Binance.

*note the implementation of these changes will require you to login to your Binance account, please kindly take note of your login credentials

Changes to Crypto Deposit and Withdrawal Procedures
  • Crypto Deposits to Binance: Users will be asked to provide the sender’s information when receiving any amount of crypto.
  • Withdrawals from Binance: Users will be asked to provide the beneficiary’s information when sending any amount of crypto.

What Type of Transactions Are Affected

This update only affects crypto deposits and withdrawals.

Actions Required

Users will see a pop-up message to provide additional information about the sender or the beneficiary when performing deposits and withdrawals

Sending Crypto Assets from Binance to Another Crypto Exchange or Self-Hosted Wallet

Once you have confirmed your withdrawal details, you will see a pop-up message to provide additional information on the beneficiary when performing withdrawals, such as:

Full name;

Country of residence;

Name of crypto exchange (if applicable).

If you are sending assets to yourself on another exchange you will only need to provide the name of the receiving crypto exchange.​
Receiving Crypto Assets from Another Crypto Exchange or Self-Hosted Wallet

You will need to go to the crypto deposit page of your Binance account and click on transactions pending credit. After that, you will see a pop-up message to provide additional information on the originator, such as:

Full name;

Country of residence;

Name of crypto exchange (if applicable).
​
What Happens If Users Do Not Provide the Required Information

The transaction may be delayed or may not be processed if users do not provide the necessary information. In some cases, we may be required to return the transaction to the originator. Please ensure to provide all the required information during the deposit and withdrawal procedures.

Users can refer to our privacy notice for more information on how we process personal data. For additional queries and information, please contact Binance Customer Support.

Note: No action is required if users do not perform crypto transfers.

We appreciate your understanding as we work to ensure compliance while maintaining a smooth experience for you.​
 
so if you send XRP from a cold wallet to VALR or LUNO are they wanting to know who the person is that sent it and all their details? ummmm.... that's not how it works
 
The next phase of this will no doubt be to make users sign a message with their wallet keys to prove they control it, and force other non-custodial recipients to do the same and provide KYC before they can receive the crypto. It will all be sold in the name of "securing your crypto" (because they care so much about your crypto safety, of course).
 
MrGray said:
The next phase of this will no doubt be to make users sign a message with their wallet keys to prove they control it, and force other non-custodial recipients to do the same and provide KYC before they can receive the crypto. It will all be sold in the name of "securing your crypto" (because they care so much about your crypto safety, of course).
Click to expand...
And most people won't have access to such specialised tools so they'll have a way for you to "validate" using your keyphrase.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter