Fellow Binancians,
To comply with the recommendations set forth in the "Financial Action Task Force standards on Virtual Assets and Virtual Asset Service Providers" and the associated solution provided by Global Travel Rule (hereinafter referred to as "GTR"), Binance Bahrain (“Binance Bahrain B.S.C. (c)” or “the Company”) will implement the following measures to ensure compliance with the Central Bank of Bahrain regulations relating to the Travel Rule.
June 30, 2024
All corporate and individual customers who have opened accounts with Binance Bahrain.
When users receive or send crypto assets from and to an external wallet, Binance Bahrain will check whether or not the required Global Travel Rule information has been received via GTR. If the required Global Travel Rule information has not been received, users will then be asked to provide information relating to, for example, the sender/receiver information for the respective transaction directly to Binance. Please note that if the necessary Global Travel Rule information is not provided, users’ access to the respective received/sent crypto may be restricted or denied.
Important Notes:
It may take several business days (excluding Fridays, Saturdays, and public holidays) to complete the deposit and withdrawal of crypto assets.
Crypto transfers to certain jurisdictions, such as Iran, North Korea, or other regions with high money laundering risks are prohibited. Crypto withdrawals or deposits in violation of the Binance Terms of Use and other conditions can be subject to restrictions or other measures on users’ accounts.
In simple terms, the "Global Travel Rule" refers to Recommendation 16 of the Financial Action Task Force (FATF). This recommendation mandates that financial institutions, including crypto-asset service providers, who facilitate the transfer of crypto-assets on behalf of their users, must relay specific information regarding the sender and recipient to the recipient's crypto-asset service provider. Implementing this recommendation will enhance Binance's efforts to combat financial crime and ensure that our ecosystem mitigates the risks associated with engaging bad actors.
The purpose of the Travel Rule is to prevent bad actors and other criminals from freely using financial services and to enable the tracking of any unauthorized use of such services.
If you have any questions regarding any of the above information, Binance Bahrain Support is available 24/7.
To initiate a chat with one of Binance Bahrain’s Customer Support agents, select “Unresolved” > “Forward to Customer Service”. Alternatively, refer to How to Use Binance Support or the Binance Bahrain website for more information.
Thank you for your support!
Binance Team
2024-06-27
Note: This announcement was last updated on 2024-06-30 to clarify the Global Travel Rule and on 2024-06-28 to remove “Rules to Rule” and to add further clarifications to the electronic funds transfer systems.