South African Exchange Sets New Crypto Withdrawal Limits — Restrictions ‘a De...
One of South Africa’s biggest cryptocurrency exchanges, Luno, has confirmed that it has started restricting withdrawals by clients. The exchange insists the limits are meant to “act as a deterrent for illicit actors moving large amounts of funds within the crypto ecosystem.” The Restrictions on Transfers However, despite this acknowledgement, Luno has so far refused to explain how the exchange sets the so-called “dynamic risk-based limits.” According to a report, the limits — which are separate from the send limits that appear on Luno’s....
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CEX. IO halves minimum limits for US Dollars withdrawals and introduces Individual Business and Corporate accounts. CEX. IO Bitcoin Exchange announces decreasing fees for withdrawals in USD and EUR, as well as lowering minimum limits for respective withdrawals. From now on, CEX. IO users will be able to withdraw their fiat earnings with better conditions, being charged a considerably lower commission. Thus, a fee for withdrawing US Dollars via bank transfer has decreased from $50 to $35 per transaction. Meanwhile, withdrawal cost in EUR remains only €10 within an ordinary SWIFT withdrawal,....
A South African tax expert, Thomas Lobban, has warned non-tax paying crypto traders that they now face possible jail time if the South African Revenue Services (SARS) decides to lay tax offense charges against them. He adds that this threat of jail time similarly applies to South African crypto traders that use offshore exchange platforms to trade or store their crypto assets. Lack of Guidance Blamed Lobban’s warning follows reports earlier in the year which suggested that changes to South African tax laws may have made it “easier for SARS to secure criminal convictions for....
Existing Binance users will be unable to withdraw more than 0.06 BTC per day without completing full KYC verification, effective in August. Binance, the world’s biggest cryptocurrency exchange by trading volumes, continues its efforts to maintain dialogue with global regulators by introducing withdrawal limits and a new tax reporting system.The company officially announced Tuesday a major update to its Know Your Customer policies, significantly reducing maximum withdrawal amounts for users who have not completed full identity verification.Effective immediately for new Binance accounts,....
Added comment from Yacuna regarding changes to deposit and withdrawal limits for unverified customers. UK-based cryptocurrency exchange Yacuna has waived all trading and withdrawal fees in a bid to boost the ecosystem, the firm says. In a statement on the move, Yacuna CEO Andrei Martchouk said: 'We want to support blockchain technologies until they dominate the market and do not wish to leech on our customers in the current environment.' The only fees now in place are those that apply for speedier methods of fiat bank deposits, details of which can be found here. Deposit and withdrawal....
A South African cryptocurrency exchange, Ice3x, announced on April 6, that it will permanently stop operations, less than a month after suspending bitcoin and litecoin withdrawals. Ice3x, which one of the oldest crypto exchange in that country, says it came to this decision after lawyers advised the firm to start liquidation proceedings. ‘Extreme Pressure’ In a statement sent to clients on April 6, the exchange claims it “processed the withdrawals which have already been submitted” and therefore, “all withdrawals from the platform have been disabled.”....