Dear Binance members,

In compliance with the recommendations set out in the “FATF Standards on Virtual Assets and Virtual Asset Providers” and the corresponding solution provided by the Global Travel Rule (referred to as (Herein referred to as “GTR”), Binance Bahrain (“Binance Bahrain B.S.C. (c)” or the “Company”) will implement the following measures to ensure compliance with regulations. Central Bank of Bahrain regarding the rule for wire transfers. 

Effective date of wire transfers

June 30, 2024 

Relevant clients 

All corporate and individual clients who have opened accounts on the Binance Bahrain platform.

When receiving and sending digital assets 

When users send or receive digital assets to and from an external wallet, Binance Bahrain will check whether the required GTR information has been received via GTR. If the requested Global Travel Base information is not received, Users will then be required to provide relevant information, for example, sender/recipient information for the relevant transaction directly to the Binance platform. Please note that if the required wire transfer rule information is not provided, users may be restricted or denied access to the digital currencies sent/received.

​​Important notes:

  • Depositing and withdrawing digital assets may take several business days (excluding Fridays, Saturdays and public holidays).

  • Transferring cryptocurrencies to certain jurisdictions is prohibited, such as Iran, North Korea, or other regions with a high risk of money laundering. Deposits or withdrawals of digital currencies that violate Binance Terms of Use and other terms are subject to restrictions or other measures on user accounts.

What is the wire transfer rule?

Simply put, the “Wire Transfer Rule” refers to Recommendation 16 of the Financial Action Task Force (FATF). This Recommendation requires financial institutions, including digital asset service providers, that facilitate the transfer of digital currencies on behalf of their users, to provide certain information about the sender and recipient to the recipient's digital asset service provider. Implementing this recommendation will improve Binance's efforts to combat financial crime and ensure that our system mitigates the risks associated with interacting with those with bad intentions.

Purpose of the wire transfer rule 

The purpose of the Wire Transfer Rule is to prevent ill-intentioned people and other criminals from freely using financial services and to enable any unauthorized use of such services to be traced. 

Do you have any questions? 

If you have any questions about any of the above information, Binance Bahrain Support is available 24/7.

To start a conversation with any of the customer support agents on Binance Bahrain, select Unresolved > Contact Customer Service. Similarly, refer to How to use Binance Support or Binance Bahrain website for more information.

thanks for your support!

Binance Team

2024-06-27

Note: This announcement was last updated on 06-30-2024 to clarify the Global Travel Rule and on 06-28-2024 to change the word “rule to rules” and to add further clarifications about instant electronic funds transfer systems.