In rsync the “bwlimit” parameter is explicitly ignored, how to fix this

I have rsyncd version 3.1.2 listening on port 873 and I want to limit the bandwidth with which my files are downloaded by a client connecting to me. I added a bwlimit both in the config file:

uid = nobody
gid = nogroup

[data]
path = /var/data/files/
comment = Repo
read only = yes
bwlimit = 10

and tried it on the daemon config file

[Unit]
Description=fast remote file copy program daemon
ConditionPathExists=/etc/rsyncd.conf

[Service]
ExecStart=/usr/bin/rsync --daemon --no-detach --bwlimit=10

[Install]
WantedBy=multi-user.target

In either case when my client connects with rsync to download the file, the parameter gets ignored per logs:

Dec 29 08:27:12 pubserver systemd[1]: Started fast remote file copy program daemon.
Dec 29 08:27:12 pubserver rsyncd[32533]: rsyncd version 3.1.2 starting, listening on port 873
Dec 29 08:29:42 pubserver rsyncd[1534]: Unknown Parameter encountered: "bwlimit"
Dec 29 08:29:42 pubserver rsyncd[1534]: IGNORING unknown parameter "bwlimit"
Dec 29 08:29:42 pubserver rsyncd[1534]: connect from workspace (10.155.120.1)
Dec 29 08:29:42 pubserver rsyncd[1534]: rsync on repo/ from workspace (10.155.120.1)
Dec 29 08:29:42 pubserver rsyncd[1534]: building file list
Dec 29 08:29:44 pubserver rsyncd[1534]: sent 17567 bytes  received 72 bytes  total size 16787953

Is there a way to make this limit work? Alternatively, how to slow down/throttle rsync connections if bwlimit is no longer supported?