Binance tightens crypto transfer rules in South Africa, enforcing user identity checks and compliance prompts starting this month.
New Binance Regulations Demand Sender and Receiver Info for South African Crypto Transfers
Crypto exchange Binance announced on April 22 that it will begin requiring more detailed information for cryptocurrency transfers involving South African users, a move prompted by local regulatory obligations. These new measures, scheduled to take effect on April 30, will impact how deposits and withdrawals are processed on the platform. As part of the rollout, users will also need to log in to their accounts again beginning April 24.
In its announcement, Binance stated:
In adherence to local regulatory requirements, Binance will gradually introduce changes to crypto withdrawal and deposit procedures for South African users to make sure we continue operating in full compliance to the local requirements.
Under the new system, users receiving crypto must provide the sender’s information, while those withdrawing funds must supply beneficiary details such as full name, country of residence, and the destination exchange’s name if applicable.
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For personal transfers between the user’s accounts across different exchanges, Binance clarified: “If you are sending assets to yourself on another exchange, you will only need to provide the name of the receiving crypto exchange.”
The updated procedures will be integrated into the user interface through mandatory pop-up prompts during the execution of deposit and withdrawal transactions. These prompts will collect the required sender or recipient data before a transfer can proceed. Binance emphasized that the adjustments are confined to crypto transfer operations and do not affect other parts of the platform. The exchange did not indicate whether similar compliance measures are planned for users in other countries, though it did stress that these steps are necessary for maintaining service continuity in South Africa.
This announcement came as Binance is intensifying its global compliance efforts. In India, for instance, the crypto exchange now requires all users to re-verify their identities to comply with the country’s anti-money laundering (AML) regulations.
Source: Bitcoin
