In a move aimed at aligning with South Africa’s tightening crypto regulations, Binance has announced that it will soon require more detailed sender and receiver information for all crypto deposits and withdrawals on its platform.
Starting April 30, users in South Africa will be prompted to provide specific details before completing any crypto transfer. For deposits, Binance will now request the sender’s full name, country of residence, and, where applicable, the name of the crypto exchange that initiated the transaction. Withdrawals will similarly demand beneficiary details before they are processed.
The exchange clarified that these new measures will not affect other services such as trading, staking, or platform navigation. However, failure to comply with the new requirements could lead to transaction delays or funds being returned to the sender.
To prepare for the rollout, Binance users in the country will be required to re-login to their accounts starting April 24.
This latest move comes as South African authorities ramp up efforts to bring the crypto sector under greater scrutiny. On April 2, Bloomberg reported that the South African Revenue Service (SARS) has mandated registration for all individuals and businesses involved in crypto transactions, warning that non-compliance is now deemed illegal.
In March, the Financial Sector Conduct Authority (FSCA) issued public advisories against two unlicensed crypto firms, Afriinvest and Mutualwealth, for making deceptive investment offers promising daily returns of up to 10,000 rand (approximately $542).
According to Statista, South Africa’s crypto market is expected to generate $278 million in revenue by 2025, with projections estimating growth to $332.9 million by 2028 at a compound annual growth rate of 7.86%. Meanwhile, the FSCA has already approved licenses for 59 crypto platforms, with more than 260 applications still under review.
Previously the subject of intense regulatory scrutiny, Binance has since repositioned itself as a key advisor to nations exploring cryptocurrency strategies. The exchange had begun working with governments and sovereign wealth funds, offering guidance on building national Bitcoin reserves and crafting digital asset regulations.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
