Key Notes
- South African users must provide sender/receiver details for crypto transfers.
- New rules apply to both deposits and withdrawals from April 30.
- Non-compliant users may face delays or transaction cancellations.
Binance has announced that, starting April 30, South African users must follow stricter compliance rules and provide sender or receiver details for crypto deposits and withdrawals.
In the announcement made on its website, Binance stated that the change aligns with local regulations set by South African authorities. As part of the update, users will be required to re-log into their accounts, so they should make sure to remember their login details.
Depositing Crypto into Binance
The crypto exchange announced that South African users will need to provide certain details before they can deposit cryptocurrency. Users will be prompted to enter the sender’s details before the deposit is allowed.
Binance users will need to enter the full name of the crypto source, their country of residence, and the name of the exchange if it’s from one. When the transaction is pending, a confirmation will pop up asking if the funds are coming from them or someone else.
Withdrawing Crypto
With the changes, South African users will need to provide the beneficiary’s details before crypto can be released. Before sending, a page will pop up asking if the funds are going to themselves or someone else.
Popup asking for confirmation of where you’re sending your funds. Source: Binance.com
At the withdrawal stage, users will need to provide the beneficiary’s full name, country of residence, and the name of the crypto exchange, if applicable. For example, if sending to another exchange, only the receiving exchange’s name is required.
What Happens if User Refuses to Input Information
Binance has stated that users who don’t comply with the guidelines may experience delays or cancellations of their transactions. If canceled, the crypto assets may be returned to the sender. Users who don’t initiate transfers won’t need to take any further action.
In other news, Binance is reportedly helping countries manage their Bitcoin reserves and shape crypto policies, as noted by CEO Richard Teng in an interview with the Financial Times. This follows U.S. President Donald Trump’s continued support for cryptocurrencies, which has encouraged other governments to take similar actions.
In recent news, Binance partnered with Worldpay, a global payment technology provider, enabling users to purchase crypto via Apple Pay and Google Pay directly through the Binance app or website.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
