Starting April 30, Binance will introduce new compliance protocols for all users in South Africa, according to an official statement released on April 23.
The changes aim to strengthen adherence to regional regulations and ensure continued service availability. Under the new rules, South African users must now provide full details about both the sender and recipient of any crypto transfer.
For withdrawals, users will be required to enter the recipient’s full name, country of residence, and, if applicable, the exchange platform receiving the funds.
For incoming deposits, users must verify the sender’s information via a prompt on the deposit page, including the sender’s name, country, and origin exchange.
Binance warned that failure to provide accurate or complete information may result in transactions being blocked or returned to the original sender.
The exchange stated that the update reflects its commitment to aligning with South Africa’s evolving regulatory landscape and ensuring uninterrupted crypto services for local users.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/binance-enforces-stricter-compliance-measures-for-south-african-users/