Binance users in South Africa now have a new channel that acts as both a fiat on and off-ramp. allowing users to deposit and withdraw funds to and from their Binance account using any local bank account.
The new service is available to any user who completes their KYC.
In order to use the on-ramp, you will have to make deposits in USD via a Swift transfer to a U.S.-based Silvergate bank account. The amount is then credited in Binance USD stablecoin (BUSD) at a ratio of 1:1.
All deposits made during the normal banking hours are reflected onto your Binance account the same day.
At the same time, users will also be able to make any amount of BUSD withdrawals from their Binance account and have the balance reflected as fiat in South African Rand (ZAR) into their local bank account.
To deposit fiat to your Binance wallet using the new funding option:
Complete the KYC on your Binance account
Navigate to ‘Buy Crypto’ dropdown menu and select USD as the currency
Select the ‘Bank Deposit – Swift Bank Transfer’ option
Select the ‘Silvergate Bank (SWIFT)’ option and input the amount to be deposited in USD
Provide and confirm the banking details
Check your fiat and spot wallet to confirm the deposit has been credited to your Binance wallet