REGULATION | Binance Tightens Crypto Rules for South Africans with New Transfer Requirements

The exchange clarified that customers who fail to meet the outlined requirements may experience difficulties in conducting transactions to possible cancellation of transfers.

CryptoGuru··3 min read

Crypto exchange Binance is set to implement stricter regulations for its South African user base, which will require the submission of details before conducting cryptocurrency transactions. 

In a recent statement, the world’s leading crypto platform announced that starting April 30 2025, crypto receivers in South Africa will need to tender the sender’s information. In tandem, customers must enter beneficiary details to withdraw their assets. The exchange explained that the recent regulatory reform is in line with the country’s regulations. 

 

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 with the local requirements.”


To enable the update, users must log out and re-enter the Binance app within the specified period. 

South African customers will submit specific user verification information to allow for asset deposit, according to Binance’s statement. A mandatory pop-up window will collect the required sender details before the deposit is approved.

Furthermore, users must verify the asset source by entering the sender’s name, country of residence, and the name of the destination platform if necessary. Similar to the previous process, a pop-up prompt will appear to verify whether the funds are from the sender or the customer.


For withdrawals, Binance users must provide beneficiary confirmation details before the asset can be transferred to the desired destination. Confirmation of the transaction will be preceded by a pop-up window asking for the destination of the funds. 

During the withdrawal, users are required to update the exchange with the beneficiary’s full name and country of residence. If necessary, the customer needs to provide the name of the cryptocurrency platform. 

 

For personal transfers to another platform, Binance explained:

“If you are sending assets to yourself on another exchange, you will only need to provide the name of the receiving crypto exchange.”

 

The exchange clarified that customers who fail to meet the outlined requirements may experience difficulties in conducting transactions to possible cancellation of transfers. In a case of cancellation, the assets may be reversed to the sender. Furthermore, the platform noted that the recent measures only apply to crypto transactions. As such, other activities will continue as usual.

Binance did not disclose if these new adjustments will be implemented in other jurisdictions. However, the platform acknowledged that these enactments are necessary for continued operation in South Africa.


In the broader cryptocurrency space, Binance has made significant efforts to ensure global regulatory compliance. For instance, customers in India are required to re-submit their identification documents, in line with the country’s anti-money laundering (AML) policy.


 

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