Binance tightens South African compliance rules for crypto transfers
Binance will implement new compliance measures for South African users, requiring sender and receiver information for all crypto deposits and withdrawals starting April 30. Users must provide the sender's full name, country of residence, and, if applicable, the originating exchange for deposits, while withdrawals will require beneficiary details. Missing information may lead to delayed transactions or fund returns. Users must re-login to their accounts beginning April 24. This change aligns with South Africa's regulatory push for greater oversight in the crypto sector, including a recent call from the Revenue Service for registration of crypto entities. The South African crypto market is projected to generate $278 million in revenue by 2025, with a CAGR of 7.86% expected to reach $332.9 million by 2028. The FSCA approved 59 crypto platform licenses in March 2024, with over 260 applications still under review.
