Binance, the world’s leading cryptocurrency exchange,on April 23 announced the latest updates to its crypto transfer protocols for its customers in South Africa.
From April 30, 2025, Binance customers in South Africa will face new requirements when depositing and withdrawing digital assets from their accounts. According to Binance’s official communication, these changes will require users to provide additional information regarding the cryptocurrency’s sender and recipient.
New requirement for transactions
On the requirement, users initiating crypto deposits must disclose the sender’s full name and country of residence. Also, if the deposit originates from another cryptocurrency exchange, the name of that platform must be provided. Similarly, when South African users withdraw cryptocurrencies, they must furnish the beneficiary’s full name and country of residence.
If the withdrawal is directed to another exchange, its name will also be mandatory. Notably, if a user transfers assets between their accounts on different exchanges, only the name of the receiving platform is required.
To facilitate the collection of this essential data, Binance will implement mandatory pop-up prompts within its user interface. These prompts will appear before users can finalise their deposit or withdrawal transactions, which will ensure the necessary details are captured.
The company has explicitly warned that failure to provide accurate and complete information could lead to transaction delays or even cancellations, with the possibility of funds being returned to the sender.
Broader regulatory alignment in South Africa
This move by Binance comes amidst increasing regulatory oversight of the cryptocurrency sector in South Africa. Just recently, the South African Revenue Service (SARS) issued a directive urging all individuals and entities involved in crypto transactions to register with the authorities, underscoring the growing emphasis on legal compliance within the digital asset space.
Earlier in the year, the Financial Sector Conduct Authority (FSCA) of South Africa also issued public warnings against unlicensed crypto firms, noting the regulatory focus on protecting investors.
Binance’s proactive implementation of these stricter transfer rules for its South African user base underscores its commitment to operating within the legal frameworks of the jurisdictions it serves. The exchange clarified that these updated procedures affect only cryptocurrency deposits and withdrawals and will not impact other functionalities such as trading or staking.