Binance Tightens Crypto Rules for South African Users from April 30
Binance, the world's leading cryptocurrency exchange, is set to introduce stricter regulations for its South African users from April 30, 2025. The changes aim to comply with the guidelines set by the South African Financial Sector Conduct Authority (FSCA).
To facilitate crypto transactions, users will need to provide detailed sender and beneficiary information. For deposits, users must submit specific verification details, including the sender's full name and country of residence. Similarly, for withdrawals, users must provide full beneficiary confirmation details, including the full name and country of residence of the recipient.
These measures are part of Binance's global effort to ensure regulatory compliance. The exchange has previously made significant strides in this regard, notably in India. It is important to note that these changes only apply to crypto transactions, and other activities will continue as usual.
To enable these updates, users must log out and re-enter the Binance app. Failure to meet the outlined requirements may result in transaction difficulties or cancellation. Binance is committed to working with the FSCA to ensure a secure and compliant environment for its South African users.
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