Binance is introducing new compliance measures for its South African users, requiring sender and recipient details for all cryptocurrency deposits and withdrawals.
Announced on April 23, this change is in response to local regulatory requirements.
As of April 30, South African Binance users will have to provide additional information for cryptocurrency transfers.
For deposits, users will need to include the sender's full name, country of residence and originating exchange, if applicable. Withdrawals will require beneficiary details before being processed.
These changes will only affect cryptocurrency deposits and withdrawals, while transactions and other platform functions will remain unchanged.