Binance updates crypto transfer rules in South Africa
Binance updates deposit and withdrawal rules for South African users
Binance, the world’s largest cryptocurrency exchange, has announced upcoming changes to its crypto deposit and withdrawal procedures for users in South Africa. These measures aim to align the company’s operations with local regulatory requirements.
According to information published on Binance’s official website, starting April 30, 2025, South African users will be required to provide additional information about the sender and recipient when transferring digital assets to and from their Binance accounts.
This move is part of Binance’s broader effort to ensure full legal transparency and compliance with financial regulations in countries where it operates. In an official statement, the company noted that users may be required to reauthenticate their accounts beginning April 24, 2025, to accommodate the upcoming changes.
New requirements for deposits and withdrawals
The updated procedures apply solely to crypto deposits and withdrawals and will not impact trading or staking functionalities. When receiving crypto on a Binance account, users will need to provide information about the sender. Conversely, when withdrawing funds, they will be required to enter beneficiary details.
Specifically, the required information includes:
- Full name of the sender or recipient
- Country of residence
- Name of the cryptocurrency exchange (if the transfer is between trading platforms)
If a user is transferring assets to themselves on another exchange, only the name of that platform is required.
Mandatory pop-up prompts
Binance will integrate pop-up windows within the user interface to prompt for the necessary information before completing a transaction. This will enable additional verification, especially for transactions involving self-hosted wallets or other exchanges.
Consequences for incomplete data
The company warns that failure to provide accurate and complete information may result in transaction delays or cancellations. In some instances, the funds may be returned to the sender.
Commitment to regulatory compliance
Binance emphasized that users who do not perform crypto transfers are not required to take any action. The company also encourages users to review its privacy policy for details on how personal data is handled.
This update reinforces Binance’s commitment to compliance as global crypto regulations continue to tighten. The company has pledged to maintain a secure and user-friendly experience for its South African customers.
Notably, Binance recently expanded its fiat gateway, allowing users to purchase crypto via Apple Pay and Google Pay—made possible through a partnership with global payments provider Worldpay.
