Binance Tightens Crypto Transfer Rules for South African Users

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Binance is introducing new compliance measures for South African users, requiring sender and receiver information for all crypto deposits and withdrawals.

In an announcement on April 23, Binance, the largest cryptocurrency exchange by daily trading volume, stated that this step is in response to local regulatory requirements.

Starting April 30, 2025, South African users will need to provide additional information when transferring crypto. For deposits, users must include the sender’s full name, country of residence, and, if applicable, the name of the originating crypto exchange. Withdrawals will similarly require beneficiary details prior to processing.

These changes affect only crypto deposits and withdrawals, leaving trading and other platform features unchanged.