Binance Tightens Crypto Rules for South Africans with New Sender and Beneficiary Verification Requirements

Leading global cryptocurrency exchange Binance has announced the introduction of stricter compliance measures for its South African users. Starting from April 30, 2025, customers will be required to submit additional sender and beneficiary information when conducting crypto deposits and withdrawals, as part of efforts to align with South Africa’s evolving regulatory landscape.

New KYC Measures for Deposits and Withdrawals

In a recent statement, Binance revealed that crypto receivers in South Africa must now provide the sender’s information before assets can be deposited. Similarly, when withdrawing cryptocurrencies, users must input full beneficiary details to complete their transactions.

“In adherence to local regulatory requirements, Binance will gradually introduce changes to crypto withdrawal and deposit procedures for South African users to make sure we continue operating in full compliance with the local requirements,” the exchange stated.

To enable the new measures, users must log out and re-enter the Binance app within the specified window, ensuring that the updated verification systems take effect.

How the New Process Works for Binance Users in South Africa

• Deposits:
  Before receiving assets, customers must submit verification details through a mandatory pop-up window. Required information includes:
  • Sender’s full name
  • Country of residence
  • Name of the platform (if applicable)
• Withdrawals:
  Before initiating a transfer, users must input:
  • Beneficiary’s full name
  • Country of residence
  • Name of the receiving platform (if sending assets to another exchange)

Binance clarified that for personal transfers to another platform, customers only need to provide the name of the receiving crypto exchange.

Failure to complete these mandatory fields may result in transaction cancellation and funds being reversed to the sender, Binance warned. However, the platform confirmed that the new policies apply solely to crypto transfers, with other activities on the exchange proceeding as usual.

Strengthening Global Compliance Amid Growing Scrutiny

This move marks Binance’s continued push to bolster its global compliance standing. The platform emphasized that the new procedures are essential to maintain operations within South Africa, a country stepping up oversight of digital asset activities.

While Binance has not yet indicated whether similar measures will be rolled out in other countries, the exchange’s broader compliance efforts suggest a global trend. For example, Binance recently mandated that Indian users re-submit identification documents to comply with the nation’s stricter anti-money laundering (AML) laws.

New Product Launches and Features Enhance Binance’s Ecosystem

Alongside regulatory enhancements, Binance is expanding its feature set globally. Recent initiatives include:

• Alpha Points: A new loyalty rewards system aimed at boosting user engagement and retention.
• Worldpay Integration: Facilitating smoother fiat-to-crypto payments and enhancing the on-ramp experience for users worldwide.

These developments underscore Binance’s dual focus: reinforcing regulatory compliance while continuously improving the platform experience for its global customer base.

What This Means for South African Crypto Investors

South Africa remains one of Africa’s largest and most dynamic crypto markets. As regulatory oversight intensifies, platforms like Binance are adapting swiftly to comply, ensuring both user protection and operational continuity.

For South African Binance users, it’s essential to familiarize themselves with these new verification processes to avoid disruptions in transactions and ensure seamless trading experiences.