Binance Tightens South Africa Rules, Requires Crypto Sender/Recipient Data

Binance mandates ID info for all crypto transfers in South Africa. New compliance rules take effect on April 30, 2025. Users must re-login from April 24 to trigger changes Global crypto exchange Binance is rolling out new compliance measures for its South African users starting from April 30, 2025, responding to growing regulatory pressure. Users must now disclose sender and beneficiary info for all crypto deposits/withdrawals, regardless of amount. Binance says this aligns with local rules and its global compliance push. South African users will face mandatory pop-up prompts asking for sender details (name/residence) when receiving crypto, and recipient info (like exchange name) when sending. Even transfers to a user’s own external wallets now require accompanying identifying data. Reflecting Global Pressure and Local Oversight This reflects broader global pressure on exchanges to implement stricter “travel rule” policies (tracking transaction details). South Africa’s Financial Sector Conduct Authority (FSCA) recently intensified VASP oversight, focusing on Anti-Money Laundering (AML) standards, prompting Binance’s compliance update. Related… The post Binance Tightens South Africa Rules, Requires Crypto Sender/Recipient Data appeared first on Coin Edition .

Source: Coin Edition