Binance Tightens Crypto Transfer Rules for South African Users

Binance, the global crypto exchange leader, has introduced new measures of regulatory compliance that will be implemented for all cryptocurrency transactions involving South African users from April 30, 2025. The action follows growing local pressure for regulation and is intended to enhance AML transparency in digital asset transfers.

New Deposit and Withdrawal Requirements

Starting April 30, South African users will be asked to include more information for deposits and withdrawals. Major points of the new policy are:

• Incoming Transfers: Recipients of crypto will need to give sender information, including full name and source.
• Outgoing Transfers: Withdrawers of crypto will need to give recipient (beneficiary) information, including:
• Full name
• Country of residence
• Receiving exchange name (if applicable)

For cross-user account transfers between exchanges, only the receiving platform's name needs to be provided.

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User Interface Changes and Verification

These updates will be directly incorporated into Binance's platform through pop-up notifications for crypto transactions. These notifications will guarantee that users input the necessary information before any crypto transfer takes place.

Furthermore, from April 24, South African users are required to re-log in to confirm their identity as part of the platform's changing compliance protocol.

Part of Binance's Global Compliance Push

This news comes after Binance's larger push for stronger regulatory compliance globally. In India, for instance, Binance recently introduced mandatory re-verification of identity for all users according to local AML regulations.

Although the steps have not been announced for other regions, Binance has stressed that the new regulations apply only to crypto transfers and do not affect other services on the platform.