TLDR
- Binance now requires full sender and receiver info for crypto transfers in South Africa.
- New rules mean incomplete transfer info may delay or block your transaction.
- Only deposits and withdrawals are affected, not trading.
- South African users must re-login from April 24 to continue using Binance.
- Binance is following South Africa’s new crypto compliance rules starting April 30.
Binance has announced the implementation of new compliance measures for users in South Africa, beginning April 30, 2025. The changes are in direct response to local regulatory requirements aimed at strengthening the oversight of crypto transactions.
Binance to strengthen compliance rules for crypto transfers in South Africa@binance will implement new compliance measures for South African users starting April 30, requiring detailed sender and recipient information for all cryptocurrency deposits and withdrawals,…
— CoinNess Global (@CoinnessGL) April 23, 2025
Under the new rules, all crypto deposits and withdrawals will require detailed sender and receiver information. For incoming transactions, users must provide the sender’s full name, country of residence, and the name of the originating exchange, where applicable. Similarly, outgoing transactions will require the full name and details of the beneficiary.
These measures apply only to deposits and withdrawals. Binance confirmed that trading and other platform services will remain unaffected by the compliance update. To facilitate the changes, South African users will be required to re-login to their accounts starting April 24.
Failure to Provide Details May Delay Transactions
Binance cautioned that incomplete information could lead to delayed transactions or the reversal of funds to the sender. A pop-up prompt will request the necessary details during the transaction process. Any missing data may result in non-execution of the transaction.
The compliance update is part of broader efforts by South African regulators to bring clarity and control to the country’s fast-growing crypto market. These steps follow warnings from the Financial Sector Conduct Authority (FSCA) and directives from the South African Revenue Service (SARS), both of which are urging exchanges and users to comply with registration and reporting requirements.
South Africa Expands Regulatory Oversight
South Africa’s approach to crypto regulation has intensified in recent months. In March 2025, the FSCA issued warnings against two unauthorized crypto firms, Afriinvest and Mutualwealth, for operating without licenses and offering high-return schemes. Additionally, SARS mandated the registration of all individuals and businesses involved in digital assets starting April 2025.
In parallel, the FSCA granted licenses to 59 crypto service providers, with over 260 applications still under review. These actions highlight the government’s commitment to building a regulated crypto ecosystem.
The country’s crypto market is forecast to generate $278 million in revenue by the end of 2025, with projections indicating steady growth through 2028. Binance’s compliance measures align with this evolving regulatory environment, ensuring continued operations within South Africa’s legal framework.
