Binance Introduces New Rules for South African Traders
Date: 2025-04-24 Author: Gabriel Deangelo Categories: BUSINESS
The largest cryptocurrency exchange Binance has announced that it has tightened its rules for users from South Africa. From now on, when making deposits, South African traders will be required to provide full details of the sender. In particular, it will be necessary to indicate the name, country of residence, and, if necessary, the platform from which the funds were sent.
As for the withdrawal of assets, requirements have also been added here: to complete the transaction, information about the recipient, including their name, will be required. However, in the context of trading and using other Binance functions, additional verification will not be required.
Representatives of the platform emphasized that failure to comply with the new rules may result in a delay in processing transactions. In some cases, funds may be returned to the sender if the required data is not provided.
The company explained that the changes were a consequence of tightening regulatory requirements from South African regulators. Authorities have tightened their grip on the cryptocurrency sector, which has been growing rapidly in the region in recent times.
In particular, the South African Revenue Service (SARS) has previously reminded private investors, cryptocurrency exchanges, and other market participants of the need to strictly comply with tax laws. Violations can lead to serious consequences, including fines and other sanctions.
In addition, in March, the Financial Sector Conduct Authority (FSCA) released information about two companies - Afriinvest and Mutualwealth, which were operating in South Africa without a proper license. Both projects were accused of illegally raising funds and misleading customers with promises of daily profits of up to 10,000 South African rand, which is approximately $542.
Regulators have also expressed concern about the growing popularity of decentralized finance (DeFi) projects. The FSCA specifically highlighted threats such as market manipulation, smart contract hacks, and user fraud. The authorities have called on citizens to be careful when choosing crypto assets and to carefully check the legality of the platforms they are going to invest on.
Binance is therefore adapting its procedures to meet the requirements of local authorities in order to maintain legal activity in the country and protect users.
