- 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: South Africa Ramps Up Crypto Tax Enforcement, Audits to Follow
Binance is prompting re-logins from Apr 24 for a secure system rollout. Importantly, core services like spot trading, P2P transactions, and fiat access remain unaffected for now. This South Africa move is part of Binance’s wider global effort to rebuild regulatory trust after significant legal challenges.
Compliance Push Follows Past Controversies
Background includes intense global scrutiny Binance faced over accusations of money laundering and fraud. Its image suffered further after ex-CEO Changpeng Zhao (CZ) pleaded guilty to US anti-money laundering violations, leading to Binance paying ~$4.3 billion in US fines.
Related: Binance Founder Cites Amazon’s Rise as Crypto Faces Cleansing of 99.9% of Useless Tokens
For everyday South African users, this means added steps but aids regulatory transparency goals. For Binance, it’s clearly a calculated effort to maintain market presence by proactively meeting compliance demands, aiming to avoid further legal trouble.
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