Binance Updates KYC Rules for South African Users, Requiring Them to Provide Sender or Receiver Details

Binance has announced that, starting April 30, South African users must follow stricter compliance rules and provide sender or receiver details for crypto deposits and withdrawals.

Binance is set to introduce stricter compliance rules for South African users starting April 30, demanding the input of sender or receiver details for crypto deposits and withdrawals, according to an announcement by the crypto exchange.

The changes align with local regulations set by South African authorities, Binance said in the announcement on its website. As part of the update, users will be required to re-log into their accounts, so they should make sure to remember their login details.

Depositing Crypto into Binance

The crypto exchange announced that South African users will need to provide certain details before they can deposit cryptocurrency. Users will be prompted to enter the sender’s details before the deposit is allowed.

Binance users will need to input the crypto source, their country of residence, and the name of the exchange if it’s from one. When the transaction is pending, a confirmation will pop up asking if the funds are coming from them or someone else.

Enter sender’s details for crypto deposits. Image Credit: Binance.com

Withdrawing Crypto

With the changes, South African users will need to provide the beneficiary’s details before crypto can be released. Before sending, a page will pop up asking if the funds are going to themselves or someone else.

At the withdrawal stage, users will need to provide the beneficiary’s full name, country of residence, and the name of the crypto exchange, if applicable. For example, if sending to another exchange, only the receiving exchange’s name is required.

What Happens if User Refuses to Input Information

Binance has stated that users who don’t comply with the guidelines may experience delays or cancellations of their transactions. If canceled, the crypto assets may be returned to the sender. Users who don’t initiate transfers won’t need to take any further action.

In other news, Binance is reportedly helping countries manage their Bitcoin reserves and shape crypto policies, as noted by CEO Richard Teng in an interview with the Financial Times. This follows U.S. President Donald Trump’s continued support for cryptocurrencies, which has encouraged other governments to take similar actions.

Recently, Binance partnered with Worldpay, a global payment technology provider, enabling users to purchase crypto via Apple Pay and Google Pay directly through the Binance app or website.