Starting April 30, Binance will enforce new rules for South African users requiring sender and receiver details for crypto transactions. Non-compliance could result in transaction delays or cancellations. Additionally, Binance has partnered with Worldpay to facilitate crypto purchases through Apple Pay and Google Pay.
Binance has implemented stricter rules for South African users, effective from April 30. These regulations mandate users to supply sender and receiver details for cryptocurrency deposits and withdrawals, ensuring compliance with local legislation. Users will be required to log in again to their accounts to comply with the new protocols.
When depositing crypto, South African users must enter the sender’s full name, country of residence, and the name of the source exchange, if applicable. A confirmation prompt will appear during the transaction to verify whether the funds are from the user or a different person.
For withdrawals, users are obliged to provide beneficiary information, including their full name, country of residence, and the exchange name if the funds are being sent to another platform. A confirmation prompt will also appear at this stage to confirm the recipient’s identity.
Failure to adhere to these guidelines may lead to transaction delays or cancellations, with assets being returned to the sender if cancelled. Users who do not initiate transfers need not take any further action. Additionally, Binance is active in assisting countries with Bitcoin reserves and shaping crypto policies.
In a separate development, Binance has partnered with Worldpay, enabling users to purchase cryptocurrencies directly via Apple Pay and Google Pay within the Binance app or website. This partnership enhances the accessibility of crypto purchases for users.
