Binance is mandating detailed sender and recipient information for crypto transactions in South Africa from April 30, 2025. This change aligns with local regulatory requirements and aims to enhance compliance, following recent government moves to increase oversight in the cryptocurrency space. Users will need to provide full details for deposits and withdrawals or risk delayed transactions.
Binance is strengthening its compliance protocols for users in South Africa. A recent announcement on April 23 revealed that starting April 30, 2025, all crypto transactions will require detailed sender and receiver information to adhere to local regulatory standards. This measure aims to enhance transparency in the crypto market amid rising regulatory scrutiny.
Effective from the stipulated date, deposits will necessitate disclosure of the sender’s full name, country of residence, and the original crypto exchange name if applicable. Similarly, withdrawals will need the beneficiary’s details before being processed. Importantly, these revisions will only apply to deposits and withdrawals, with trading and other platform functionalities remaining unchanged.
Binance has also cautioned users that any incomplete transfer details could cause delays or even result in the funds being returned to the sender. This necessitates that users re-log into their accounts starting April 24 to prepare for these changes. The regulatory updates come as South Africa intensifies oversight in the rapidly evolving crypto landscape.
Recently, the South African Revenue Service (SARS) has urged all individuals and entities engaged in crypto transactions to register officially. Failure to comply has been declared illegal. In addition, the Financial Sector Conduct Authority (FSCA) issued warnings against unlicensed firms soliciting investments with unrealistic promises of high returns.
South Africa is emerging as a potential crypto hub in Africa, bolstered by its robust legal framework and favourable business conditions. The South African crypto market is projected to generate $278 million in revenue by 2025, with growth expected at a compound annual growth rate (CAGR) of 7.86% through 2028, according to Statista. Increasing regulatory actions, including the FSCA’s approval of numerous crypto platform licenses, reflect this growing momentum.
Despite outreach attempts, Binance did not provide a comment by the time of publication regarding these new measures or their future plans in South Africa.
