Binance Implements Stricter Compliance Rules for South African Users Starting April 30

Binance will implement stricter compliance rules for South African users starting April 30. Users must provide sender or receiver details for crypto deposits and withdrawals to align with local regulations.

Depositing Crypto

Users must enter sender's details before depositing cryptocurrency.
Required information includes the sender's full name, country of residence, and exchange name if applicable.
A confirmation prompt will verify if the funds are from the user or another source.

Withdrawing Crypto

Beneficiary details are required before crypto can be withdrawn.
Users must provide the beneficiary's full name, country of residence, and exchange name if sending to another exchange.
A confirmation page will ask if the funds are going to themselves or someone else.

Non-compliance Consequences

Transactions may face delays or cancellations if guidelines are not followed.
Canceled transactions may result in returned crypto assets to the sender.
No action is needed for users who do not initiate transfers.

Additionally, Binance is assisting countries in managing Bitcoin reserves and shaping crypto policies, as mentioned by CEO Richard Teng. Binance also partnered with Worldpay to allow crypto purchases via Apple Pay and Google Pay through its platform.