Binance introduces stricter compliance measures for South African users
Binance is implementing new compliance measures for users in South Africa, effective April 30.
According to an April 23 statement, the changes will require all its South African users to provide detailed information about the sender and receiver of any crypto transfer on the platform.
The firm added that users initiating withdrawals must enter the recipients full name, country of residence, and, if applicable, the name of their crypto exchange.
Binance users must verify the senders details for incoming deposits. This process involves checking the deposit page for any pending transactions, after which a prompt will request the senders full name, country, and exchange of origin if relevant.
The exchange stated that a failure to provide accurate information may result in the transaction being blocked or returned to the original sender.
Binance said the update is part of its effort to align more closely with South African regulatory expectations and ensure uninterrupted service within the region.
Binances global compliance efforts
The move in South Africa is part of Binances broader effort to reinforce regulatory compliance across its global operations.
Last week, the exchange launched a re-verification process in India to strengthen user identification and meet national anti-money laundering (AML) standards.
The new KYC process in India applies to both current and new users. It requires them to submit official documents, including their Permanent Account Number (PAN).
According to the exchange:
This is as per the Indian anti-money laundering (AML) laws and these requirements equally apply to all exchanges in India.
This comes in response to regulatory actions against Binance in 2024, when Indias Financial Intelligence Unit (FIU) issued a $2.2 million penalty for AML violations and ordered the Binance app removed from the Apple App Store.
Since then, Binance has registered with the FIU and resumed efforts to bring its operations in India back in line with legal requirements.
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