Key Takeaways
- Starting April 30, 2025, South African users transferring cryptocurrencies into or out of their Binance accounts will need to provide detailed information about both the sender and the recipient.
- Binance noted that failing to provide accurate or complete information could result in processing delays or cancellations.
Leading crypto exchange, Binance to introduce new identity verification steps for users in South Africa, in a move aimed at aligning with the country’s growing regulatory framework for digital assets.
Starting April 30, 2025, South African users transferring cryptocurrencies into or out of their Binance accounts will need to provide detailed information about both the sender and the recipient.
This includes full names, countries of residence, and the name of the cryptocurrency exchange involved—if the transaction is between trading platforms. For transfers between a user’s own accounts on different platforms, only the name of the receiving platform must be disclosed.
The updated requirements are part of Binance’s response to local regulatory expectations and will apply solely to deposits and withdrawals. Trading, staking, and other core platform functions will remain unaffected. According to Binance, the changes are designed to support legal compliance and enhance transparency in a market where authorities have ramped up scrutiny of the crypto sector.
The exchange has announced that from April 24, users in South Africa may be required to log in again to their accounts to prepare for the implementation of these measures. New pop-up prompts will be introduced into the platform’s interface, guiding users to enter the required data before any crypto transfer is processed.
Binance noted that failing to provide accurate or complete information could result in processing delays or cancellations. In certain cases, assets may even be returned to the original sender. “This is part of our broader commitment to compliance as regulatory standards evolve around the world,” the company said.
The rollout comes as South Africa intensifies efforts to oversee the crypto sector more closely. Earlier this month, the South African Revenue Service (SARS) directed individuals, intermediaries, and exchanges involved in digital asset transactions to register with the authority, warning that non-compliance would now be considered a legal offense.
The Financial Sector Conduct Authority (FSCA) has also taken recent enforcement actions. In March, it issued warnings against two firms—Afriinvest and Mutualwealth—for allegedly operating without licenses and offering exaggerated returns to investors. These moves signal a broader regulatory shift aimed at safeguarding consumers and ensuring market integrity.
In 2024, the FSCA approved licenses for 59 crypto firms, with more than 260 applications still under review. Projections suggest that South Africa’s crypto market could generate nearly $278 million in revenue by 2025, with a projected annual growth rate nearing 8%, according to market research firm Statista.
While the upcoming compliance measures may introduce extra steps for users, Binance has reaffirmed its commitment to maintaining a secure and user-friendly experience. Those who do not engage in transfers are not required to take any action. The company also recommends reviewing its updated privacy policy to understand how personal data will be used under the new rules.
The announcement follows Binance’s expansion of fiat payment options through Apple Pay and Google Pay, in collaboration with global payments provider Worldpay—a move designed to further integrate the platform into everyday financial systems and increase accessibility across key markets like South Africa.
