Source: Cointelegraph Original: "{title}"
Binance will implement new compliance measures for South African users, requiring the provision of sender and receiver information for all cryptocurrency deposits and withdrawals.
In an announcement on April 23, the world's largest cryptocurrency exchange by daily trading volume stated that this move is in response to local regulatory requirements.
Starting from April 30, Binance users in South Africa will need to provide additional information when transferring cryptocurrency.
For deposits, users must disclose the sender's full name, country of residence, and the name of the cryptocurrency exchange from which the transfer is initiated (if applicable). Similarly, detailed information about the recipient must also be provided before processing withdrawals.
This update only affects cryptocurrency deposits and withdrawals and will not impact trading and other platform functionalities.
Binance warned that failure to provide the required information may result in transaction delays, and in some cases, funds will be returned to the sender.
To prepare for the implementation of the new measures, users will need to log back into their accounts starting April 24.
This change comes as South Africa strengthens its regulation of the rapidly evolving cryptocurrency industry.
On April 2, Bloomberg reported that the South African Revenue Service (SARS) is urging individuals, cryptocurrency exchanges, and related intermediaries to register with the agency, warning that failure to register would be considered illegal.
In March, the South African Financial Sector Conduct Authority (FSCA) issued a public warning against two unlicensed cryptocurrency companies, Afriinvest and Mutualwealth, accusing them of soliciting investments with unrealistic returns of up to 10,000 rand (542 USD) per day.
Ben Caselin, Chief Marketing Officer (CMO) of Johannesburg-based cryptocurrency exchange VALR, told Cointelegraph in September 2024 that emerging economies in Africa, particularly South Africa, are positioning themselves as potential digital asset hubs amid increasingly clear regulatory frameworks.
Caselin stated that South Africa's strong legal framework and favorable business environment make it an important gateway for cryptocurrency expansion on the African continent.
According to Statista, the South African cryptocurrency market is expected to generate $278 million in revenue by 2025, with a projected compound annual growth rate (CAGR) of 7.86%, reaching $332.9 million by 2028.
Regulatory momentum continues to grow, with the FSCA approving 59 cryptocurrency platform licenses in March 2024, while over 260 applications are still under review.
As of the time of publication, Cointelegraph reached out to Binance for comment but did not receive a response.
Related: Report: Cantor plans to establish a $3 billion crypto investment company in partnership with SoftBank, Bitfinex, and Tether.
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