Binance South Africa Enforces New ID Requirements for Crypto Transfers

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In a move aligned with growing regulatory scrutiny in South Africa (SA), the global cryptocurrency exchange Binance has announced a significant update to its transaction policies. From April 30, users must provide full sender and beneficiary details for all deposits and withdrawals involving cryptocurrency. These changes respond to the country’s tightening oversight of digital assets.

Also read: Luno Calls for Bitcoin to Be Classified as an Onshore Asset in SA

For deposits, users will need to input the sender’s full name, country of residence, and, if applicable, the name of the originating crypto exchange. Withdrawals will similarly require complete beneficiary information. Binance has cautioned that failure to supply these details could result in delayed transactions or the return of funds to the sender.

Binance to require information for all crypto transfers in South Africa (Source: Binance)

To prepare for the update, all Binance South Africa users will be required to re-login to their accounts starting April 24. It’s important to note that these new requirements apply strictly to deposits and withdrawals; trading, staking, and futures on Binance remain unaffected.

Why the Shift?

The update comes amid mounting efforts by local authorities to regulate the crypto sector. On April 2, the South African Revenue Service (SARS) emphasized that individuals and platforms involved in crypto transactions must register, with non-compliance now deemed illegal.

Also read: SA Embraces Digital Transformation: A Leap Towards Financial Inclusion and Economic Growth

Meanwhile, in March 2024, the Financial Sector Conduct Authority (FSCA) issued public warnings against unlicensed firms such as Afriinvest and Mutualwealth for promoting unrealistic investment returns—up to 10,000 rand (approximately $542) per day.

These developments reflect a maturing crypto landscape in South Africa. The FSCA recently approved 59 new crypto platform licenses, while over 260 applications remain under review.

South Africa: A Rising Crypto Hub

SA is increasingly viewed as one of the most promising digital asset markets in Africa. According to Statista, the country’s crypto revenue is expected to grow from $278 million in 2025 to $332.9 million by 2028, representing a compound annual growth rate (CAGR) of 7.86%.

Revenue in South Africa’s crypto market is expected to grow by 7.86% by 2028 (Source: Statista)

Experts credit South Africa’s strong regulatory framework and business-friendly environment as driving factors. Ben Caselin, Chief Marketing Officer of Johannesburg-based crypto exchange VALR, remarked, “South Africa is uniquely positioned to lead the charge in crypto innovation and adoption across Africa.”

Also read: South Africa Issues Crypto Licenses: Luno and Zignaly Lead the Way

Binance’s latest compliance step is part of a broader trend: global exchanges must now adapt to local regulations in emerging markets. For South African users, it marks a shift toward a more secure and transparent crypto ecosystem.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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