TechFlow news, April 23 — According to Cointelegraph, Binance will implement new compliance measures for South African users starting April 30, requiring users to provide sender and recipient details when depositing or withdrawing cryptocurrencies.
Under the announcement, South African users must provide the sender's full name, country of residence, and original exchange name (if applicable) when making deposits. Recipient information will be required for withdrawals. This update only affects cryptocurrency deposit and withdrawal activities and will not impact trading or other platform functions.
Binance stated that failure to provide the required information may result in transaction delays or fund returns. The move responds to local regulatory requirements. Recently, the South African Revenue Service (SARS) has mandated registration for individuals and institutions involved in cryptocurrency activities, with non-compliance considered illegal.
