Binance is set to implement new compliance measures for South African users, requiring sender and receiver information for all crypto deposits and withdrawals.
In an announcement on April 23, the largest exchange in terms of daily trading volume of cryptocurrencies said the move comes in response to local regulatory demands.
Starting April 30, Binance users in South Africa will be prompted to provide additional information when transferring crypto.
For deposits, users must disclose the sender’s full name, country of residence, and, if applicable, the name of the originating crypto exchange. Similarly, withdrawals will require beneficiary details before processing.
Binance to require information for all crypto transfers in South Africa. Source: Binance
The update will only impact crypto deposits and withdrawals, leaving trading and other platform features unaffected.
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