On April 22, Binance announced that it will begin requiring more detailed information for cryptocurrency transfers involving South African users, prompted by local regulatory obligations.
Effective April 30, these new measures will affect deposit and withdrawal processes. Users will need to log in to their accounts again starting April 24.
Binance stated that, to comply with local regulations, it will introduce changes to the withdrawal and deposit procedures for South African users.
Under the new system, recipients of crypto must provide the sender’s information, while those withdrawing must supply beneficiary details, including full name, country of residence, and the destination exchange’s name if applicable.
