Binance Enhances Compliance Measures for South African Users
Binance, one of the world’s leading cryptocurrency exchanges, has announced new compliance measures for its users in South Africa, set to take effect on April 30. These changes are aimed at ensuring the safety and security of transactions on the platform.
As per the statement released on April 23, all South African users of Binance will now be required to provide detailed information about the sender and receiver of any crypto transfer made on the platform. This includes entering the recipient’s full name, country of residence, and, if applicable, the name of their crypto exchange when initiating withdrawals.
Additionally, users will need to verify the sender’s details for incoming deposits. This process involves checking the deposit page for any pending transactions and providing the sender’s full name, country, and exchange of origin if relevant. Failure to provide accurate information may result in the transaction being blocked or returned to the original sender.
Binance has stated that these updates are in line with South African regulatory expectations and are designed to ensure uninterrupted service within the region. This move is part of the exchange’s broader effort to strengthen regulatory compliance across its global operations.
In a similar vein, Binance recently launched a re-verification process in India to enhance user identification and comply with national anti-money laundering (AML) standards. This new KYC process applies to both existing and new users, requiring them to submit official documents, including their Permanent Account Number (PAN).
According to Binance, these measures are essential to align with Indian AML laws and are applicable to all exchanges operating in the country. The exchange’s actions in India come following regulatory scrutiny in 2024, when the Financial Intelligence Unit (FIU) imposed a $2.2 million penalty on Binance for AML violations and removed the Binance app from the Apple App Store.
Since then, Binance has taken steps to register with the FIU and ensure compliance with legal requirements in India. By implementing these compliance measures in South Africa and India, Binance aims to uphold the highest standards of security and regulatory compliance for its users worldwide.