Binance announced the implementation of stricter new compliance measures for its users in South Africa, effective April 30, 2025, according to a statement released on April 23.
The changes include additional information requirements when executing transfers on the platform. Users will need to provide detailed information about the sender and recipient in each transaction, including:
Full name of the recipient
Country of Residence
Name of the cryptocurrency platform (if any)
As for deposits, users will be required to verify the sender's details through the deposit page, and enter the full name, country of origin, and transfer platform if applicable.
Binance confirmed that failure to provide accurate data may result in the cancellation of the transaction or its return to the original sender.
The platform explained that this move is part of its commitment to enhance compliance with local regulatory requirements in South Africa, ensuring uninterrupted service in the region.
Increased Global Compliance
This move is part of Binance's global campaign to tighten compliance. In India, the platform recently launched new Know Your Customer (KYC) procedures that include both existing and new users, requiring them to provide official documents, including the Permanent Account Number (PAN), in line with Anti-Money Laundering (AML) laws.
The Financial Intelligence Unit of India (FIU) had previously imposed a fine of $2.2 million on Binance earlier in 2024 for AML violations, leading to the removal of the platform's app from the Apple Store. Since then, Binance has been working to correct its legal status and resume operations in India.