Binance implements new compliance measures for users in South Africa, with effect from 30 April.
According to a statement of 23 April, the changes will require that all its South African users provide detailed information about the sender and recipient of any crypto transfer on the platform.
The company added that users who initiate recordings must enter the full name of the recipient, Land of Stay and, if applicable, the name of their crypto exchange.
Binance users must verify the data from the sender for incoming deposits. This process includes checking the deposit page on pending transactions, after which a prompt promptly applies for the full name, the country and the exchange of origin of the sender if relevant.
The exchange stated that a non -proof of accurate information can lead to the transaction being blocked or returned to the original sender.
Binance said that the update is part of its efforts to adjust more closely to the South African legal expectations and to guarantee uninterrupted service in the region.
Binance’s global compliance efforts
The move in South Africa is part of Binance’s broader effort to strengthen compliance with regulations in its worldwide activities.
Last week the exchange launched a re -verification process in India to strengthen the identification of users and to meet the National Anti -Money Launking (AML) standards.
The new KYC process in India applies to both current and new users. It requires that they submit official documents, including their permanent account number (PAN).
According to the exchange:
“This is, according to the Indian Anti -Money Launking (AML) laws and these requirements also apply to all trade fairs in India.”
This is in response to statutory actions against Binance in 2024, when the Indian Financial Intelligence Unit (FIU) released a fine of $ 2.2 million for AML violations and ordered the Binance app from the Apple App Store.
Since then, Binance has registered with the FIU and has resumed the efforts to reduce its activities in India in accordance with the legal requirements.