South African users will now need to provide the sender’s full name, country of residence, and, where applicable, the originating exchange name for deposits. Withdrawal transactions will also require recipient details before they are processed.

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The update will apply only to crypto transfers, leaving trading and other features unaffected.

Missing Information Could Delay or Reverse Transactions

Binance warned that missing transfer details could result in delays or reversal of funds. Starting April 24, users will be required to log in again to continue using their accounts.

This change reflects South Africa’s broader efforts to improve oversight of its fast-growing crypto market. Earlier this month, SARS (South African Revenue Service) mandated that individuals and entities involved in crypto register with the authority, stating that non-compliance is now illegal.

In March, the Financial Sector Conduct Authority (FSCA) issued warnings against two unlicensed firms, Afriinvest and Mutualwealth, for luring investors with unrealistic returns of up to 10,000 rand ($542) per day.

According to Statista, South Africa’s crypto market is expected to generate $278 million in revenue by 2025 and grow at a CAGR of 7.86%, reaching $332.9 million by 2028. In March 2024, FSCA approved licenses for 59 crypto platforms, with over 260 applications still under review.

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