Binance Tightens Security for South African Users with New KYC Rules
Binance, the world's largest cryptocurrency exchange, is fortifying its security protocols for South African users. Starting April 30, 2025, users will need to complete enhanced Know Your Customer (KYC) procedures and provide additional details for withdrawals and deposits to adhere to local regulations.
The new measures require users to complete full identity verification, including submitting government-issued ID documents and proof of address. Facial verification may also be necessary. Users must also enter beneficiary details for withdrawals, including the beneficiary's full name and country of residence. For deposits, crypto receivers in South Africa will need to provide sender's information.
These stricter regulations mirror those Binance has implemented in other countries, such as India, to ensure global regulatory compliance. The exchange has stated that these measures are necessary for it to continue operating in South Africa and align with the country's recent regulatory reforms. Only crypto transactions will be affected by these changes, and other activities will continue as usual.
Failure to meet these new requirements may result in transaction difficulties or cancellation. Binance users are advised to complete the necessary verifications and provide the required details to ensure uninterrupted service. The exchange has assured users that these measures are aimed at bolstering security and compliance, ultimately benefiting the South African cryptocurrency community.
