The new rules apply only to deposits and withdrawals. Trading and other features on the platform will remain unchanged.
For deposits, users must provide the sender’s full name, country of residence, and the originating exchange’s name, if relevant. On the withdrawal side, Binance will require the beneficiary’s name and related details before releasing the funds.
Missing Information May Lead to Delays or Reversed Transactions
Binance warned users that leaving out required information could cause transaction failures. If any field remains blank, the platform will return the funds to the sender.
To support this change, Binance will ask all South African users to log in again starting April 24. This step ensures accounts are updated before the new rules take effect.
Meanwhile, South African regulators continue to tighten control over the crypto sector. They aim to close existing compliance gaps as the market expands quickly.
On April 2, Bloomberg reported that the South African Revenue Service (SARS) now requires individuals and businesses involved in crypto to register. Failing to do so is considered illegal under new regulations.
In addition, South Africa’s Financial Sector Conduct Authority (FSCA) issued warnings against two unregistered crypto companies in March 2025. These firms, Afriinvest and Mutualwealth, reportedly promised daily returns of up to 10,000 rand (around $542) without holding licenses.
South Africa Pushes Toward Crypto Oversight and Market Growth
South Africa’s crypto market will generate $278 million in revenue by the end of 2025. Statista reported that this figure will rise to $332.9 million by 2028. The data reflects a compound annual growth rate (CAGR) of 7.86%, driven by rising adoption and regulatory progress.
At the same time, South Africa continues to formalize its digital asset sector. In March 2024, the Financial Sector Conduct Authority (FSCA) granted licenses to 59 crypto platforms. In addition, over 260 applications remain under review. This backlog signals strong interest from companies trying to meet legal standards and enter the market.
As this regulatory momentum builds, major exchanges are adjusting their operations. Binance introduced new compliance measures in direct response to these developments. Now, South African authorities require exchanges to follow clear frameworks when handling crypto transactions.
By enforcing these rules, the government aims to increase transparency across digital asset platforms. As a result, companies like Binance must align with evolving national laws to continue operating in the region.
