Binance Requires Detailed Sender and Recipient Information for Crypto Transactions from April 30, Aiming to Comply with Local Legal Regulations.
Binance – the world's leading cryptocurrency exchange, has just announced a series of new measures to enhance identity verification processes in cryptocurrency transfers in South Africa. The announcement was made on April 22, with new regulations to officially take effect from April 30, 2025.
Mandatory Requirements for Sender and Recipient Information
According to the official announcement, Binance users in South Africa will have to provide more detailed information when making cryptocurrency deposit and withdrawal transactions. Specifically, the cryptocurrency recipient must provide information about the sender, while the person withdrawing funds needs to provide complete information about the beneficiary, including full name, country of residence, and the receiving exchange's name if applicable.
"To comply with local legal requirements, Binance will gradually adjust cryptocurrency deposit and withdrawal processes for users in South Africa to ensure operations always align with current legal regulations," Binance stated in the announcement.
For personal transactions between accounts of the same user across different exchanges, Binance only requires providing the name of the cryptocurrency receiving exchange. The update procedure will be directly integrated into the user interface through mandatory pop-up prompts that appear during deposit and withdrawal processes.
The exchange also announced that users will need to log back into their accounts from April 24 as part of implementing the new measures. Binance emphasized that these adjustments only apply to cryptocurrency transfer activities and do not affect other platform functions.
"This is part of Binance's global compliance strategy," cryptocurrency analyst Sipho Maseko noted. "Collecting sender and recipient information is a basic requirement in anti-money laundering and terrorist financing (AML/CFT) regulations in many countries, similar to the 'Travel Rule' regulations being applied in traditional banking."
This move reflects the global trend of tightening regulations in the cryptocurrency sector. Previously, Binance had also implemented similar measures in India, requiring all users to re-verify their identities to comply with the country's anti-money laundering (AML) regulations.
