The company mentioned that the move follows local regulatory demands. Starting April 30th, Binance users in South Africa will be obliged to provide additional information when transferring or withdrawing their assets. For deposits, users will disclose the sender’s full name, country of residence, and the name of the originating crypto exchange, if applicable. The update will leave other platform features unaffected.
Binance warned that failure to comply with the update and provide the required information may result in delayed transactions or the return of funds to the sender. In preparation for the rollout, users are required to re-login to their accounts starting April 24.
The change comes as South Africa improves oversight of the rapidly evolving crypto market. The country’s Revenue Service (SARS) is urging individuals, crypto exchanges, and intermediaries involved in crypto transactions to register with the authority, as failure to do so is now illegal.
In March, the FSCA of South Africa issued a warning against two unlicensed crypto companies, Afriinvest and Mutualwealth, claiming they solicited investment while promising unrealistic returns of up to USD 542 per day.
The South African crypto market is expected to generate USD 278 million in revenue in 2025, with a CAGR of 7.86%, reaching USD 332.9 million by 2028, according to Statista. With regulatory momentum increasing, the FSCA approved 59 crypto platform licences, while over 260 applications remain under review.
The continent is home to several high-ranking nations according to Chainalysis’ global adoption index: Nigeria is a top global player, ranking second worldwide, while Ethiopia, Kenya, and South Africa also made the top 30. This trend is driven by a young, tech-savvy population, an increased number of use cases, emerging blockchain hubs across the continent, and increased regulatory support.
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