Binance Tightens South African Compliance Regulations
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Binance is reinforcing compliance regulations for its South African users to align with local regulatory demands. This move follows four years of legal discussions with South African regulators, leading Binance to adjust its offerings.
Effective April 30, users will need to provide detailed information for both senders and receivers of any crypto transactions on the platform.
“To meet local regulatory requirements, Binance will gradually update its crypto withdrawal and deposit procedures for South African users, ensuring full compliance,” the exchange announced.
Specifically, users must provide sender information for deposits and beneficiary details for withdrawals on their Binance accounts.
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