According to Cointelegraph, Binance will implement new compliance measures for South African users, requiring all deposits and withdrawals of cryptocurrencies to provide sender and receiver information in response to local regulatory requirements. Starting from April 30th, Binance users in South Africa will be required to provide additional information when transferring cryptocurrencies. For deposit operations, users must disclose the sender's full name, country of residence, and (if applicable) the name of the original cryptocurrency exchange. Similarly, detailed information of the payee needs to be provided before the extraction operation is processed. This update only affects the deposit and withdrawal of cryptocurrencies, and the trading and other functions of the platform are not affected. Binance warns that failure to provide the required information may result in transaction delays, and in some cases, funds may even be returned to the sender. To prepare for this update, users need to log in to their accounts again starting from April 24th.
