Binance will implement new compliance measures for South African users, requiring more detailed information for deposits and withdrawals

ChainCatcher news, according to Cointelegraph, Binance plans to implement new compliance measures for South African users, requiring all cryptocurrency deposits and withdrawals to provide sender and receiver information, in response to local regulatory requirements.

Starting from April 30, Binance users in South Africa will be required to provide additional information when transferring cryptocurrency.

For deposits, users must disclose the sender's full name, country of residence, and, if applicable, the name of the original cryptocurrency trading platform. Similarly, beneficiary information will also be required for withdrawals to be processed.