Binance users in South Africa will face stricter rules for cryptocurrency transfers starting April 30th. This new protocol aims to increase compliance with local regulations and follows a broader regulatory shift across the country. To facilitate this, users need to provide detailed information about every crypto transfer, including sender and receiver names and whether the transfer originates from another exchange. Binance’s move aligns with South Africa’s evolving crypto policies, aiming for tighter oversight of exchanges and transactions. The new rules ensure compliance with regulations from authorities such as the Financial Sector Conduct Authority (FSCA) and the South African Revenue Service (SARS). As per FSCA’s regulations, any cryptocurrency platforms or intermediaries must register, failing which they face legal consequences. 24th April marks a critical preparation period for users to comply before the new protocol takes effect. It is important to note that while trading features remain unchanged, these rules only apply to transferring assets in and out of Binance. A delay or even rejection of transactions could result from insufficient information. This move follows similar steps by Binance in India where KYC procedures were implemented after a regulatory crackdown.