Binance will enact new compliance measures in South Africa for all users, the companies announced today. Under the new rules, users will be required to give sender or beneficiary information for all crypto transfers to or from their Binance accounts.
This change will take effect on the 30th of April. Binance has also stated in the announcement that users will need to log in again to their accounts on the 24th of April as a result of these changes.
South African tax agency urges crypto entities to register
The move for more transparency comes in response to demands from South African entities to tighten rules for the cryptocurrency industry.
South Africa’s Tax Agency has been repeatedly urging crypto firms and individuals to officially register, as the agency can start to track business activity once they have a record, according to South African Service Commissioner Edward Kieswetter.
“We’ve invited taxpayers, exchanges, and other intermediaries to register, because now, if you don’t register, you’re breaking the law,” said Kieswetter in an interview with Bloomberg.
“Once they have registered, we now have knowledge of their existence, and we can now begin to track their business activities.”
Financial Intelligence Centre and Directive 9
To help with crypto regulation, the Financial Intelligence Centre—also known as the FIU—issued Directive 9 to help regulate Crypto Asset Service Providers, otherwise known as CASPs. As of April 30th, 2025, Directive 9 will enact stricter requirements for reporting crypto transactions.
The Financial Intelligence Centre is South Africa’s financial intelligence unit.