Binance is set to implement new compliance measures for South African users, requiring sender and receiver information for all crypto deposits and withdrawals.
In an announcement on April 23, the largest exchange in terms of daily trading volume of cryptocurrencies said the move comes in response to local regulatory demands.
Starting April 30, Binance users in South Africa will be prompted to provide additional information when transferring crypto.
For deposits, users must disclose the sender’s full name, country of residence, and, if applicable, the name of the originating crypto exchange. Similarly, withdrawals will require beneficiary details before processing.
The update will only impact crypto deposits and withdrawals, leaving trading and other platform features unaffected.
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Missing transfer details may reverse transactions
Binance warned that failure to provide the required information may result in delayed transactions or, in some cases, a return of funds to the sender.
In preparation for the rollout, users will need to re-login to their accounts starting April 24.
The change comes as South Africa moves to boost oversight of the rapidly moving crypto sector.
On April 2, Bloomberg reported that South Africa’s Revenue Service (SARS) is urging individuals, crypto exchanges and intermediaries involved in crypto transactions to register with the authority, warning that failure to do so is now illegal.
In March, the Financial Sector Conduct Authority (FSCA) of South Africa issued a public warning against two unlicensed crypto firms, Afriinvest and Mutualwealth, accusing them of soliciting investments while promising unrealistic returns of up to 10,000 rand ($542) per day.
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South Africa pushes to become key crypto hub
Emerging economies across Africa, particularly South Africa, are positioning themselves as potential digital asset hubs amid growing regulatory clarity, Ben Caselin, chief marketing officer (CMO) of Johannesburg-based crypto exchange VALR, told Cointelegraph in September 2024.
Caselin said that South Africa’s strong legal framework and ease of business make it a key entry point for crypto expansion across the continent.
The South African crypto market is projected to generate $278 million in revenue in 2025, with expectations to grow at a compound annual growth rate (CAGR) of 7.86% and reach $332.9 million by 2028, according to Statista.
Regulatory momentum is increasing, with the FSCA approving 59 crypto platform licenses in March 2024, while over 260 applications remain under review.
Cointelegraph contacted Binance for comments but did not receive a response by publication.
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The BP logo is displayed outside a petrol station that also offers electric vehicle recharging, on Feb. 27, 2025, in Somerset, England.
Anna Barclay | Getty Images News | Getty Images
BP shares jumped on Wednesday after activist investor Elliott went public with a stake of more than 5% in the struggling British oil major, which has pivoted back to oil in a bid to restore investor confidence.
BP shares were last seen up 4.75% at 9:44 a.m. London time. The London-listed stock price is down around 5% year-to-date.
Hedge fund Elliott Management has built its holding in the British oil major to 5.006%, according to a regulatory filing disclosed late Tuesday. BP’s other large shareholders include BlackRock, Vanguard and Norway’s sovereign wealth fund.
Elliott was first reported to have assumed a position in the oil and gas company back in February, driving a share rally amid expectations that its involvement could pressure BP to shift gears from its green strategy and back toward its core oil and gas businesses.
Within weeks, BP, which has been lagging domestic peer Shell and transatlantic rivals and posted a steep drop in fourth-quarter profit, announced plans to ramp up fossil fuel investments to $10 billion through 2027. This marked a sharp strategic departure for the company, which five years ago became one of the first energy giants to announce plans to cut emissions to net zero “by 2050 or sooner.” As part of that push, the company pledged to slash emissions by up to 40% by 2030 and to ramp up investment in renewables projects.
The oil major scaled back this emissions target to 20% to 30% in February 2023, saying at the time that it needed to keep investing in oil and gas to meet global demand.
Since switching gears, BP’s CEO Murray Auchincloss and outgoing Chair Helge Lund — who is expected to depart the company in 2026 — retained their posts but were penalized with reduced support during BP’s board re-election vote earlier this month amid pressure from both revenue and climate-focused investors.
BP’s strategic reset back to the company’s oil and gas activities took place just as crude prices began to plunge amid volatility triggered by U.S. tariffs and Washington’s trade spat with China, the world’s largest crude importer.
Energy analysts have broadly welcomed the strategic reset, and BP CEO Murray Auchincloss has since said the pivot attracted “significant interest” in the firm’s non-core assets.
The energy firm nevertheless remains firmly in the spotlight as a potential takeover target, with the likes of Shell and U.S. oil giants Exxon Mobil and Chevron touted as possible suitors.
BP is scheduled to report first-quarter earnings on Tuesday. The company has said it anticipates lower reported upstream production and higher net debt in the first quarter than in the final three months of 2024.
The UK government borrowed almost £15bn more than forecast in the last financial year, according to official figures highlighting contributions from inflation-related costs including pay awards.
The Office for National Statistics (ONS) reported that borrowing – the difference between total public sector spending and income – over the 12 months to the end of March came in at £151.9bn.
That provisional sum was £20.7bn more than in the same twelve-month period a year earlier and £14.6bn more than the £137.3bn forecast by the Office for Budget Responsibility (OBR) at the spring statement just a month ago, the body said.
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It added that the figure represented 5.3% of the UK’s gross domestic product (GDP), 0.5 percentage points more than in 2023/24.
It was partly driven by £16.4bn of borrowing in March – the third-highest March borrowing since monthly records began in 1993.
The provisional data left public sector net debt at 95.8% of GDP at the end of March. That is 0.2 percentage points higher than at the end of March 2024 and remaining at levels last seen in the early 1960s.
Higher borrowing is partly a consequence of government investment and spending decisions announced in the chancellor’s autumn budget last year.
But it is also a result of higher costs to service government debt, with the ONS data showing a bill of £4.3bn for March alone.
Elevated bond yields, which reflect a higher risk premium demanded by investors in return for holding UK government debt, are a result of greater turmoil in the global economy and unease over domestically-generated inflation and weak growth at a time of continued strain for the public purse.
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January: Long-term borrowing costs hit new high
Rachel Reeves was forced to use her spring statement in March to restore a £10bn buffer to the public finances to avoid breaking her own fiscal rules.
ONS chief economist Grant Fitzner said of the data: “Our initial estimates suggest public sector borrowing rose almost £21bn in the financial year just ended as, despite a substantial boost in income, expenditure rose by more, largely due to inflation-related costs, including higher pay and benefit increases.
“At the end of the financial year, debt remained close to the annual value of the output of the economy, at levels last seen in the early 1960s.”
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Spring statement 2025 key takeaways
The government’s efforts to bring down costs include a crackdown on the welfare bill and a renewed focus on securing growth in the economy.
However, business groups say the chancellor’s decision to impose an additional tax burden on employment from this month, mainly through higher minimum wage and employer national insurance contributions, will backfire and harm both employment and investment.
Household spending power is also set to face further strain as inflation is tipped to rise beyond 3% due to a slew of rising costs in the economy, including bills for energy and water.
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The impact of the US trade war is also starting to be felt.
A closely-watched index of activity in the service and manufacturing sectors fell into negative territory with its weakest reading since November 2022.
The survey of purchasing managers by S&P Global found export orders falling at their fastest pace since early 2020.
AJ Bell head of financial analysis, Danni Hewson, said of the data: “Many of the challenges facing the UK economy are beyond the chancellor’s control and she is currently in Washington trying to strike a deal with the US administration on tariffs that will cushion the UK without selling off the family silver.
“One of the big questions is how those changes to employer National Insurance will impact next month’s numbers, especially with inflation linked benefits and the state pension rising at the same time.
“Many people will now be eyeing that headroom created back in March which had always seemed rather insubstantial, and wondering how much will be left by the autumn.”
Responding to the figures, Chief Secretary to the Treasury Darren Jones said the government would always be responsible when it came to the public finances.
He added: “We are laser-focused on making sure taxpayer money is delivering our Plan for Change missions to put more money in people’s pockets, rebuild the NHS and strengthen our borders.”
But shadow chancellor Mel Stride said: “By fiddling the fiscal rules, increasing borrowing by £30bn a year and piling up debt – these figures are alarming but not surprising.”
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