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Binance, the largest crypto exchange by trading volume metrics, has strengthened its compliance regulations for users in South Africa, aligning with the country’s regulatory demands.

The development comes four years after the exchange’s legal engagements with South African regulators, culminating in Binance amending its offerings.

Binance Tightens Compliance for South African Users

Binance announced stricter regulations for its users in South Africa. Effective April 30, users must provide detailed information on both the sender and receiver of any crypto transactions on the exchange.

“In adherence to local regulatory requirements, Binance will gradually introduce changes to crypto withdrawal and deposit procedures for South African users to make sure we continue operating in full compliance to the local requirements,” Binance announced.  

Specifically, for deposits, users in South Africa will have to provide the sender’s information when receiving any amount of crypto on their Binance exchange accounts. Regarding crypto withdrawals, users must provide the beneficiary’s information when sending any crypto out of their Binance accounts.

Details could comprise the full name, country of residence, and details regarding the originating exchange.

“This update only affects crypto deposits and withdrawals,” Binance articulated.

The exchange will demand these requirements through a pop-up message when performing the affected transactions.

Further, failure to provide these details could result in delayed transactions or failure to execute entirely. This means crypto assets are returned to the originator.

The upending of these requirements follows growing regulatory pressure from South African regulators, who pursue stronger oversight in the sector.  

Meanwhile, this is not the first time Binance has complied with South African regulations. Four years ago, the leading exchange discontinued multiple service offerings in the country, including futures, options, margin trading, and leveraged tokens.

Beyond that, South Africa’s FSCA (Financial Sector Conduct Authority) welcomed Binance’s action to restrict South Africans from opening new accounts to trade derivatives.

This decision was part of the regulator’s push for its citizenry to stick with derivative market transactions with a FAIS Act-compliant Registered Financial Services Provider. FAIS stands for Financial Advisory and Intermediary Services.

Meanwhile, as South Africans brace for new regulations regarding the Binance exchange after April 30, the question arises: Is Kenya next?

Kenya To Start Taxing Crypto Exchanges

Recently, reports indicated that Kenya could begin taxing crypto exchanges for commissions they receive from the country’s over four million digital currency users. However, this move is contingent on the adoption of fresh regulations.

Under the proposed new regulations, which guide the payment of the digital service tax, crypto exchanges operating in Kenya will be required to pay a 1.5% duty.

“For the purposes of these Regulations, a taxable electronic, Internet or digital marketplace supply include… facilitation of online payment for, exchange or transfer of digital assets excluding services exempted under the Act,” the Business Daily reported, citing former Treasury Cabinet Secretary Njuguna Ndung’u.

These comments followed the National Treasury unveiling a Draft National Policy on Virtual Assets and Virtual Asset Service Providers and the Virtual Asset Service Providers Bill, 2024, which aimed to bring clarity and oversight to the digital asset ecosystem.

Such legislation could warrant crypto exchanges operating in Kenya adopting similar requirements as Binance in South Africa.

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Senator Elizabeth Warren is concerned that political interference is driving the SEC’s latest crypto decisions. Paul Atkins, the newly appointed Chairman of the SEC, has promised to prioritize clear and transparent regulatory frameworks for the crypto industry.

His pledge marks a significant shift in direction for the agency following years of controversy.

Paul Atkins Charts New Course for Crypto Regulation at SEC

During an April 25 roundtable organized by the SEC’s crypto task force, Atkins stressed the urgent need for transparent rules to support innovation and responsible growth.

“This is important work as entrepreneurs across the United States are harnessing blockchain technology to modernize aspects of our financial system. I expect hug benefits from this market innovation for efficiency, cost reduction, transparency, and risk mitigation. Market participants engaging with this technology deserve clear regulatory rules of the road,” Atkins stated.

Meanwhile, Atkins openly criticized the SEC’s previous leadership under former Chairman Gary Gensler. He stated that a lack of clear policy stifled industry development and pushed key players to the edge.

Under Gensler, the SEC pursued an aggressive enforcement strategy, filing lawsuits against major players including Coinbase, Ripple, and Binance.

Now, Atkins has vowed to correct past missteps. He committed to working closely with Congress and President Donald Trump to create a regulatory structure that fits the unique characteristics of digital assets.

Early signs of this shift are already visible, with the SEC beginning to dismiss several enforcement actions initiated during the previous administration. The Commission has also established a dedicated crypto task force to collaborate with industry stakeholders on shaping future policy.

US Lawmaker Raises Alarms Over Potential Political Interference

While Atkins seeks to reset the SEC’s approach to crypto oversight, concerns are mounting over the agency’s independence.

On April 25, Senator Elizabeth Warren seriously questioned the agency’s independence under President Trump’s leadership. She pointed to Trump Media & Technology Group’s (TMTG) efforts to launch crypto-backed ETFs with Crypto.com as a potential conflict of interest.

The senator expressed particular concern that Trump could personally benefit from products requiring SEC approval, describing the situation as an unprecedented ethical risk.

“The President has attempted to assert his dominance over decision-making at independent agencies like the SEC through executive orders and firings, putting further pressure on the Commission to fall in line,” the lawmaker stated.

Warren also flagged risks linked to World Liberty Financial, a crypto project tied to Trump’s family, which recently revealed plans for a new stablecoin.

She emphasized that pending legislation may soon give the Federal Reserve and the Office of the Comptroller of the Currency more oversight powers. Trump reportedly seeks greater control over these two agencies.

Given these risks, Warren requested detailed records from the SEC, including internal assessments and communications with the White House.

She stressed that these measures are necessary to safeguard decision-making and maintain the credibility of financial markets.

The post Elizabeth Warren is Concerned About SEC Independence Amid Crypto Reforms appeared first on BeInCrypto.