Binance in a new blog post announced the launch of fiat deposit and withdrawal for its users in South Africa.
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Binance has launched a brand new fiat funding option for the Binance users in South Africa. The new fiat channel will act as both a fiat on- and off-ramp, allowing South Africans to deposit and withdraw funds to/from their Binance account using your local bank account.
Who Can Use it: Any user on Binance.com can utilize the new channel, provided they have completed and passed KYC (Know Your Customer) verification.
“Over the next few days we will make withdrawals available to you. Here you will be able to withdraw any BUSD balance you have in your Binance account – as fiat (ZAR) into your local bank account.”
Comparing the new feature with other competing providers like VALR and Luno, Binance.com charges higher fees due to forex rates for deposits while the earlier charge zero fees for deposits.
The markets pairs open on Binance.com for South Africans includes:
Follow these steps to deposit ZAR on Binance.com:
Step 1: Ensure you have completed the KYC on your Binance account
Step 2: Navigate to the “Buy Crypto” dropdown menu, and select USD as the currency, you will now see Bank Deposit – Swift Bank Transfer. Select this option( shown below).
Step 3: Select Silvergate Bank (SWIFT) and input the amount (in USD) that you would like to deposit, and select continue
Step 4: Complete the deposit using the banking details provided to you. Ensure that you include the unique reference number. Once your deposit arrives, it will be credited to your fiat and spot wallet as BUSD, and can be viewed under fiat deposit history( as shown).
About Binance South Africa:
Binance South Africa is the arm of Binance.com that focuses on smoothing the services offered to South Africans on Binance.com to ensure efficiency.
Binance.com offers services to other Africa countries including Nigeria, Ghana, Uganda, Egypt (P2P trades) and Morocco (P2P trades). There is currently five market pairs for ZAR including BTC, ETH, BUSD, BNB and USDT.