Binance, one of the world’s leading cryptocurrency exchanges, has expanded its support for South African customers by enabling manual bank deposits in the South African rand. The company had previously only supported Instant electronic funds transfer (EFT), but the addition of manual EFTs will allow customers to transfer their fiat currency from their bank account to the Binance exchange. Both options are provided by Stitch, a South African financial API infrastructure startup that has secured $27 million in various funding rounds since February 2021.
Unlike the Instant EFT option, the manual EFT option does not require customers to provide their online banking username and password. However, it can take up to 2 days to reflect in their Binance account, and the customer must initiate the EFT from their bank’s app or online banking portal. Furthermore, customers need to complete “know-your-customer” (KYC) verification before making deposits or withdrawals on Binance, as required by South African financial regulations.
Stitch has emphasized that customer banking credentials are secure and that neither it nor the merchants that use its service have access to them. Instead, a randomly generated token representing the credentials is held. The Instant EFT transactions are now verified using Stitch’s own “portal emulation technology,” which ensures that the process is secure and reliable.
For an additional fee, most South African banks offer immediate or real-time clearing payments, which can be selected during manual EFTs. Binance has confirmed that if this option is chosen when making a manual transfer from the bank’s app or website, the deposit will be processed immediately. However, all other options will take up to 2 business days and are subject to standard bank processing hours.
Binance’s expansion of its support for South African customers is part of the company’s ongoing efforts to make its platform more accessible to users around the world. By enabling manual bank deposits in the South African rand, Binance is making it easier for South African customers to invest in cryptocurrencies and participate in the global digital economy. The move also reflects the growing interest in cryptocurrencies in South Africa and the potential for further adoption in the region.
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