Binance adds SA Rand

Binance South Africa is an extremely popular crypto exchange company which offers a trading platform which gives people the freedom to earn, hold, spend, share and give their money. Binance was launched about 5 years ago in July 2017 by Changpeng Zhao and within a year Binance grew to become the largest cryptocurrency exchange in the world. Binance offers several cryptocurrencies on its platform including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Dogecoin and several others, in fact there is more than 200 cryptocurrencies available on the platform. What also makes Binance popular with crypto traders is the fact that it has low trading fees and therefore customers can realise huge profits as compared to other crypto exchanges. Binance can be accessed through its website or mobile App. The exchange offers users ways to purchase crypto assets directly using credit cards or Fiat currencies and they have recently added a Fiat currency which South Africans will be excited about. Be sure to also take a look at the Binance South Africa Referral Code.

Binance adds SA Rand

The Crypto exchange now offers deposits and withdrawals in South African Rand (ZAR). This move by Binance is actually great for South African users users will now be able to deposit and withdraw ZAR to and from their Binance wallets via Instant EFT. Please note that in order for you to be able to make ZAR deposits and withdrawals on Binance, you must have completed KYC.

According to Binance, the addition of the South African Rand (ZAR) is meant to increase the adoption and mainstream accessibility of crypto in the region. According to Binance, the service supports South Africa’s top 5 banks Absa, Capitec, FNB, Nedbank and Standard Bank.

This service will be rolled out in two phases:

Phase 1: Deposits and Trade – With immediate effect, Binance users are now able to deposit ZAR into their Binance wallets, and purchase BTC, BUSD, ETH, USDT and BNB with their ZAR balance.

Phase 2: Withdrawals – From 2022-08-25 08:00 (UTC) onward, ZAR fiat withdrawals will be enabled for all Binance users.

How to Deposit ZAR with Binance via Stitch?

Making a deposit into your Binance account is quite simple, in order for you to make a ZAR deposit into your account, you must;

Log in to your Binance account and go to [Wallet] – [Fiat and Spot] – [Deposit].

Select [ZAR] under [Currency] and choose to pay with [Online Banking]. Click [Continue].

If you haven’t completed Identity Verification for your Binance account, you will be prompted to do so at this step.

You will then be directed to Stitch’s website. Select your bank and login.

Select the bank account to link and click [Confirm].

Please note that the account holder’s name must match the one on your Binance account.

After your bank account is verified, click [Deposit Now].

Enter the amount you want to deposit and you will see the transaction fee (if any). Click [Continue].

In some cases, you may need to approve the payment via MFA (Multi-Factor Authentication), depending on your bank account’s settings.

Your deposit order is submitted. Please wait patiently for your bank to process your order. 

How to Withdraw ZAR from Binance?

Making a withdrawal into your Binance account is quite simple, in order for you to make a ZAR withdrawal into your account, you must;

Log in to your Binance account and click [Wallet] 

Click [Withdraw].

Select [Fiat], then choose [ZAR] from the drop-down menu and click [Online Banking].

If you haven’t connected your Binance account to your Stitich account before, please refer to How to Deposit ZAR via Stitch to set it up.

Enter the amount you want to withdraw and click [Continue].

Carefully review the withdrawal confirmation and click [Confirm].

Click [View History] to confirm the withdrawal is successful.

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