Binance users can now buy and sell crypto in ZAR

Binance experts have confirmed that the crypto exchange world will now offer its clients the ability to make both deposits and withdrawals in South African rand.

This was a development made as part of Binance’s mission to increase the adoption and mainstream accessibility of crypto.

According to a report by Binance, users will be able to deposit and withdraw ZAR to and from their Binance wallets via instant EFT.

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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 convert ZAR to BTC, BUSD, ETH, USDT and BNB.

Phase 2: Withdrawals – As of 25 August 2022, from 8am onwards, ZAR fiat withdrawals will be enabled for all Binance users.

The team said that it was important to note that all users need to complete the identity verification process to make ZAR deposits and withdrawals on Binance.