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.
Stitch, a South African firm that offers financial API infrastructure, offers both options. Since its founding in February 2021, Stitch has raised $27 million through several fundraising rounds.
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.
As part of its continued efforts to open up its platform to consumers worldwide, Binance has expanded its support for South African customers. Binance is making it simpler for South African users to invest in cryptocurrencies and take part in the global digital economy by allowing manual bank deposits in the South African rand. The action also indicates South Africa’s rising interest in cryptocurrencies and the likelihood of broader acceptance in the country.