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Press Release: Saturday, December 12 2020, 11:00 CAT | Source: Binance

We have just launched a brand new fiat funding option for Binance users in South Africa. The new channel will act as both a fiat on- and off-ramp, allowing you to deposit and withdraw funds to/from your Binance account using your local bank account.

Any user can utilize the new channel, provided they have completed KYC.

Deposits will need to be made in USD via a Swift transfer to our Silvergate bank account in the U.S, and you will be credited with BUSD at a 1:1 ratio. The fixed deposit fee is 10 USD.  As an example – if you send us $1,000.00, your account will be credited with 990 BUSD.

You can easily perform international bank transfers using most banking apps and online banking options – however, if you have never sent money abroad, you can contact the forex department at your local bank for assistance.

Deposits made early in the day and during normal banking hours are usually reflected on the same day.

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.

Please note that all forex conversion rates are determined by the financial institution you use and not by us. If you need any assistance with the transaction, the local forex division of your bank will be able to easily assist – but in most cases this can easily be done yourself via your online banking portal.

To utilize the new option, follow the simple instructions below:

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).

Withdrawals will be opened shortly, instructions to follow.

Thanks for your support!

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This article is a Press Release received from Binance. Global Crypto did not receive any form of compensation for its publication, and as this material is deemed newsworthy for the Southern African blockchain industry, it was thus published accordingly.

Kratika is Global Crypto's Admin Assistant. She has extensive experience working for top tech firms from around the world, and has a wealth of knowledge in the FinTech industry.