South Africa's financial regulator issues warning against Binance
South African authorities are the latest to warn against using Binance, saying the exchange is not authorized to operate in the country. South Africa’s Financial Sector Conduct Authority (FSCA) has warned the country’s public against dealing with crypto exchange platform Binance.In a statement issued on Friday, the FSCA stated that Binance Group, an “international company” domiciled in Seychelles, was not authorized to render financial services in the country. Binance is indeed headquartered in The Cayman Islands and Seychelles.As part of the warning, the FSCA indicated that South Africans....
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Binance has announced that it is terminating some services in South Africa to comply with regulations. This move followed a warning issued by the South African financial regulator that Binance Group was not authorized to give any financial advice or render any intermediary services in the country.
Binance Ceases Some Services in South Africa
Cryptocurrency exchange Binance announced Friday some changes to its offerings in South Africa. Noting that it “constantly evaluates its product and service offerings to comply with local regulations,” Binance said it will....
The list of regulators warning that Binance is illegally operating in their jurisdictions continues to grow. The authorities in Singapore and South Africa have become the latest to warn that the global cryptocurrency exchange may be in breach of their local laws.
South Africa’s Financial Sector Conduct Authority Warns Against Binance
The South African financial regulator issued a notice Friday about Binance, stating:
The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Binance Group as they are not authorised to....
Though the FSCA is an agency of the South African government, Binance claimed the country’s Financial Intelligence Centre was the “major regulator” with which it had been working to be in compliance with local laws. In response to a warning from South Africa’s Financial Sector Conduct Authority, major cryptocurrency exchange Binance has said it is in compliance with local regulators and is not offering financial advice or intermediary services to residents.In a Friday statement from Binance, the crypto exchange implied the warning from the Financial Sector Conduct Authority, or FSCA,....
One of the world’s biggest cryptocurrency exchanges by volumes traded, Binance, has said its futures products are now available to eligible South African users. In a message to its users, Binance suggested it has rectified issues with the regional regulator and that its activities in South Africa are now above board.
Products Offered Unchanged
Almost a year after Binance blocked South African users from accessing its futures trading platform, the crypto exchange has said perpetual and delivery futures contracts are now available to eligible users from the country. In a....
The South African financial regulator has published a draft declaration of crypto assets as financial products. The regulator says South Africa has experienced “an exponential increase in the provision and use of crypto assets.” South Africa’s Crypto Regulation South Africa’s Financial Sector Conduct Authority (FSCA) announced Friday that it has published “a draft declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act [FAIS].” Comments on the draft declaration can be submitted until Jan. 28, 2021.....