South Africa has become the latest country to issue a notice indicting the operations of Binance.
In a statement, the regulator said:
“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 give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.”
– FSCA
In its notice, FSCA describes Binance as an international company situated in the Seychelles which has a telegram group that members of the South African public can join to gain access to their cryptocurrency exchange platform.
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SEE ALSO: [WATCH] You Will Now Need to Complete Intermediate Verification to Use Binance
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It was not clear which aspect of Binance fits the FSCA’s description.
In a responding statement, Binance has indicated that it does not own an entity called Binance Group in Seychelles.
According to Binance, they have a Binance Africa telegram group which promotes blockchain education and community announcements, and does not provide financial advice.
The organization that is in charge of regulating financial institutions across the country has also warned South Africans that crypto-related investments are currently not regulated by the FSCA or any other body in South Africa
In response Binance has said that it is committed to cooperating with regulators across the world, and is currently working with South Africa’s Financial intelligence Centre (FIC).
“Binance complies with the FIC Act obligations relating to establishing and verifying of clients’ identities, record keeping and reporting suspicious or unusual transactions in terms of section 29 of the FIC Act.”
– Binance
Other than South Africa, Binance customers have received warnings from regulators in the following countries:
- Singapore
- U.K.
- Italy
- Japan
- Thailand
- Canada
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RECOMMENDED READING: You Should Declare If You were in Any Way Paid in Crypto, Says South Africa Revenue Service (SARS)
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