South African Regulator, FSCA, Issues Notice Against Binance Exchange Operations in the Country

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.

___________________________________________________________________

SEE ALSO: [WATCH] You Will Now Need to Complete Intermediate Verification to Use Binance

___________________________________________________________________

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

___________________________________________________________________

RECOMMENDED READING: You Should Declare If You were in Any Way Paid in Crypto, Says South Africa Revenue Service (SARS)

___________________________________________________________________

Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

____________________________________________________________________

Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community

_____________________

Subscribe to the channel below to keep updated on latest news on video:

___________________________________________________________________