BitKE got to an exclusive chat with the Binance Leads for Africa – Hannes and Nadeem – to talk about the recent developments in Africa for Binance particularly on regulation in South Africa.
Speaking to BitKE on the recent regulatory developments in South Africa, Hannes, the General Manager of Southern Africa for Binance, said:
“South Africa’s Financial Sector Conduct Authority (FSCA) is set to issue licenses to crypto asset service providers (CASPs) in the next few weeks.
We are excited about this development and commend the work of the Financial Sector Conduct Authority (FSCA) for its commitment to innovation-driven policies. This is a positive step for both the cryptocurrency industry and South Africans. This move will contribute to clarity, user protection, and much-needed confidence in the ecosystem.
Binance acknowledges the value of operating in a stable regulatory landscape and has dedicated considerable time to applying for licenses, registrations, and authorisations across the globe.
We remain committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and propel our industry forward.”
Here is the exclusive BitKE Q&A discussion with the Binance Leads for Africa:
Q: Please introduce yourself and tell us what you do at Binance ( Hannes & Nadeem)
Hannes: My name is Hannes Wessels, the General Manager of Southern Africa for Binance, the world’s foremost blockchain ecosystem and cryptocurrency infrastructure provider, currently spearheading business operations in these regions.
Nadeem: My name is Nadeem Anjarwalla, the Lead Director of Operations in Africa (excluding South Africa) for Binance. In this role, I focus on scaling the business, adoption, and freedom of money.
Q: In light of the recent developments in the crypto landscape in South Africa, what positive developments do you see from the recent FSCA announcement on crypto licensing? (Hannes)
Hannes: As Binance Africa, we are excited about the development and commend the work of the Financial Sector Conduct Authority (FSCA) for its commitment to innovation-driven policies. This is a positive step for both the cryptocurrency industry and South Africans. This move will contribute to clarity, user protection, and much-needed confidence in the ecosystem.
Binance acknowledges the value of operating in a stable regulatory landscape and has dedicated considerable time to applying for licenses, registrations, and authorisations across the globe.
We remain committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and propel our industry forward.
Q: Did you apply for the licence? If so, how was the experience? South Africa has experienced numerous crypto scams. Do you see the licensing contributing to the much-needed confidence in the ecosystem? (Hannes)
Hannes: Yes, we applied for the license and it’s been a positive experience. This is a beneficial move for South Africans and the cryptocurrency sector. Binance is committed to regulatory compliance worldwide, focusing on user safety and ecosystem confidence. We collaborate with legislators and regulators to safeguard consumers, promote innovation, and advance the industry. Binance assists users in learning crypto best practices, emphasizing vigilance against scams. While we provide warnings and education, users must stay informed to prevent personal losses. Knowledge and education are crucial defences against fraud and scams.
Q: Apart from South Africa, where else on the continent are you seeking licensing? (Hannes & Nadeem)
Hannes & Nadeem: Binance is a pro-regulation organisation, committed to engaging with the government and relevant stakeholders. Around the world, we are in the process of obtaining crypto-specific licences, and Binance has bolstered its global compliance in 18 jurisdictions, such as Spain, Italy, France, New Zealand, Dubai, Bahrain, Abu Dhabi, and many other jurisdictions – more than any other exchange. Our strong compliance practices enable us to meet the requirements of regulated entities around the world, allowing us to enter into key partnerships that serve our users and encourage the adoption of cryptocurrency and blockchain technology.
Q: In light of the recent regulatory discussions in Kenya, how are you approaching regulation in East Africa, particularly Kenya? (Nadeem)
Nadeem: Binance endorses Kenya’s parliamentary committee’s recommendation to create a comprehensive oversight framework and policies for virtual assets and virtual asset service providers in Kenya. Binance supports these developments, believing in its responsibility to collaborate with regulators to create a safer crypto environment. Binance is a pro-regulation organisation that will continue to work with the government and other stakeholders.
Q: What is the regulatory framework in Southern and Francophone Africa? Which countries in Francophone Africa are you particularly excited about, and why? Which Francophone countries do you see the most adoption of Binance? (Hannes – South Africa & Nadeem – Francophone Africa)
Hannes & Nadeem: Africa’s crypto industry has flourished, with several nations, such as the Southern and Francophone markets, embracing cryptocurrencies. Binance has played a significant role by simplifying and securing cryptocurrency trading for African users.
We are particularly excited about the opportunities in countries like Senegal and Ivory Coast. These nations have shown a growing interest in cryptocurrency, and we’ve been working to enhance our services to cater to the needs of users in these regions.
In terms of adoption, we’ve observed positive trends in Senegal, where our user base has been steadily increasing. Additionally, Ivory Coast has shown promising signs of Binance gaining popularity as a preferred platform for cryptocurrency enthusiasts.
It’s essential to note that our success in each country is influenced by various factors, including regulatory developments, market dynamics, and user behaviours. We remain committed to fostering growth in Francophone Africa and providing users with a seamless and secure crypto trading experience.
We now support multiple African currencies, enabling seamless P2P trading with zero fees. This expansion strengthens Binance’s presence on the continent, catering to the growing interest and adoption of cryptocurrencies in Africa.
Q: You undertook some law enforcement training in Nigeria, Kenya, and South Africa for the first time in 2023. How was the reception? Are you looking at doing more of such training in 2024 in other African countries? (Hannes & Nadeem)
Hannes & Nadeem: The response from law enforcement was positive, and we were able to focus on protecting users, which is our top priority. We firmly believe that close collaboration between industry players and law enforcement agencies is essential for preventing and addressing cybercrime, including combating fraud. We are delighted to interact with and support law enforcement agencies to jointly safeguard user assets.
In addition to participating in public consultation, Binance’s commitment to protecting users is also instrumental in helping build a safer virtual asset ecosystem across Africa.
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