South African authorities are the latest to warn against using Binance, saying the exchange is not authorized to operate in the country.
September 6, 2021, | AtoZ Markets – The South African Financial Sector Conduct Authority (FSCA) has said that cryptocurrency exchange Binance is not authorized to provide financial advisory and brokerage services in the country.
“FCSA warns citizens to be careful and vigilant when dealing with Binance Group, as this company does not have the authority to provide financial advice and intermediation services under the Financial Advice and Intermediary Services Act 2002 in South Africa,” says in the statement of the regulator.
Binance response to the warning from South Africa
A Binance spokesman noted that the site does not already provide consulting and intermediary services in South Africa. Moreover, the company does not have a registered Binance Group legal entity.
The regulator recalled that cryptocurrency investments are not regulated by the FCSA or other agencies in South Africa. As noted by the representative of Binance, the site is a member of the South African Center for Financial Intelligence.
“As a member of this program, Binance complies with all legal requirements for identifying users, storing data, and reporting suspicious and unusual transactions,” a Binance spokesperson said.
The number of regulators around the world warning against the Binance exchange continues to grow. Earlier, the Singapore regulator warned about the dangers of investing on the site. In June, similar statements were issued by the UK FCA, Lithuania, and other countries.
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