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South Africa regulator comes for Binance, warns public against exchange

TL;DR

TL;DR Breakdown

  • South Africa FSCA says Binance operates illegally in the country.
  • FSCA warns South Africans to steer clear of Binance.
  • Biance resolved to working closely with regulators to end incessant crackdown it experiences.

South Africa is the latest country to crack down on the number one crypto exchange, Binance.

In a statement issued on Friday, the country’s Financial Sector Conduct Authority (FSCA) warned South Africans against having anything to do with the crypto exchange.

The FSCA, in the statement, noted that Binance Group had no license to operate or render any financial service in the country.

FSCA warned against locals accessing services of the crypto exchange through a telegram group. South Africa warned that crypto investments are not regulated in the country, reminding investors of the risk. “if something goes wrong, you’re unlikely to get your money back and will have no recourse against anyone,” the FSCA statement read.

The FSCA further urged South Africans to confirm the registration status of financial firms in the country before investing or doing any business with them.

FSCA statement on Friday is just the latest in a series of warnings and outright bans against Binance by financial regulatory authorities in several jurisdictions.

Before South Africa, Binance and government crackdown

Before South Africa’s statement against Binance, Singapore came for the exchange on Thursday.

The Monetary Authority of Singapore ordered Binance to stop offering services in the country over a potential infringement on payment regulations.

Previously, it was the Dutch Central Bank that alleged that Binance was operating illegally in the country. Other countries, including the United Kingdom, Japan, Thailand, and South Korea, have also crackdown on the number one crypto exchange.

Binance, in response to all the crackdown, has expressed willingness to work alongside regulators to ensure it complied with all laws and end the incessant crackdown it faced.

Changpeng Zhao, Binance CEO, on several occasions, has said he is ready to step down as CEO, preferably for a regulatory professional to help the exchange get in the good books of regulators globally.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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