“Beware of Binance,” says regulator in South Africa

A statement to the local market was issued this Friday (3): Binance is no longer authorized to operate in South Africa and the country’s regulator asks the population to be careful with the platform.

The new recommendation draws the attention of the world community for being made by the first African country, a region that has shown promise for the adoption of cryptocurrencies.

in just three days In September, two countries have already closed the doors of Binance. Last Thursday (2), Singapore had made a weighting against the broker, which started to appear on a watch list.

It is noteworthy that both countries that issued alerts are testing their national digital currencies.

Binance is no longer authorized to operate in South Africa and regulator calls for care from the population, says regulator

According to information South Africa received from the Financial Sector Conduct Authority (FSCA), the brokerage house would have a headquarters in the Seychelles Islands, in the Indian Ocean, and would be operating illegally in the country.

Thus, South Africa was the first country on the African continent to ask that your population beware of Binance Group.

“The Financial Sector Conduct Authority (FSCA) advises the public to be cautious and vigilant when dealing with the BINANCE GROUP, as it is not authorized to give any financial advice or provide any intermediary services under the Financial Advisory and Services Law 2002 Intermediaries (FAIS Act) in South Africa.”

In addition to asking for caution, the FSCA also declared that a group did not telegram of Binance investors would be illegally operating, offering financial products to the local population.

Communication informed that cryptocurrencies are not regulated

Today, when issuing the warning against Binance, South Africa’s financial authority still declared that cryptocurrencies are not regulated in the country, a situation that, in the view of FSCA, poses risks to people.

“The FSCA would like to warn that, in addition to this entity not being authorized to provide any financial services or businesses, investments related to cryptocurrencies are not regulated by the FSCA or any other body in South Africa.”

What stands out in these alerts is that, both Singapore and South Africa have released the information that they are testing their versions of digital coins.

With all the current news, the scenario continues to show that Binance’s operations are unlikely to find any ease with regulators in the coming months.