Crypto Exchange Binance hires some services in South Africa according to the regulatory authority - Exchanges
Crypto Exchange Binance hires some services in South Africa according to the regulatory authority - Exchanges
Binance has announced that some services in South Africa have been stopped to comply with the regulations. This step followed a warning from the South African financial supervisory authority that the Binance Group was not authorized to issue financial advice in the state or to provide mediation services.
Binance sets some services in South Africa
The cryptocurrency exchange Binance announced some changes to their offers in South Africa on Friday. With the statement that it "constantly evaluates its product and service offers to meet local regulations," said Binance that the offer of futures, options, margin and leveraged token products for South African users will be "set". The company added:
From now on, South African users are prohibited from opening new accounts for these products. Users have 90 days to reduce and close their positions for these products.
The stock exchange continued: "Users can charge margin credit to prevent margin calls and liquidations, but they cannot increase or open new positions." In addition, users can no longer manually reduce or close their positions after January 6, 2022, 11:59 p.m. (UTC). After that, all remaining open positions are closed. ”
This announcement followed A WARNING The South African financial supervisory authority was at the beginning of September Financial Sector Conduct Authority (FSCA) published.
The FSCA warned the public that the Binance Group was not authorized to provide financial advice or mediation services in the sense of the Financial Advisory and Intermediary Services Act 2002 (FAIS ACT) in South Africa. According to the FSCA, Binance A statement that "binance.com does not provide financial advice or placement services".
Supervisory authorities in many jurisdiction worldwide have taken a closer look at Binance, including in the UK, the Netherlands, Singapore, Hong Kong, Malaysia, Thailand, Lithuania, Italy and Canada. US authorities also investigate binance for possible market manipulation and insider trade.
What do you think that Binance will hire some offers in South Africa? Let us know in the comment area below.
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