The South African regulatory authority welcomes Binance's decision to hire certain services in the country - regulation
The South African regulatory authority welcomes Binance's decision to hire certain services in the country - regulation
A South African regulatory authority, the Financial Sector Conduct Authority (FSCA), welcomes the decision of Binance not to offer South Africans some of their services.
productive consultations
In a statement , the FSCA proposed that the cryptocurrency exchange was moved after "productive consultations" led to the regulatory authority. As before from Bitcoin.com News Gab Binance announced that it canceled some of its services in South Africa, to comply with the regulations.
In its first warning, the Binance caused action, the FSCA claimed that the crypto tour had violated certain laws of the financial sector, including the Financial Markets Act (FMA) and the Financial Advisory and Intermediary Services Act from 2002 (FAIS Act).
Therefore, binance informed as part of the corrective measures requested by the FSCA on October 8, South African residents that they cannot open new accounts for trading with derivatives. At the same time, the stock exchange informed all the owners of existing accounts that are currently dealing with derivatives that they have to be closed within 90 days of the announcement.
South Africans warned of investments in unregulated platforms
In the meantime, the FSCA in the same press release again warns the South Africans of the dangers of investments about non -regulated companies. The statement explains:Once again, the FSCA warns the public to consider transactions on the derivative market, only to do this with a properly registered financial service provider.
The regulatory authority also advised potential investors to check the status of a service provider by calling its fee -free number or visiting a website.
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