South Africa Don't Mind Binance Terminating Part Of Its Operations

2021-10-18 22:06:35
South Africa Is Against Binance

The Financial Sector Conduct Authority (FSCA) of South Africa, salutes the decision by Binance to terminate some of its services to South African citizens. More specifically, in an official statement, the FSCA reveals that after long and ‘productive consultations, Binance decided to cease offering some of its services. Consequently, Binance confirms that the termination is a part of the regulatory compliance, imposed by the FSCA.

According to the FSCA, the biggest reason for the drastic measures for Binance is the violation of several South African financial laws. In particular, the FSCA accuses Binance of breaching both the Financial Market Act (FMA) and the Financial Advisory and Intermediary Services Act of 2020 (FAIS).

 

As a result, the FSCA demanded Binance conduct certain corrections in their offer. In direct relation to this news, on the 8th of October Binance announced a complete change in approach. Particularly, that South African citizens won’t be able to open accounts or conduct derivatives trading. Moreover, as part of the regulatory compliance, existing users have 90 days to close their accounts, from the moment of notice.

Regulators Against Binance

The news about Binance being in the cross hairs of quite a few countries is nothing new. Especially if you are familiar that Binance already did something similar in Singapore and Australia. And with several European countries in line as well, it seems like the troubles are just beginning

That is why the FSCA kept a close eye on Binance. And consequently, why they ‘forced’ Binance to terminate the majority of its services in South Africa. The FSCA even went on to advise its citizens from using unregulated operators for trading crypto. Which, unfortunately, is the same category as to where they put Binance.

Once again, the FSCA cautions the public that should they consider derivative market transactions, then only do so with a properly registered Financial Services Provider.FSCA | Official Statement

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