Binance, the world’s largest cryptocurrency exchange by trading volume, has responded to the warning issued by the South African Financial Sector Conduct Authority (FSCA) to the general public regarding its legal status in the country. As highlighted in a previous report by Coingape, the FSCA joined the long list of regulators to issue a warning against the Binance crypto exchange, alleging that the trading platform is not authorized to give any financial advice or render any other intermediary services.
The FSCA claimed that the exchange was operating under the Binance Group as an international company situated in Seychelles. The financial watchdog noted that the trading platform runs a telegram group through which “members of the South African public can join to gain access to their cryptocurrency exchange platform.”
Binance has come to set the records straight that it does not operate any Binance.com subsidiary with the name Binance Group that operates from Seychelles. The exchange urged the public to be mindful of scammers with the tendency to impersonate the exchange. Binance also highlighted that though it operates a Telegram group for its South African customers, that the group is not to offer Finance Advice as alleged, rather, it is to promote blockchain education and community announcements.
1/4 We are aware of the notice published by the South Africa FSCA on September 3 and we can confirm that https://t.co/PbdKFkGVOe does not provide financial advice or render any intermediary services. Also, we do not have an entity called “Binance Group” in Seychelles.
— Binance Africa (@BinanceAfrica) September 3, 2021
“We are aware of the notice published by the South Africa FSCA on September 3 and we can confirm that http://Binance.com does not provide financial advice or render any intermediary services. Also, we do not have an entity called “Binance Group” in Seychelles,” the exchange said in the tweet, adding “Binance Group’ is not a http://Binance.com entity, please be mindful of scammers pretending to be associated with http://Binance.com.”
Turning the Odds in its Favor
There is a lot of FUD surrounding the Binance trading platform with respect to concerns shared by regulatory bodies around the world. Prior to this time, the exchange has been flagged by authorities in Singapore, Malaysia, Hong Kong, and Germany amongst others. The exchange has noted its willingness to work with all regional regulators to address the concerns they all have about the exchange’s operations.
The response to the South African FSCA is one of such steps to turn the odds in its favor. Per an earlier Coingape report, the United Kingdom’s Financial Conduct Authority (FCA) which earlier proscribed the exchange’s activities came out to announce that its regulatory requirements have been met. While Binance is still awaiting clearance to resume its operations in the UK, it hopes to pursue similar tracks with other regulators around the world.
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