The crypto exchange responded that it has definitely been working with localized regulators in South Africa and is currently not offering any sort of financial advisory service or negotiation services to people.
Binance issued an official response recently claiming that they had been working with South Africa’s financial intelligence centre, which is supposed to be the primary regulator, in order to be fully compliant and respect the laws and regulations for operating in the region. Binance stated that the FSCA wasn’t the one that has the power to regulate crypto-based services and operations in South Africa. Binance also responded to the accusations that the people of South Africa were using the Binance telegram to gain access to services provided by the exchange by saying that the people of the community were just there to support education facilitations regarding blockchain technology and were not involved in any sort of financial advisory or other services.
Binance has also asked the FSCA to be more transparent and make things clear about the warnings that they issued on the 3rd of September so that the situation involving any kind of concerns related to Binance can be dealt with.
Regulators’ Stance
The FSCA had apparently also given a warning to the people of South Africa about being careful while using the Binance exchange, marking the exchange as ‘Caution’. Crypto policies in South Africa have been sort of vague, but now the regulators have announced that they will be taking a closer look at digital assets again and will soon let you know where they stand. The fintech group operating in the region stated back in July that they will be involved in the properly structured regulations about crypto assets in the region. The FSCA is still in a very weird state because they have been referring to several cryptocurrency-related scams and other financial dangers in order to boost a stricter level of regulations. Many countries including, Japan, Canada, Germany, the UK and recently Singapore, around the world have been targeting Binance, stating that the crypto-exchange has not been showing compliance to the respective regulations set by the regions, marking Binance operations as illegal and also locking their authorizations to operate.
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