On September 3, South African financial regulatory body, the Financial Sector Conduct Authority (FSCA) urged people against leading crypto exchange operator Binance. The press release, published by the authority, says Binance doesn’t have permission to offer advisory or intermediary services in the country.
Related: Binance users to be required to undergo mandatory verificationRecently, Binance Africa published an ad announcing chances for weekly prizes while trading on the P2P platform. This caught the attention of the regulatory body.
Binance’s answer to this was that the main regulator of South Africa is Financial Intelligence Centre (FIC) and it has been working to be in compliance with the local rules. The company also emphasized that it doesn't provide advice or intermediary services as said by FSCA.
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
Earlier, on September 2, the Money Authority of Singapore listed Binance.com on its Investor Alert List.
Regulatory scrutiny against Binance continues. The company has faced warnings from the UK, Italy, Germany, the US, Japan, Canada, Thailand, Hong Kong, and Poland. Talking about crackdowns, Binance founder and CEO Changpeng Zhao (CZ) says the company has been working to be compliant with laws of countries where it operates.