Binance responds to the South African regulator and refutes its statements
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Answer Binance responds to the South African regulator and refutes its statements
Binance, the world’s largest cryptocurrency exchange by trading volume, has responded to the warning issued by the South African Financial Sector Monitoring Authority (FSCA).
The authority had previously warned the general public about the legal status of Binance in the country.
The FSCA has joined the long list of regulators warning of Binance, claiming that the trading platform is not authorized to provide any financial advice or provide any other brokerage services.
The FSCA claimed that Binance was operating under the Binance Group as an international company located in the Seychelles.
But the FSA noted that the trading platform runs a Telegram group through which South African users can join and access their crypto exchange.
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Binance’s response:
Binance has been putting the spotlight on the letter, telling it that it does not operate any Binance.com subsidiary called “Binance Group” that operates out of Seychelles.
1/4 We are aware of the notice published by the FSCA of South Africa on 3 September and we can confirm it It does not provide financial advice or provide any intermediary services. Also, we do not have an entity called “Binance Group” in Seychelles.
– Binance Africa (BinanceAfrica) September 3, 2021
Binance urges users to watch out for scammers who tend to impersonate Binance.
Binance also highlighted that although it operates a Telegram group for its South African clients, the group will not provide financial advice as it is claimed, but rather aims to promote blockchain education.
Binance is trying to turn things around.
There is a lot of skepticism surrounding the Binance trading platform regarding the concerns shared by regulators around the world.
Binance has previously been flagged by authorities in Singapore, Malaysia, Hong Kong, Germany, and others.
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Binance has indicated its willingness to work with all regional regulators to address the concerns they all have about the platform’s business.
The response to the FSCA in South Africa is one such move to turn things around in its favour.
Binance wants to repeat what happened with the UK’s Financial Conduct Authority (FCA) which earlier banned Binance’s activities, only to announce that its regulatory requirements have been met by Binance.
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