The Financial Sector Conduct Authority (FSCA) of South Africa is the latest regulator to warn the populace against the use of Binance stating the exchange is not authorized to operate in the country.
Binance Group, an “international firm” based in Seychelles, was not authorized to provide financial services in the country, according to a statement issued by the FSCA on Friday. Binance is based in both the Cayman Islands and Seychelles.
South Africans were allegedly utilizing a Telegram group to acquire access to Binance’s crypto exchange services in the country, according to the FSCA.
The financial authority also cautioned South Africans that crypto investments are not regulated in the nation, in addition to the warning against using Binance.
As a result, if something goes wrong, you’ll be unlikely to get your money back and have no recourse against anyone, according to the FSCA statement.
The FSCA also advised the general public in South Africa to check the registration status of financial and investment businesses before doing business with them.
The FSCA’s announcement is only the latest in a slew of warnings and outright prohibitions issued by financial regulatory bodies throughout the world.
The Singapore Monetary Authority ordered Binance to halt offering services in the country on Thursday due to a probable violation of payment regulations.
Binance was accused of operating unlawfully by the Dutch central bank in August. Regulators in Italy, Japan, Thailand, the United States, and the United Kingdom, to name a few, have been closely watching the crypto exchange behemoth.
For its part, Binance has stated that it is prepared to work with regulators and has even implemented a strict identity verification process for all users.
