September 19, 2021

South Africa’s Markets Regulator Becomes The Latest To Crack Down On Binance – Converted Organics (COIN)

South Africa’s financial watchdog is the latest financial markets regulator to issue a public warning against the crypto exchange Binance.

What Happened: The Financial Sector Conduct Authority (FCSA) issued a press release on Friday warning the public to be cautious when dealing with the Binance Group.

The regulator also declared that the entity was “not authorised to give any financial advice or render any intermediary services” in the country as per the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.

“If something goes wrong, you’re unlikely to get your money back and will have no recourse against anyone,” stated the FCSA.

As of this week, Binance has also been barred from operations in Singapore. The Monetary Authority of Singapore (MAS) ordered the exchange to stop providing payment services in Singapore and to cease…

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