South African regulators welcomes Binance to stop offerings
The regulators of South Africa appreciated the decision of the Binance exchange to follow the response of the advisory consult of FSCA.
We reported previously, Binance announced to stop their offerings for the citizens of South Africa in order to comply with the rules and regulations of the regulators.
Through the announcement, Binance decided that it will stop new account registration for the South African users and also ordered to close the trading positions within 90 days.
Related: Binance halted futures & options products for South African users
Now, in the latest, the South African regulator, the Financial Sector Conduct Authority (FSCA) released a notice regarding this matter and other crypto related guidance for the crypto investors of South Africa.
Through the released notification, FSCA said that they welcome the decision & response of the Binance exchange over the advisory consultation on the unregulated crypto exchange.
So this indicates that the sudden responsive decision of the Binance exchange against the suggestions & indications of the regulators, made Binance exchange an ideal exchange and there are chances that regulators may further establish some kind of legal formalities to enable the operations of Binance exchange in South Africa as a regulated crypto exchange, well all will be matter of chances and all will depend upon time, whether such initiatives of the Binance exchange to follow the guidelines of the regulators rapidly will bring any kind of positive and supported response or not.
Through the associated statement in the same press release, FSCA further warned the crypto investors that all crypto Investors should take care about their choice of the right platform to invest their fund. And avoid unregulated crypto Exchange use. They can confirm through the toll free numbers or by visiting the website directly.
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