South African Regulator Explained why they Issues Warning Over Binance

The regulators of South Africa added their final words about why they added Binance exchange in the list of investors warning list.

Recently we covered a news article about Binance Exchange where we reported that Exchange is under the investor Warning list of the South African regulators. But at that time regulators didn’t say the reason why they raised their issues against Binance.

Related: Singapore’s Regulatory Authority Puts on Investor Alert List

South Africa’s Financial Sector Conduct Authority said that Binance exchange, which faced huge scrutiny issues in the last few months, is not authorized to give advice or any kind of services in the country. 

And also, Binance didn’t provide any kind of the information of their Business or financial service related information. And they are fully unauthorised because they have no approval from any regulatory body of S. Africa. 

In this way, Binance related all the services are not authorised and in that situation if any citizen of S. Africa will face loss under any kind of Investment on Binance exchange then FSCA can’t do anything. That is why FSCA listed Binance exchange in the investor warning list. 

Well here this warning will not impact on the operation of the Binance’s services because Binance is already giving their crypto services under full regulation in S. Africa with the other affiliated and fully independent exchange.

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