Financial Sector Conduct Authority (FSCA) of South Africa warns South African users in a statement issued on Friday to be cautious when using Binance, noting that the global cryptocurrency exchange company is illegally operating in it’s jurisdiction.
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The South African financial institutions regulator, made public a notice about Binance stating:
” The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Binance Group as they are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.”
The notice describes Binance Group as “an international company situated in the Seychelles which has a telegram group that members of the South African public can join to gain access to their cryptocurrency exchange platform.”
Furthermore, the regulator noted that “Crypto-related investments are currently not regulated by the FSCA or any other body in South Africa.”
The list of regulators warning that Binance is illegally operating in their jurisdictions continues to grow. The authorities in South Africa have become the latest to warn that the global cryptocurrency exchange may be in breach of their local laws.