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Binance replies to warning published by South African financial regulators

binance-replies-to-warning-published-by-south-african-financial-regulators

Binance has responded to a warning from the South African Financial Sector Conduct Authority (FSCA). Users were warned by the regulator to be careful when using the cryptocurrency exchange.

The FSCA warned consumers that interacted with Binance on Telegram

In a notice published on September 3, 2021, the South African Financial Services Regulatory Authority (FSCA) warned consumers who interacted with “Binance Group” via their Telegram channel. The FSCA stated that consumers gained access to the cryptocurrency trading platform through this Telegram group.

The financial regulator explains in the warning that no such company is established in Seychelles and is not authorized to provide financial or intermediary services to the South African public under the Financial Advisory and Intermediary Services Act, 2002. The FSCA also warned Binance customers that cryptocurrencies in South Africa are unregulated, and therefore it is unlikely for them to get their money back if something goes wrong.

Binance came up with a response to the warning of the FSCA

In response to the warning, Binance replied in a Twitter thread stating that it does not offer financial advice, does not provide brokerage services, and does not even have an entity called “Binance Group” in Seychelles. The response added that the exchange’s official, moderated Binance SA Telegram Group, which promotes blockchain education, does not provide financial advice and has no intention of doing so.

Binance also points out in the Twitter thread that scammers are posing as company representatives and claims that the “Binance Group” is a fake entity and not associated with Binance.

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