FSCA warns South Africans against using Binance

Isnt it because Binance is not registered as Authorized investment or Exchange in SA? There were once too many foreign entities that sold their products to SA's and somewhere down the line investors were left stranded when things went south.
 
Little Mac said:
"In a statement issued on Friday, the FSCA said that Binance is not authorised to give any financial advice or render intermediary services in South Africa."

Had no idea Binance was in the business of offering advice lol
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If not advice then intermediary services is the least they can do to registered in SA. Thats not too much to ask for to protect investors.
 
Little Mac said:
You lost me. Are you suggesting that Binance should register in SA?
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For any foreign financial institution to operate,.market, trade in a particular jurisdiction, the foreign financial institution should in effect register with the local regulatory body to officially operate in that country. Its a means of protecting its citizens. Its also part of risk mitigation, a recourse mechanism for its citizens
..this is common practice in all soveriagn countries. Whether one argues for against this approach is left for another discussion but that is why warnings of this nature has been issued and its directly related to the high risk speculative nature of crypto currency. If and when something does go wrong and nothing was proposed or done by the regualory authority then we have an outcry of how useless our regulatory body is. A question to be answered is in which country is Binance officially registered, as a financial institution? In that jurisdiction you may not find any warnings issued, similarly you will not find warnings issued of lets say Altrisktrader in this country either. I conclude that I dont have a problem with the FSCA doing what they doing...its the right thing to do....you still have a choice in the matter but remember you will need face the consequences either way.
 
What is it with this witch hunt against Binance.

FSCA, what about Bitmex and the hoard of other exchanges that offer leveraging.
 
Seems other countries are also after Binance. Cryptocurrency has long been the target of governments and will continue to be because it goes against the institution they've built. Whether or not that's a good or a bad thing remains to be seen, but it is the reason they don't like it.
 
backstreetboy said:
Lol Binance is the biggest Crypto exchange in the world. The FSCA is retarded.
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well the FSCA and ...

the US in general:
several.com

Binance US Ban and Its Impact on Crypto Users and Markets | Several.com

Explore Binance’s U.S. ban and its legal and market implications for investors. Read on to explore solutions, including VPNs and alternative platforms.
several.com several.com

the UK:
www.cnbc.com

Binance, the world's largest cryptocurrency exchange, gets banned by UK regulator

Britain's Financial Conduct Authority said that Binance Markets Limited "is not permitted to undertake any regulated activity in the U.K."
www.cnbc.com www.cnbc.com

Singapore:
www.thestar.com.my

Singapore orders crypto exchange platform Binance.com to stop payment services

SINGAPORE (The Straits Times/Asia News Network): The Monetary Authority of Singapore (MAS) has ordered Binance to stop providing payment services in Singapore and to cease soliciting business from Singapore residents.
www.thestar.com.my www.thestar.com.my

Malaysia:
cointelegraph.com

Binance banned in Malaysia, given 14 days notice to shut down operations

Binance has 14 business days from Tuesday to comply with the order that includes disabling its website and mobile apps, as well as discontinuing any media campaign for its services in the country.
cointelegraph.com cointelegraph.com

Italy:
www.reuters.com

Crypto exchange Binance unauthorised, says Italian regulator, as crackdown widens

Major cryptocurrency exchange Binance is not authorised to carry out activities in Italy, the country's market watchdog said on Thursday, joining a string of global regulatory moves against the platform.
www.reuters.com www.reuters.com

all of them retarded? fact is Binance got to be the biggest by skirting the law in almost every country they operate in, seems like that strategy is biting them now, years later
 
Yes, all retarded.
The problem isn't Binance. It's the authoritarian spirit infecting governments and central banks who brook no opposition or independence from the State.
 
These regulatory bodies are FOMO’ing because there is big money in crypto and they missed the boat to catch up to this space. It’s one reason why crypto regulations needs to be WELL thought out before attempting any sort of regulation. If they can’t figure it out then leave it alone but they won’t cos MONEY. You cannot control/regulate crypto with a centralised mindset system.
 
Arthur said:
Yes, all retarded.
The problem isn't Binance. It's the authoritarian spirit infecting governments and central banks who brook no opposition or independence from the State.
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their strategy is the problem, you either go full decentralized and become immune to regulators, or you dance to their tune, there is no in-between, yet Binance went all in on that in-between
 
backstreetboy said:
Lol Binance is the biggest Crypto exchange in the world. The FSCA is retarded.
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Size is kind of irrelevant if the way they operate is a little bit dodgy.

And the way they operate is in fact a little bit dodgy.

Nothing is stopping them from playing along and getting the necessary approvals and registrations in place but they choose not to do so.

All the big exchange stuff means nothing in the face of that. And if anything they are probably bigger and cheaper for skirting the law on technicalities like this.

FSCA is 100% correct to call them out and protect their citizens like this.
 
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