FSCA warns South Africans against using Binance

SureThing

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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

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"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
 

SureThing

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"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
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

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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.
You lost me. Are you suggesting that Binance should register in SA?
 

SureThing

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You lost me. Are you suggesting that Binance should register in SA?
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.
 

acidrain

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What is it with this witch hunt against Binance.

FSCA, what about Bitmex and the hoard of other exchanges that offer leveraging.
 
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AirWolf

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Is the FCSA paying everyone that lost money with the SA exchanges that went bust? Or are they yet to take their finger out?
 

neoprema

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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.
 

NarrowBandFtw

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Lol Binance is the biggest Crypto exchange in the world. The FSCA is retarded.
well the FSCA and ...

the US in general:

the UK:

Singapore:

Malaysia:

Italy:

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
 

Arthur

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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.
 

Goolabjumbo

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Aug 19, 2019
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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.
 

marine1

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Anyone else trying to buy on Binance and it says ZAR payments suspended?
 
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