FSCA warns South Africans against using Binance

SauRoNZA said:
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.
Click to expand...
How are they protecting citizens?
How did they help with the 2 SA exchanges that went bust?
 
AirWolf said:
How are they protecting citizens?
How did they help with the 2 SA exchanges that went bust?
Click to expand...

If anything they are taking this harder line because of the 2 SA exchanges that went bust.

It’s all about informing people of potential risks.

Did either of those two follow any regulation and/or registration protocols either?
 
SauRoNZA said:
If anything they are taking this harder line because of the 2 SA exchanges that went bust.

It’s all about informing people of potential risks.

Did either of those two follow any regulation and/or registration protocols either?
Click to expand...
There arnt any where crypto are concerned...
 
Snyper564 said:
There arnt any where crypto are concerned...
Click to expand...

There aren’t any specific to crypto yet, but there are many related to businesses as a whole.

Besides it’s all in the pipeline for crypto too.

Binance wants to do it kind of like Netflix where they don’t register a local entity and want to skip tax etc because they are an international company operating elsewhere and only serving here.

Makes perfect sense the FSCA is calling that dodgy.
 
neoprema said:
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.
Click to expand...
This point seems to have been completely missed by just about everyone commenting here. Certainly the FSCA has many of the failings that have been mentioned. However, the fact that regulators of other countries with very much bigger, better funded and with more experienced staff than FSCA are worried by Binance must mean something. The fact FSCA follows the bigger guys is to be commended rather than criticized.
 
marine1 said:
What is swift?
Click to expand...
International eft is a swift, it carries hefty bank charges of 200 to 1.2k a pop so don't do it for 500 rand for example. It is 100% legal and allowed by sarb and sars.

May as well use kraken then and send euro usually same day clearing.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X