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Binance Responds to Accusations Made by South African Authorities

The exchange of bitcoin (BTC) and other cryptocurrencies, Binance, has been the subject of accusations by the authorities of several countries, either for not having their authorization to operate or for offering products such as futures trading, among others.

In that sense, the responses from Binance after the accusations are usually scarce or in some cases there are none, but, surprisingly, the exchange responded forcefully to the accusations made by the Financial Sector Conduct Authority of South Africa (FSCA).

The body said that users should be “cautious and attentive” when dealing with Binance Group, since they “are not authorized to give any advice”, nor can they “provide financial services or business” with cryptocurrencies, according to the statement that it was published days ago.

They recalled that in South Africa crypto-asset-related investments are currently not regulated by the FSCA or any other body in South Africa.

They also indicated that they received information that Binance Group was an international company located in the Seychelles islands and also that the exchange has a group on Telegram that people can join to gain access to its cryptocurrency exchange platform.

“If something goes wrong, you are unlikely to get your money back and you will have no recourse against anyone. Members of the public should always verify that an entity or individual is registered with the FSCA to provide financial advisory and intermediary services, ”the body warned.

Binance gave a forceful response

Binance’s response to the document of the South African body was immediate and on the same day of its publication, from the Twitter account of Binance Africa I know they released several messages in defense of the company’s work in that country.

One of those tweets indicated that Binance.com “does not provide financial advice or intermediation services” in the African country and denied that they are located in the Seychelles, as stated by the FSCA.

They confirmed to have an “official community” on Binance SA Telegram that promotes blockchain, ads educational and community but “it is not intended to provide any financial advice,” they explained.

Binance reported that they do not give financial advice, they only promote the use of blockchains and educational advertisements. Source: elements.envato.

Regarding the scams, Binance Africa denied that “Binance Group” belongs to Binance. “Please note that scammers pretend to be associated with http://Binance.com.”

In addition, they warn that scammers “can impersonate Binance’s Customer Service team and communicate with you outside of our official channels.”

Finally, they highlighted that the support staff will never ask users to reveal confidential information, or send money to any address for any reason.

Binance under the gaze of regulators

The cryptocurrency exchange platform has had clashes with various regulatory bodies in other parts of the world, just as it happened in South Africa.

One such case is located in the United Kingdom, where Binance was banned offer certain regulated financial products under the orbit of the British regulator, as reported by CriptoNoticias.

At the beginning of July, this media reported that the exchange house was also facing regulatory difficulties in several countrieslike Singapore, Thailand, Cayman Islands, Japan and Malaysia. Then Italy, China and more recently Chile joined.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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