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The Financial Sector Conduct Authority (FSCA), the South African financial watchdog has joined the long list of regulators to issue a warning against the BINANCE crypto exchange. In a public notice dated September 3, the FSCA called for caution among traders when dealing with the crypto entity as it has not been authorized by them to offer any services.
The official notice read,
The FSCA received information that BINANCE GROUP, an international company situated in the Seychelles which has a telegram group that members of the South African public can join to gain access to their cryptocurrency exchange platform. The FSCA would like to caution that in addition to this entity not being authorized to provide any financial services or business, crypto-related investments are currently not regulated by the FSCA or any other body in South Africa. As a result, if something goes wrong, you’re unlikely to get your money back and will have no recourse against anyone.
The warning from FSCA comes just a day after Singapore’s regulatory watchdog MAS put Binance.com on the investor alert list.
This story is being updated
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