Singapore and South Africa’s latest countries warn against using cryptocurrency exchange Binance – Regulating Bitcoin News

The list of regulators that warned Binance to operate illegally within its jurisdiction continues to increase. The authorities of Singapore and South Africa have become the latest agencies to warn that global cryptocurrency exchanges may violate local laws.

South African Financial Industry Conduct Authority issues warning to Binance

The South African financial regulator issued a notice on Binance on Friday, stating:

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Binance Group, because under the 2002 Financial Advisory and Intermediary Services Act (FAIS), they are not authorized to provide any financial advice or provide any intermediary services . Act) in South Africa.

The notice described Binance Group as “an international company based in Seychelles that has a telegram group that the South African public can join to access its cryptocurrency trading platform.”

In addition, the regulator pointed out that “encryption-related investments are currently not regulated by the FSCA or any other agency in South Africa.”

The Monetary Authority of Singapore (MAS) informs Binance to stop providing payment services

Binance is also in trouble in Singapore. The Monetary Authority of Singapore (MAS), the country’s central bank overseeing the country’s cryptocurrency industry, issued a statement on Binance on Thursday, stating:

MAS has reviewed the operation of Binance.com and believes that Binance.com’s operator, Binance, may have violated the Payment Services Act.

The central bank added: “Binance must stop providing payment services to Singapore residents…and stop soliciting such businesses from Singapore residents.”

MAS also included Binance.com on its investor alert list, warning consumers that the company has no right to provide any payment services in Singapore. Binance Asia Services (BAS), the independent entity that operates Binance.sg, has applied for a license from the central bank.

Last week, Binance announced employment A former regulator serves as the new CEO of its Singapore business. Binance stated that its goal is to become a “leader in regulatory compliance” as it turned to a financial services company.

Global cryptocurrency exchanges have recently become the focus of many regulators, including those in the United Kingdom, the Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, and Lithuania. They claim that Binance operates without authorization within its jurisdiction.

What do you think of all these regulators’ warnings about Binance’s unauthorized operations? Tell us in the comments section below.

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