South African Regulator Issues Warning About Binance

South African Regulator Issues Warning About Binance

In its Friday press release, the Financial Sector Conduct Authority (FSCA), South Africa's key financial regulator, urged the general public to exercise caution and vigilance when dealing with Binance Group.It states that the Seychelles-based entity is unauthorized, which means that it is not allowed to provide any intermediary financial services in the country.The watchdog adds that cryptocurrencies remain unregulated in South Africa, warning investors that they could lose their money if "something goes wrong."Prior to the warning, South African bank Absa reportedly blocked its customers from sending payments to Binance via exchanges in early August. It claimed that it prohibited buying digital assets due to local exchange control regulations.

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