The Financial Sector Conduct Authority (FSCA) in South Africa has urged local investors to exercise ‘caution and vigilance’ when dealing with the cryptocurrency exchange Binance.
According to the notice, the company is not authorised to provide financial advisory or intermediary services under local law.
“The FSCA would like to warn that … investments related to cryptocurrencies are currently not regulated by the FSCA or any other body in South Africa,” the Authority stressed.
Investors were urged to check whether a legal or natural person is registered with the FSCA to provide advisory or financial services.
Earlier, the Monetary Authority of Singapore included the cryptocurrency exchange in the Investor Alert List. The regulator noted that it does not supervise the company’s activities.
In June, the UK Financial Conduct Authority banned Binance Markets Limited from any regulated activity in the country without prior written approval.
Cayman Islands began a probe into the exchange’s operations, Thailand andHong Kong accused the company of activity without a license, Japan issued another warning.
Polish regulators warned consumers about the risks of interacting with the platform, and Italy and Malta — about Binance’s unregulated activity.
At the end of July Malaysian Securities Commission announced enforcement actions against the trading platform for “illegal operation of a digital asset exchange”.
In August, the Dutch Central Bank stated that Binance lacked registration to provide services in the country.
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