{"id":50885,"date":"2021-10-08T14:15:34","date_gmt":"2021-10-08T11:15:34","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50885"},"modified":"2025-09-02T20:42:24","modified_gmt":"2025-09-02T17:42:24","slug":"binance-imposes-restrictions-on-south-african-users","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-imposes-restrictions-on-south-african-users\/","title":{"rendered":"Binance imposes restrictions on South African users"},"content":{"rendered":"

The Bitcoin exchange Binance closed<\/a> access for South Africa<\/span> users to margin trading, leveraged tokens, and also cryptocurrency derivatives (futures and options). The company said the move was to comply with local law.<\/p>\n

Users were barred from opening new accounts for these products. Clients were given 90 days to close positions \u2014 on 6 January 2022 they would be liquidated automatically.<\/p>\n

In early September, the Financial Sector Conduct Authority of South Africa urged investors to exercise ‘prudence and vigilance’<\/a> when dealing with Binance. The regulator noted that the company is not authorised to provide financial advice and intermediary services in the country.<\/p>\n

Earlier, cryptocurrency exchange Binance imposed restrictions<\/a> for users from Singapore. In September MAS<\/span> included the platform in Investors’ Alert List<\/a>.<\/p>\n

Over the past several months, financial regulators in a number of countries, including the United Kingdom, the Netherlands, Italy, Poland, Japan, Thailand, Hong Kong, and a number of others, issued warnings to investors about the exchange’s activities.<\/p>\n

Against this backdrop, CEO Changpeng Zhao published an open letter<\/a>, in which he set out the company’s plans to ensure regulatory compliance and protect clients.<\/p>\n

In September, Binance’s CEO said the platform would abandon a ‘decentralized’ business model. He said such governance would hinder regulators’ approval in jurisdictions with stringent licensing regimes.<\/p>\n

In a recent talk with Reuters<\/a>, Zhao noted that the company would establish a number of global headquarters around the world, including in Ireland. In September Binance registered three ‘subsidiaries’ in the country.<\/p>\n

As previously reported, the Bitcoin exchange hired former IRS<\/span> Tigran Gambaryan as the company’s vice president of global intelligence and investigations.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin exchange Binance closed access for South African users to margin trading, leveraged tokens, and futures and options. The company said the move was to comply with local law.<\/p>\n","protected":false},"author":1,"featured_media":50886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1839],"class_list":["post-50885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-south-africa"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=50885"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50885\/revisions"}],"predecessor-version":[{"id":50887,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50885\/revisions\/50887"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/50886"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=50885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=50885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=50885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}