Bitcoin Crypto
    • News
      • Quick Guide
      • Bitcoin Chart
    • Analysis
    • PRICE
    • Technology
    • Blockchain
    • Investing
    • Regulation
    Bitcoin Crypto
    Home»News»Singapore, South Africa Latest Countries to Warn Against Crypto Exchange Binance
    Singapore, South Africa Latest Countries to Warn Against Crypto Exchange Binance
    News

    Singapore, South Africa Latest Countries to Warn Against Crypto Exchange Binance

    September 4, 2021No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The list of regulators warning that Binance is illegally operating in their jurisdictions continues to grow. The authorities in Singapore and South Africa have become the latest to warn that the global cryptocurrency exchange may be in breach of their local laws.

    South Africa’s Financial Sector Conduct Authority Warns Against Binance

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

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

    The notice describes Binance Group as “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.”

    Furthermore, the regulator noted that “Crypto-related investments are currently not regulated by the FSCA or any other body in South Africa.”

    The Monetary Authority of Singapore (MAS) Tells Binance to Cease Providing Payment Services

    Binance is also in trouble in Singapore. The Monetary Authority of Singapore (MAS), the country’s central bank that oversees the crypto sector in the country, issued a statement Thursday about Binance, stating:

    MAS has reviewed Binance.com’s operations and is of the view that Binance, the operator of Binance.com, may be in breach of the Payment Services Act.

    The central bank added: “Binance is required to cease providing payment services … to Singapore residents and cease soliciting such business from Singapore residents.”

    The MAS also listed Binance.com on its Investor Alert List, warning consumers that the company is not authorized to provide any payment services in Singapore. Binance Asia Services (BAS), a separate entity that operates Binance.sg, has applied for a license with the central bank.

    Last week, Binance announced that it hired a former regulator as the new CEO for its operations in Singapore. Binance said it aims to become “a leader in regulatory compliance” as it pivots into a financial services company.

    The global crypto exchange recently became the focus of many regulators, including those in the U.K., Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, and Lithuania. They claimed Binance had been operating without authorization in their jurisdictions.

    What do you think about all these regulators warning about Binance operating without authorization? Let us know in the comments section below.

    Tags in this story

    Image Credits: Shutterstock, Pixabay, Wiki Commons

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

    Read disclaimer

    This article was originally published by Bitcoin.com. Read the original article here.
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Tezos prediction as token sets $2.26 as the next frontier

    August 17, 2022

    Ethereum Foundation Makes It Clear The Merge Will Not Improve Fees and Throughput

    August 17, 2022

    Crypto.com Secures Regulatory Approval from FCA

    August 17, 2022

    Dogecoin Jumps 15% In 24 Hours As DOGE Overcomes Critical Level

    August 17, 2022
    Signup for our Newsletter
    Advert
    Categories
    • Analysis
    • Blockchain
    • Investing
    • News
    • Price
    • Regulation
    • Technology
    Signup for our Newsletter
    Advert
    USEFUL LINKS
    • Contact us
    • About us
    • DMCA / Copyrights Disclaimer
    • Privacy Policy
    • Terms and Conditions
    • Cookie Policy (US)
    • Cookie Policy (EU)
    ARCHIVES
    © 2022 Designed and Powered by JL Digital webbyrå.

    Type above and press Enter to search. Press Esc to cancel.

    Manage Cookie Consent
    To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
    Functional Always active
    The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
    Preferences
    The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
    Statistics
    The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
    Marketing
    The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
    Manage options Manage services Manage vendors Read more about these purposes
    View preferences
    {title} {title} {title}