"Be vigilant in your dealings with the Binance group"

Binance has responded and replied to a notice published by the South African Financial Sector Conduct Authority (FSCA) on September 3, 2021, warning users to be vigilant when dealing with the cryptocurrency exchange

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financial authority says that the exchange, Binance, is not authorised to provide any financial advice or brokerage services of any

kind.

South African regulator issues public warning

In a notice published on September 3, 2021, the South African regulator known as the Financial Sector Conduct Authority, issued a press release warning South African consumers of the risks associated with the involvement of the Binance Group, through its Telegram group . It is through this group that the cryptocurrency trading platform is allegedly accessed, according to the FSCA.

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The notice alleges that no such entity is based in Seychelles. It is also not authorised to provide financial services or brokerage to the South African public. As per the Financial Advisory and Intermediary Services Act 2002.

He also warned the public about the fact that cryptocurrencies are not regulated in South Africa. So, it is unlikely that money will be refunded if something goes wrong. This notice comes amidst other regulatory opposition. The exchange has previously faced Singaporean

, Italian and Brazilian authorities who have issued similar compliance warnings.

Binance responds to South African FSCA

In response to the notice, the exchange responded in a thread on Twitter

. It says it does not provide any financial advice. It does not provide any brokerage services. It also does not have an entity called “Binance Group” in Seychelles. The response adds that the official Binance SA Telegram Group, moderated by the exchange, which promotes blockchain education, is not intended to provide financial advice.

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Binance also warned in a Twitter thread against scammers posing as company representatives and claimed that the “Binance Group” is a fake and unrelated entity.

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