The list of regulators warning that Binance is operating illegally in their jurisdictions continues to grow. The authorities in Singapore and South Africa recently warned that global cryptocurrency exchanges could violate their local laws.
South Africa’s Financial Sector Conduct Authority warns of Binance
The South African Financial Regulator released a notice on Binance on Friday stating:
The Financial Sector Conduct Authority (FSCA) advises the public to be cautious and vigilant when dealing with Binance Group as it is not authorized to provide financial advice or brokerage services as defined in the Financial Statements Act, Intermediary Services and 2002 Financial Advisory. to be issued (FAIS law) in South Africa.
The release describes the Binance Group as “an international company based in the Seychelles that has a pool of telegrams that members of the South African public can join to access their cryptocurrency exchange platform”.
In addition, the regulator stated that “cryptocurrency-related investments are not currently regulated by the FSCA or any other body in South Africa”.
The Monetary Authority of Singapore (MAS) has asked Binance to stop providing payment services
Binance is also struggling in Singapore. The Monetary Authority of Singapore (MAS), the country’s central bank that oversees the country’s cryptocurrency sector, released a statement on Binance on Thursday saying:
MAS has reviewed the operation of Binance.com and believes that Binance, the operator of Binance.com, may be violating the Payment Services Act.
The central bank added, “Binance is required to cease providing payment services … to Singapore residents and to encourage Singapore residents to engage in such activities.”
MAS also added Binance.com to its investor warning list, warning consumers that the company is not licensed to provide payment services in Singapore. Binance Asia Services (BAS), a separate entity that operates Binance.sg, has applied for a license from the central bank.
Binance announced last week that it had hired a former regulator as the new CEO for its Singapore operations. Binance is committed to becoming “a leader in regulatory compliance” on its way to becoming a financial services company.
The global crypto exchange has recently become the subject of many regulators, including in the UK, the Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong and Lithuania. They claimed Binance operated in their jurisdictions without authorization.