Fun

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

News Feed - 2021-09-04 11:09:16

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


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. Mastermind of Zimbabwean Bitcoin Pyramid Scheme Vanishes With $6 Million REGULATION | 6 hours ago $2 Billion Crypto Fraud Bitconnect and Founder Charged — Director Pleads Guilty to Criminal Charges REGULATION | 1 day ago Tags in this story Binance, binance singapore, binance south africa, binance warning, warn against binance


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 disclaimerShow comments

News Feed

Brazil Based FTX Customers Organizing to File Class-Action Lawsuit
Brazil Based FTX Customers Organizing to File Class-Action Lawsuit A group of customers of the recently collapsed crypto exchange FTX, is organizing to take legal action against th
Disconnected Venezuelan Bitcoin Miners Might Resume Operations in 48 Hours
Disconnected Venezuelan Bitcoin Miners Might Resume Operations in 48 Hours A group of Venezuelan Bitcoin miners that were disconnected from the power grid by reg
Police in Kosovo Seize Crypto Mining Rigs From Serbs
Police in Kosovo Seize Crypto Mining Rigs From Serbs Kosovo police have seized dozens of crypto mining devices from residents of a majority Serb region in the north of the country.
NFT Economy Grows Exponential: $1M in Non-Fungible Token Sales Last Week
NFT Economy Grows Exponential: $1M in Non-Fungible Token Sales Last WeekWhile a number of people are focused on decentralized finance (defi), the non-fungible token (NFT) industry h
Chinese Researchers Claim Success in Breaking RSA Encryption With Quantum Computer, Experts Debate Veracity of Discovery
Chinese Researchers Claim Success in Breaking RSA Encryption With Quantum Computer, Experts Debate Veracity of Discovery According to reports circulating on the web, 24 Chinese res
Brayden Lindrea33 minutes agoAppeals court rejects Sam Bankman-Fried’s bid for releaseThe court cited Sam Bankman-Fried’s alleged witness tampering as the main grounds for rejecting his release bid.195 Total views1 T
Brayden Lindrea15 minutes agoCoinbase narrows loss while crypto trading volumes fall in Q3Despite seeing falling trading volumes, Coinbase said they were “pleased” with how the quarter played out.59 Total viewsListen
Bitcoin Price Under Threat: $12,000 Void Opens Up Possibility Of Crash Toward $75,000
Este artículo también está disponible en español. Bitcoin has extended its correctionbelow the $100,000 psychological level into the past 24 hours. At the time of writing
zkSync token launches amid network load, RPC issues
Josh O"Sullivan9 hours agozkSync token launches amid network load, RPC issuesZK’s token launch on multiple exchanges sees price fluctuations, while zkSync manages network strain and scam threats.5468 Total views6 Total
Spending a String of 20,000 BTC — 2 Bitcoin Whale Transactions Move Over $1.2 Billion
Spending a String of 20,000 BTC — 2 Bitcoin Whale Transactions Move Over $1.2 Billion On November 1, at block height 707,639, a blockchain parser caught two bitcoin whale transfe
Solana Approaches $125 – Will 2-Level Filter Trigger A Long Signal?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Nigerian minister urges SEC to tackle crypto regulation challenges
Amaka Nwaokocha1 hour agoNigerian minister urges SEC to tackle crypto regulation challengesNigeria’s cryptocurrency regulations are currently being updated.453 Total views4 Total sharesListen to article 0:00NewsOwn thi